Exclusive: XTrade Lays Off a Few Dozen Employees in its Israeli Office

Multi-regulated FX and CFDs retail online brokerage XTrade recently let go of about sixty employees from its Israeli call center operated by IDI Ventures, Finance Magnates has learned.

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It appears that the likely reason for the move is the international and local pressure put on Israeli call centers to stop marketing abroad. The majority of the cuts have been made from the European conversion and marketing departments (English, Spanish, Italian, French, Hungarian and Polish language desks).

The company recently opened a new office in Macedonia, which could be the new hub for marketing inside Europe. XTrade has thus essentially outsourced much of its European conversions and marketing operations out of Israel.

Xtrade is regulated by the Cypriot financial watchdog CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term under the name Xtrade Europe, the IFSC of Belize as Xtrade.BLZ, and also holds a licence from the Australian watchdog ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term.

Back in October 2016 CySEC announced that it imposed a fine of €225,000 on XFR Financial Ltd, owner of XTrade, for a series of non-compliance issues in connection with the provision of trading services.

Finance Magnates reached out to XTrade for a comment, and we will update the article when one is forthcoming.