FxPro Sells EU Clients to Capital.com
FxPro has agreed to sell its client book under its Cyprus entity to Capital.com. Peter Aust, Chief Operating Officer of FxPro, termed the move “a strategic step to further align [the broker’s] operations with our long-term growth ambitions” and stressed that the Cyprus business is “not a significant part of the Group.”
However, the sale would not affect FxPro's broader operations, which have a massive presence outside the European bloc. “The vast majority of our growth in recent years has come from outside of Europe,” Aust added. “Our international markets have become the primary drivers of the business, and we want to focus our investment, resources and innovation where we are seeing the greatest momentum.”
FxPro received its Cyprus Investment Firm (CIF) licence in 2007, under which it expanded its presence across the European bloc.
In addition to Cyprus, the broker also holds licences from regulators in the United Kingdom, the Bahamas and the Seychelles.
“It's important to be clear about what [the deal] means,” Aust stressed, adding that the FxPro Group remains fully independent. “We are simply letting go of a small and specific part of our business, and FxPro continues forward with the same ownership, leadership and long-term strategy.”
Justifying the rationale behind divesting the clients under the Cyprus unit, the COO said that the Group has been aligning its corporate structure with the way its business has evolved. “By streamlining areas that no longer reflect our growth profile, we're able to invest more decisively in the markets that do. That's strategic optimisation, not a retreat.”
He also highlighted that the broker is retaining its FCA licence and its headquarters in the City of London, reflecting its “long-term commitment to one of the world's most established and respected financial centres.”
Capital.com, meanwhile, appears to be stretching its presence wherever possible. The broker, owned by billionaire Viktor Prokopenya, bought the retail and professional client book of OvalX, previously known as ETX Markets, in 2023 after that broker decided to close down.
It is also on a spree to acquire new licences and has recently become regulated in South Africa, a market where several other brokers find it expensive to operate.
It has applied for regulatory licences in Japan and Turkey, while hiring local CEOs in Brazil and Chile, signalling expansion into those countries. It also appears to be establishing local presences in Bahrain and Azerbaijan. Although it has not publicly revealed its global expansion plans, job postings show that it is also looking to secure a licence in Singapore.
Capital.com runs its European operations from its base in Cyprus.
The broker also went beyond CFDs to add physical stock trading for traders in Europe, with plans to expand it in the UK and the UAE.
However, the sale would not affect FxPro's broader operations, which have a massive presence outside the European bloc. “The vast majority of our growth in recent years has come from outside of Europe,” Aust added. “Our international markets have become the primary drivers of the business, and we want to focus our investment, resources and innovation where we are seeing the greatest momentum.”
FxPro received its Cyprus Investment Firm (CIF) licence in 2007, under which it expanded its presence across the European bloc.
In addition to Cyprus, the broker also holds licences from regulators in the United Kingdom, the Bahamas and the Seychelles.
“It's important to be clear about what [the deal] means,” Aust stressed, adding that the FxPro Group remains fully independent. “We are simply letting go of a small and specific part of our business, and FxPro continues forward with the same ownership, leadership and long-term strategy.”
Justifying the rationale behind divesting the clients under the Cyprus unit, the COO said that the Group has been aligning its corporate structure with the way its business has evolved. “By streamlining areas that no longer reflect our growth profile, we're able to invest more decisively in the markets that do. That's strategic optimisation, not a retreat.”
He also highlighted that the broker is retaining its FCA licence and its headquarters in the City of London, reflecting its “long-term commitment to one of the world's most established and respected financial centres.”
Capital.com, meanwhile, appears to be stretching its presence wherever possible. The broker, owned by billionaire Viktor Prokopenya, bought the retail and professional client book of OvalX, previously known as ETX Markets, in 2023 after that broker decided to close down.
It is also on a spree to acquire new licences and has recently become regulated in South Africa, a market where several other brokers find it expensive to operate.
It has applied for regulatory licences in Japan and Turkey, while hiring local CEOs in Brazil and Chile, signalling expansion into those countries. It also appears to be establishing local presences in Bahrain and Azerbaijan. Although it has not publicly revealed its global expansion plans, job postings show that it is also looking to secure a licence in Singapore.
Capital.com runs its European operations from its base in Cyprus.
The broker also went beyond CFDs to add physical stock trading for traders in Europe, with plans to expand it in the UK and the UAE.