If you have been in forex thingy for a while, you have probably heard or perhaps traded with this broker; Plus500. It is one of the leading and largest brokers in the industry for trading CFDs, forex, indices, ETFs and commodities. Publicly traded in London Stock Exchange, Plus500’s market capitalization value is above $1 billion. They are sponsoring major football clubs, rugby teams and their ads are all over the place on internet.
Such an almighty firm, isn’t it? Well, perhaps not. Plus500 has been denied by Bulgarian Financial Services Commission in its application for providing financial services in the country. The company is already present in Bulgaria where a big portion of its customer support and operations department is located. The reason for denial is unknown so far however it was based on a procedural issue according to representative from the firm.
Just for the sake of record; Plus500 doesn’t need a license to conduct what it is conducting in Bulgaria right now. So its presence in the country will continue for other purposes but won’t be able to provide financial and investment services.