Cyprus-regulated forex broker ForexTime, or FXTM, has launched a new service, allowing clients to trade with and store physical gold and get the monetary value directly in their trading account, the broker said in a statement on Tuesday. The move is in line with the broker’s strategy to provide products outside of the forex scope.
“We have always tried to diversify our product offering at FXTM in order to cater to the localized needs of investors on a global scale, and we are excited that we are now able to offer clients even more diversity when it comes to their investment portfolio,” said Olga Rybalkina, FXTM CEO.
After the extreme volatility throughout the financial markets last year, we feel that 2017 comes with new opportunities as we continue to lead the market with innovative concepts and focus on a client-centric service, with the aim of providing flexibility to investors at all different levels of experience.”
The broker has collaborated with online Gold investment providers BullionVault, which will store and deliver the gold purchased by FXTM clients.
Traders can bye or sell gold using their existing FXTM accounts. They can request physical delivery and had it delivered to their door. Otherwise, purchased gold is stored inside a Swiss vault in Zurich.
Delivery service is available for several countries – the UK, Austria, Belgium, Denmark, France, Finland, Germany, Republic of Ireland, Italy, Luxembourg, Monaco, Netherlands, Portugal, Spain, Sweden, Croatia, Cyprus, Czech Republic, Estonia, Gibraltar, Latvia, Lithuania, Malta, Norway, Poland, Slovakia, Slovenia, Switzerland, Australia, Hong Kong, Malaysia, Mexico, New Zealand, Singapore, and the UAE.
FXTM offers trading in more than 100 instruments, including forex, spot metals, and contracts for difference (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.
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. In 2016, the broker obtained a license from the Financial Services Board (FSB) of South Africa and 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.