Moneta Markets, a fast-growing forex and CFD broker, has received a license to operate in Australia. The license, which it received on August 3, will see the company offer its services to the large Australian market in the coming months.
The license is also notable since Australia Securities and Exchange Commission (ASIC) has been a bit cautious in issuing these licenses recently. Besides, there have been several collapses of licensed Australian forex and CFD brokers.
Moneta Markets emerged as a spinoff of VantageFX, which is now known as Vantage. In the past few months, the company has received a license from South Africa. It also signed a AFS deal with Australia’s ACG Capital. Therefore, a full license is a major event for the company.
Moneta is currently led by David Billy, who was the former Chief Marketing Officer at Vantage. He left Vantage to focus fully on Moneta.
Still, the biggest challenge for Moneta is that the Australian market is saturated, with companies like Pepperstone and FP Markets having a substantial market share. In a bid to differentiate its offerings, Moneta recently added 51 more ETFs to its platform.