Turkish forex broker Ekinciler Yatirim Menkul (Ekinciler Investment and Securities) has been renamed Reel Kapital Menkul Degerler AS and will re-launch operations under a new brand – KapitalFX. The broker has also changed its license from the Capital Markets Board (CMB) of Turkey to market maker after hiking its capital to TRY 30 million ($10.2 million), which is the minimum required for such a license.
The broker was acquired by businessman Subet Cicek earlier in March 2016 and the deal was approved by the CBM on 23 March. Prior to the change, the broker held a limited license and had a capital of TRY 2.7 million ($917,200).
Reel Kapital Menkul Degerler will soon launch a new website, www.kapitalfx.com, and has already ceased processing orders via the Ekinciler Yatirim Menkul website. The new website is not active yet, although the domain was created in the beginning of the year.
According to Turkish forex portal Forex Brokerleri, KapitalFX already has a LinkedIn profile and has posted several job offers at different Turkish online job webpages.
Forex Brokerleri data showed that KapitalFX will support MetaTrader 4 (MT4), the most widely-used trading platform both in Turkey and worldwide. Many other Turkish forex broker also offer Sirix and local ForekS, but MT4 is the platform of choice for the majority of brokers in the country.
Following regulatory amendments, since August 2011 forex brokers are required to have a local license if they want to operate in Turkey. In February this year, the CMB introduced a new law which requires forex broker to conform to new maximum leverage requirements. The highest leverage allowed for trading accounts with a balance of less than TRY 20,000 is 50:1 for trading of gold and popular currency pairs, and the maximum leverage for other pairs is 25:1. Meanwhile, leverage for popular pairs traded via accounts with more than TRY 20,000 has been set at a maximum 100:1, while for other currency pairs the cap is 50:1.
Istanbul-based Ekinciler Yatirim Menkul was set up in 1990 as a provider of a wide range of financial services – forex and equities trading, investment consulting and portfolio manament, as well as stock exchange trading from Borsa Istanbul (BIST).
($=2.95 Turkish lira)