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ForexTime, or FXTM, a forex broker regulated in Cyprus, said on Monday it has officially launched a division in the UK to serve retail and institutional clients alike. The company intends to expand its services and to add new trading instruments, but no details were provided.
The move is an organic continuation of the company’s successful performance in the past few years. The location of the London-based unit has been strategically selected since the city is a key financial center for Europe.
“The division in the UK will be our strategic point from which we will provide our UK and European customers, as well as clients from around the world, safe and high-quality products and services. This step demonstrates our intention to build a global network that will represent FXTM as a trusted broker of innovation around the world,” said Olga Rybalkina, CEO of FXTM. “Now we will continue to develop in the UK and Europe, using all the advantages of a direct presence in an important financial center suchlike London,” she added.
It is not mentioned whether FXTM intends to acquire a UK license or not. The broker already has a MiFID license which allows it to operate in all EU member states, since it falls under the regulation of the Cyprus Securities and Exchange Commission (CySEC). Under the EU regulatory framework, a financial service provider that is regulated by any of the member states is allowed to operate in all other EU countries. According to data from the Finance Conduct Authority (FCA), the UK financial regulatory body, FXTM operates in the country through its Cyprus unit. No data regarding the UK branch has been published by the FCA.
Cyprus-based FXTM offers trading in more than 100 instruments, including forex, spot metals, and CFDs on stocks, commodities, and exchange traded fund (ETFs). It serves retail and institutional clients alike and supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms.
The company was launched in late 2012 when one of the co-founder of Alpari, a Russia-oriented forex broker, separated from the Russia-based broker and launched a brokerage of his own under the FXTM brand. Alpari operated a UK-regulated unit, which it closed after it went insolvent in January 2015 due to exceptional volatility and extreme lack of liquidity as a result of the EUR/CHF collapse.
Since its launch, FXTM has managed to not only establish itself as a trusted forex broker, but also experience continual growth.