On Wednesday, the financial market regulator in Kenya announced that HF Markert Group, the retail forex and CFD trading brand HotForex, had obtained a new license.
According to sources, the Capital Markets Authority (CMA) has licensed HFM Investments Limited, a locally incorporated affiliate of the brokerage group. However, it is uncertain when the broker will start providing its authorized services in Kenya.
The latest license is yet another step in HotForex’s steady expansion over the last ten years, which has resulted in a truly global and multi-regulated business.
It also shows that HF Markets Group can successfully provide safety for their clients whether they are based anywhere on earth or not!
A Global Broker Brand
Trading services with currency pairs and derivatives of other popular asset classes are among the features offered by HotForex. The platform has more than 2.5 million users, who access it from several countries worldwide.
Besides the recently acquired Kenyan license, HotForex is licensed and regulated by South Africa, Cyprus, Mauritius, the UK, and the United Arab Emirates’s financial market regulators.
Meanwhile, Kenya is recognized as one of the developing markets for retail forex trading in Africa. HotForex has become the second firm licensed by the Kenyan regulator and can provide its services lawfully. Furthermore, this will expand HotForex’s current offerings in South Africa.
Recently, the CMA has been increasingly vigilant, warning against investment on locally uncontrolled brokerage platforms. This will allow regulated platforms like HotForex to take the Kenyan retail trading market early to give them an advantage over unregulated ones.