Brokerage firm INGOT Brokers announced on Monday that it has received approval from the Securities and Commodities Authority (SCA) in the United Arab Emirates (UAE).

The broker said it has been given the green light by the federal regulator to operate under a Category 5 license.

INGOT Brokers has licences in Kenya, Jordan, and the Seychelles. It also has operational offices in several locations, including Dubai and Cyprus.

The Category 5 license has become a popular option for brokers looking to enter the UAE market.

It is something like an appointed representative or introducing license. Firms can market products and services, but do not have a local entity that holds client funds or handles trades.

Instead, companies market their services and then introduce business to another, related entity.

We have seen several companies acquire the license over the last few months, including Taurex and VPFX.

INGOT Brokers has a strong presence in the Middle East, as well as ASEAN and Brazil. The company is the broker’s Official Financial Partner for LaLiga in the MENA region.