It has become one of the very few regulated brokers in Kenya.
HF Markets Group, the operator of the retail forex and CFDs trading brand HotForex, announced on Wednesday that it has secured a new license from the financial market regulator in Kenya.
The Capital Markets Authority (CMA) has granted the license to HFM Investments Limited, a locally formed subsidiary of the brokerage group. However, it is not clear when the broker will start offering its regulated services in Kenya.
“This new license marks a new milestone in the steady growth of HotForex, which has become a truly global and multi-regulated brand over the past ten years,” a HotForex spokesperson said in a statement.
“It also demonstrates the continued success of the HF Markets Group, made possible by our clients, partners, and the dedicated efforts of the HotForex team to offer the safest trading environment possible to millions of traders around the world.”
A Global Broker Brand
The offerings of HotForex include trading services with currency pairs and derivatives of other popular asset classes. The platform has more than 2.5 million accounts and is operational across several jurisdictions.
Apart from the recently acquired Kenyan license, HotForex is licensed and regulated by the financial market supervisors in Cyprus, South Africa, Mauritius, the United Kingdom and the United Arab Emirates.
Meanwhile, Kenya is seen as one of the emerging markets for retail forex trading in Africa. Now, HotForex has joined a very few other brokers that are regulated in Kenya and can offer their services legally. Moreover, this will complement HotForexs existing services in South Africa.
In addition, the CMA turned vigilant over the years and has issued a warning against investment through locally unregulated brokerage platforms. Furthermore, this will provide regulated platforms like HotForex an edge to capture the Kenyan retail trading market early.
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