Trade Set Go, the CFD brokerage backed by The5ers’ founders, has secured a licence from the Seychelles Financial Services Authority to complement its existing Cyprus authorisation. The firm has begun quietly onboarding clients through the new offshore entity following what it describes as a soft launch.
The dual-licence strategy reflects a common geographical approach in retail FX: Cyprus covers European clients under MiFID passporting rules, while Seychelles targets traders in emerging markets where EU regulatory standards do not apply. Unlike the Cyprus operation, which involved acquiring a minority stake in an existing CySEC firm, the Seychelles entity was built entirely from scratch to avoid inheriting legacy compliance issues. The regulatory approval process took approximately eighteen months to complete.
Though the offshore arm operates from Seychelles, group headquarters remain in Cyprus with ten staff across two offices. The company plans to seek CySEC approval to rebrand the Cyprus entity under the Trade Set Go name, aligning corporate identity across both jurisdictions where the trademark is registered.
Gil Ben Hur, founder of The5ers proprietary trading firm, emphasised that the brokerage and prop operations remain legally and operationally separate despite shared ownership. He views the two business models as complementary rather than conflicting, noting that numerous brokers including Hantec, Axi, and IC Markets have launched prop trading divisions alongside traditional brokerage services.
FXnCO Insight
Multi-jurisdiction licensing remains essential for brokers seeking global reach, but building clean entities offshore increasingly outweighs acquiring legacy licences with unknown compliance histories.
Source: Finance Magnates