Global Forex and CFD broker, Admirals, has obtained its first African license by the Financial Sector Conduct Authority to operate in South Africa.
Admirals broker has successfully secured a license to provide execution of contracts for difference (CFD) and stock options trading in South Africa. In order to expand into the African continent, Admirals established Admirals SA (PTY) Limited, an execution dealer company. The new subsidiary has been authorized by the Financial Sector Conduct Authority, South Africa's watchdog on financial markets.
The tier-1 regulated company also added that the company has opened an office in Cape Town, one of the three capital cities of South Africa. After establishing its first hub in Africa, Admirals plans to further establish its strong presence on the continent.
Sergei Bogatenkov, Chief Executive Officer of the Admirals Group explained that the company wants to provide clients with access to a wide range of global stock trading options and CFDs. Bogatenkov realized that the license signified the conclusion of one of the important milestones in the broker's history. He added that this vision is one step towards providing 10 million people financial freedom by 2030. The license is part of the Admirals' grand plan to strengthen its presence in Africa.
"Today we are witnessing a rapidly evolving financial environment in Africa, which provides us with significant means to expand our client base. We see this license as a strong landmark, laying a promising ground for the success of our long-term strategy," Bogatenkov said.