XTB Plans to Conduct Brokerage Activities in UAE in the First Half of 2021

Fazzaco learned that X-Trade Brokers(XTB), a leading UK FX & CFD broker, has planned to start operational activities in a chosen Asian country, i.e. United Arab Emirates and Republic of South Africa. Recently, the broker announced that it will start UAE operation in the first half of 2021.

In terms of South Africa, however, XTB's subsidiary XTB Africa(PTY) applied for an FSCA approval in February 2019, but the license has not been granted yet. It's hard to tell the expected date of the start of operations on this market.

At the end of November 2020, XTB received the preliminary approval of the DFSA regulator to conduct brokerage activities in United Arab Emirates. In addition, the broker also established a new subsidiary, XTB MENA Limited, in the Dubai International Financial Center(DIFC).

The brokerage company is aiming at expanding its global presence beyond Europe.

As Fazzaco reported earlier, XTB has unveiled its preliminary financial results for the first quarter of 2021​, showing a 121.3% QoQ profits jump in Q1 2021.