Cyprus-regulated forex broker ForexTime, or FXTM, said on Tuesday it is raising the leverage rate for all trading accounts on its ECN accounts to a maximum 1,000:1. The change will come into effect as of 1 September, 2016.
Some margin requirements have been adjusted for forex majors, forex minors and exotics on all servers except Pro and Cent. The new requirements will be applied in case of any activity on the trading account (Opened, Closed or Modified Positions) and aims to help protect client equity.
The new trading conditions will apply for all traders, regardless of the size of initial deposit.
The broker offers several types of ECN accounts – ECN MT4, ECN MT5, ECN ZERO and Pro. Currently ECN Zero accounts are offered with a leverage of up to 1,000:1, but the rest of the accounts have a leverage ranging from a maximum 200:1 to 500:1. Leverage depends on the deposit amount, but this requirement will soon be omitted with the introduction of the new trading conditions next month.
In addition to ECN accounts, the broker also offers Standard accounts (Standard, CENT, and Shares). Earlier this month, FXTM altered the minimum margin requirements for spot metals on all trading accounts but Pro.
FXTM is based in Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC), which allows it to provide its services in all EU countries. Earlier this year, the broker obtained a license from the Financial Services Board (FSB) of South Africa. It has also set up a London-based unit, but it has provided no information at the time as to whether it plans to acquire a UK license.
The broker 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.