The well-known UK based broker, ValuTrades has just launched a new entity in an offshore jurisdiction. The new operation is registered in Seychelles, which is a popular destination for brokers wishing to expand their operations.
The entity is regulated by the Seychelles Financial Services Authority (FSA) and was incorporated in June of 2018. However, the broker has only now launched a service offering, which is similar to its UK counterpart, with different leverage levels available to retail clients.
Graeme Watkins, the CEO at Valutrades Limited, told Finance Magnates that “the reason for the long delay is we wanted to make sure we had all the prerequisites to making sure the offering comparable to those in any other highly regulated jurisdiction. This meant waiting to open bank accounts with tier 1 global banks, multiple payment provider options, a bricks and mortar local office in Seychelles and employing new dedicated staff.”
The CEO also noted that the broker chose Seychelles due to the robust regulatory environment where the broker can work closely with the regulator, but also satisfy customer needs, as well as banking opportunities in order to secure relationships with Tier 1 banks.