London-based broker Trade Nation has set up a new entity in Portugal.
The Portuguese company is in Lisbon and the firm is also hiring for several key roles for the new entity.
These all appear to be compliance-based roles, with the firm looking for a Head of Compliance, Risk Manager, and System Administrator.
Trade Nation is not currently listed as a regulated entity by the CMVM, the Portuguese regulator, so presumably an application is in process.
The broker does not currently have a European Union license and so traders from the region are being onboarded via the broker’s Bahamas entity.
Portugal is something of an unusual choice for the company. Most brokers looking to get access to the EU will go to Cyprus to get approval, mainly because it has the human capital to make hiring much simpler than elsewhere.
However, there are still some brokers that have a presence in Portugal. ActivTrades has a relatively large presence in the country, as does XTB. Both also have approvals from the local regulator.
Brazil or Portugal?
Another possibility is that the entity will also be used as a means of building a larger presence in Brazil.
The Brazilian market is a tricky one as you typically have to look for indirect means of marketing there. Having a big local presence can also be problematic.
Portugal offers a simple solution for obvious reasons. Both countries speak the same language and its proximity to head office in the UK will mean its easier to manage for the company.
