FXCM South Africa, an affiliate of forex giant Forex Capital Markets (NASDAQ:FXCM), has opened its first office in South Africa’s largest city – Johannesburg, FXCM Group said on Wednesday.
The office will provide local investors access to the forex and contracts for difference (CFDs) markets. In addition, trading analytics and many English-language educational materials will be available, including webinars, seminars, apps, etc.
“We’re excited to expand FXCM and our retail forex business to South Africa,” said Drew Niv, CEO of FXCM. “There is a growing interest for forex trading in the region which gives us the opportunity to introduce our services.”
Clients from South Africa are offered MetaTrader 4 (MT4), the most widely-used forex trading platform, as well as FXCM’s proprietary Trading Station. Both demo and live trading accounts are available.
“FXCM prides itself on excellent customer service, and the opening of FXCM South Africa will further that sentiment by offering a unique experience for our clients in the region,” said Harry Coundouris, CEO of FXCM South Africa. “Our customer support team will cater to local residents through personal interaction with regional clients, including one-on-one meetings, and exclusive seminars,” he added.
FXCM South Africa is an introducing broker to the UK-regulated branch of FXCM Group. It was set up in 2015, but received license from the Financial Services Board (FSB) of South Africa on 9 February, 2016. The company is not owned or controlled by the FXCM Group.
FXCM has launched a separate website for South African investors, www.fxcm.za.com.
FXCM is one of many retail forex brokers that are turning their heads towards South Africa as a market with a great potential for growth and development. Several other brokers have obtained license from the FSB in 2016 – AvaTrade, HotForex, ForexTime (FXTM), and Xtrade.
The FXCM Group operates via several subsidiaries – US-regulated Forex Capital Markets LLC, UK-licensed Forex Capital Markets Ltd., and Australia-regulated FXCM Australia Pty. Ltd. It is 50.1% majority owned by FXCM Inc. The rest of the group moved to the hands of US lender Leucadia National Corporation earlier this year. .