SimpleFX is embarking on an exciting new chapter by introducing the Mauritius License as part of our 10th-anniversary celebrations, bringing a fresh wave of trading opportunities. This isn’t just a routine update; it’s a significant leap forward designed for your convenience. Think of it as a key to new possibilities, set to enhance how you trade with SimpleFX.
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Mauritius License (MU): A New Era for SimpleFX
The acquisition of the Mauritius License is a game-changer for SimpleFX. It represents a leap in regulatory compliance and financial security. This new license, introduced as a special birthday surprise for our clients, confirms our commitment to best practices. Clients can now engage with more confidence, knowing they are backed by the robust financial standards set by the Mauritius Financial Services Commission. Using the MU license involves an SVG offer without cryptocurrencies and a lesser leverage available (100x vs. 1000x).
User Experience Transformed: Account Options and Enhanced Verification
The introduction of the Mauritius License at SimpleFX marks a significant evolution in user verification processes, signaling a transformative shift from the existing SVG standard. You can now choose between verification under SVG or Mauritius, with the latter offering additional privileges and a higher level of security.
The SVG verification process, which has been the standard until now, involves several steps. Clients start by selecting their region and country and submitting a document for identity verification. This process includes adding a government-issued identity document and a selfie. After submitting these details, clients await the approval of their data. Once approved, they are granted the privileges associated with the SVG jurisdiction, which has been a straightforward and efficient process for many.
However, the verification under the Mauritius jurisdiction is a bit different, reflecting the enhanced regulatory standards of this license. If a client starts choosing the Mauritius license, they must undergo all the steps required for SVG verification and then proceed to additional steps unique to Mauritius. Only the additional steps for Mauritius verification are necessary for those who already have SVG verification.
These additional steps include:
- Proof of Residence: Clients must submit a document confirming their residential address. Acceptable documents include bank statements, utility bills (like electricity or internet), or tax documents. It is important to note that specific documents like prescriptions, screenshots, phone bills, receipts, invoices, and insurance papers are not accepted for this purpose.
- Detailed Questionnaire: The verification process includes a comprehensive questionnaire, focusing initially on employment status. Depending on the client’s response to the first question, they may face one or three additional questions.
Following these steps, clients then wait for the approval of their data, culminating in the final verification. This enhanced process under the Mauritius jurisdiction ensures greater compliance and security, reflecting the higher standards of the Mauritius Financial Services Commission. This shift offers clients more choices and aligns SimpleFX with the best practices in global financial services. It is worth adding that the user is guided by the hand throughout the process. Moreover, registration can always be completed on a mobile device.
Deposits and Payments in the New Era: Embracing FIAT Transactions
A significant upgrade with the Mauritius License is incorporating fiat currency transactions. The new payment methods will include credit/debit cards (Visa, Mastercard, Maestro), as well as SEPA, and classic bank transfers. This huge change simplifies the process of acquiring assets and offers great convenience for you.
Trading Instruments and Leverage: Adapting to New Standards
Under the Mauritius License, the trading environment sees subtle yet impactful changes. Leverage options are adjusted to a maximum of 100x for Mauritius, compared to 1000x under SVG. The range of trading instruments remains consistent across the SVG jurisdiction and MU license.
Comparing Paths: The Advantages of Trading with Mauritius vs. SVG
The Mauritius path offers enhanced regulatory safeguards, making it ideal for traders prioritizing security and compliance. While SVG continues to offer operational flexibility and higher leverage, Mauritius stands out with its focus on financial security and adherence to international standards. Internal transfers in the same currency, a consistent range of assets, and the same trading platform are maintained across both jurisdictions, ensuring continuity and ease of transition for traders.
This change, introduced as part of our 10th-anniversary celebrations, provides you with the possibility of choice, empowering you to select the regulatory environment that best suits your trading needs.
Conclusion
SimpleFX’s step towards the Mauritius License is more than a regulatory shift; it’s a commitment to client satisfaction and operational excellence. SimpleFX empowers traders to align their strategies with their preferred regulatory environment by offering a choice between SVG and Mauritius. This move is a testament to the company’s dedication to growth, trust, and enhanced service, paving the way for a future where clients can trade with greater confidence and success.
Happy 10th Anniversary to SimpleFX, and thank you for being part of our journey!
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SimpleFX is licensed through its sister company, 8tech Ltd, with a Mauritius license granted by the FSA Mauritius number GB23201604.
