August 13, 2020 | AtoZ Markets – Australia based Retail FX and CFDs broker Pepperstone has just secured a financial services license in Germany from BaFin, the German regulator. The BaFin license is one of the hardest to get within the EU. However, we understand that with ambitions in the German and Austrian markets it was important for Pepperstone to get Bafin license.
Pepperstone, alongside competitors AxiTrader and FP Markets dominates the domestic Australia retail FX market. All these brokerage firms have ambitions beyond their home market.
Read also: Best Australian Based Forex Broker in 2020
Notably, Pepperstone recently opened a Dubai office and established a DFSA licensed entity in the UAE.
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About Pepperstone
Established in 2010, Pepperstone has become one of the largest MetaTrader brokers worldwide. The company set up an FCA-licensed subsidiary in the UK, Pepperstone Limited, in 2015. That entity has been passported into the EU since 2015.
However, with the Brexit transition phase coming to a close in just a few months at the end of 2020, EU-UK license passporting will no longer be available to FX brokers and other financial institutions. In preparation for Brexit, we have seen a number of FCA-licensed brokers look to establish separately licensed subsidiaries in EU countries, in order to keep on transacting business with continental European clients post-2020.
Pepperstone Bafin license solidifies its commitment with German clients
In the FX world, many brokers are choosing to set up in Cyprus as an EU base – Cyprus is home to more Retail FX brokers than any other country. We understand that in addition to Germany, Pepperstone is also making preparations to set up a subsidiary in Cyprus and receive a CySEC CIF license.
“This is a significant milestone for Pepperstone,” Pepperstone CEO Tamas Szabo told AtoZ Markets. “Expanding our global reach has been an important focus for us in recent years. Widening our reach in Europe was a natural step for us in this journey. Securing the BaFin license further solidifies our commitment to expanding our offering for German and Austrian clients.”
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