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After opening a training center in Pakistan and officially launching a UK division earlier this year, ForexTime, a.k.a. FXTM, continues the expansion of its business activities to South Africa. In a note on its website today the Cypriot broker announced it is now licensed by the Financial Services Board (FSB) of South Africa as a Financial Services Provider.
Already established itself as a globally trusted forex broker in the Asian, Middle Eastern and European markets, FXTM now opens its doors to South African clients, affiliates and partners. The broker holds a FSB category 1 license to act as an Intermediary in Securities and Instruments (Shares, Money market instruments, Bonds, Derivative instruments).
The FSB is the regulatory body of South Africa’s non-banking financial services industry, which includes retirement funds, short-term and long-term insurance, companies, funeral insurance, schemes, collective investment schemes (unit trusts and stock market) and financial advisors and brokers.
South Africa is obviously becoming an attractive fiorex destination, as earlier this year Irish forex broker AvaTrade, as well as HotForex, got licensed by its Financial Services Board.
Olga Rybalkina, CEO of ForexTime Limited, commented on the matter: “This latest development represents another key milestone for FXTM, and falls directly in line with our mission to expand across the globe. We continue to experience growth on a stable level with our company having developed a strong reputation for a commitment to providing excellent trading terms and a transparent service.”
FXTM is one of the fastest growing brokers in the industry. Founded in 2011, it has opened a number of offices around the world, with main operations run from a five-story Tower in the sunny island of Cyprus.
A global broker with a local touch, FXTM provides all-encompassing product and service offering. There are more than 240 instruments to trade in, including a number of currency pairs and various CFDs (plus shares CFDs reinforced by a direct connection to the NYSE and NASDAQ). FXTM’s clients are able to choose from two robust platforms, MetaTrader 4 and MetaTrader 5 platforms, which are regularly updated, and a wide range of trading accounts.