The rumpus and market volatility that has been going on around the Brexit has just subsided when another tumultuous event occurred. As a result of the apparent attempted coup in Turkey, volatility across the markets increased yet again, urging forex brokers to take precautionary measures. FxPro and ThinkMarkets were the first to announce change in their trading conditions with regard to Turkish Lira currency crosses.
In a note to its clients, leading broker FxPro said that as of Market Opening on Monday, July 18 (00:00 GMT+3), all TRY pairs are set to “Close Only” on MetaTrader 4 and MetaTrader 5 platforms, while on cTrader all TRY crosses are be disabled. This basically means that traders will not be allowed to open new trades with the Turkish lira.
Earlier in June, FxPro hiked its margin requirements over Brexit for GBP and EUR pairs, as well as for European index and share instruments in order to protect its clients against high market volatility.
Another broker that enabled Close Only functionality for all TRY crosses as a result of the events that took place in Turkey on Friday, is ThinkMarkets. The broker, which recently rebranded and launched in-house trading platform, also warned that it may restrict margin and size until the situation in Turkey normalizes.
FxPro is a leading online broker with broad client base and high volume turnover. Its units are regulated by Cyprus’ Securities and Exchange Commission (CySEC) and UK’s Financial Conduct Authority (FCA). It offers complete services for all segments of the retail forex market, as well as trading with futures, indices, metals, shares, and contracts for difference (CFDs). It supports a number of trading platforms (MetaTrader4, MetaTrader5, cTrader), as well as its in-house platform specializing in social trading, called SuperTrader.
ThinkMarkets holds licenses from both FCA and the Australian Securities & Investments Commission (ASIC). It offers trading in various currency pairs and CFDs on the renown MT4 platform, as well as on its newly launched proprietary platform.