Estonia-based global fintech firm Admirals Group has entered the South African market, after obtaining local regulatory approval as a financial services provider from the Financial Sector Conduct Authority.
Admirals secured its licensing and formal registration as an authorised financial services provider (FSP51311).
The fintech firm, which has representative offices in 18 countries, is an online trading platform for forex, contracts for difference (CFDs) and foreign exchange transactions.
In SA, Admirals holds a category one financial advisory and intermediary services licence, which now allows it to offer tradable CFDs, which includes crypto-currencies and forex trading.
The company says local trading clients “will benefit from its trading analytics, global market updates and calendar of global economic events that are likely to affect underlying economies and generate price movements”.
In addition, it says Admirals SA provides traders with educational resources and courses created by professional traders to empower clients to make informed decisions, with access to a financial literacy library at any time.
Established in 2001, Admirals has evolved from a small Estonian-based forex and CFD brokerage company, into a global online financial hub. It is now regulated in seven jurisdictions worldwide, supporting over 200 000 clients in more than 180 countries.
Admirals CEO Sergei Bogatenkov says: “The establishment of our presence in this emerging market and developing economy supports our current expansion strategy. It is an exciting and giant step towards strengthening the Admirals brand as a top international financial trading hub.”
The Admirals SA office is located at the V&A Waterfront in Cape Town. The group will extend its employee workforce across the major centres around the country.
Boriss Gubaidulin, Admirals Group director for the African region, comments: “We are ready to introduce Admirals’ trading experience to South African online traders and investors. We look forward to providing access and support on our range of products that are tradable on the MetaTrader4 and MetaTrarde5 trading platforms.
“We hope to extend our scope of traditional trading and investing services, as we look to expand our offering to include more diverse financial products and services to boost financial inclusion and financial literacy, particularly in developing economies on the African continent.”
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