TeleTrade’s customers reach 500K at end-2016, grow 40% y/y

TeleTrade’s customers reach 500K at end-2016, grow 40% y/y

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Russian forex broker TeleTrade reported on Wednesday the number of its global clients reached 500,000 at the end of 2016, which represents a growth of 40% from a year earlier. New customers numbered some 100,000 in 2016, or up by 21% from 77,000 a year earlier. In December alone, the broker attracted more than 6,000 new clients.

Forex instruments made up the majority, or 80%, of traded instruments in 2016. The remaining 20% were contracts for difference (CFDs) instruments. In December, forex pairs accounted for 94% of the total. The most popular instruments in the last month of the year were EUR/USD (29%), USD/JPY (19%), and GBP/USD (12%).

The broker said it will continue its expansion across the globe, with a focus on the Asian regions.

In 2016, the TeleTrade group obtained authorization from two new regulators. Aroup company holds a license from the Central Bank of Russia (CBR) and another one is registered with the National Bank of the Republic of Belarus (NBRB), which is the equivalent of obtaining authorization there. TeleTrade companies are also regulated by the Cyprus Securities Exchange Commission (CySEC) and registered with the relevant authorities throughout the EU.

The TeleTrade brokerage group offers trading in forex and CFDs on commodities, stocks, futures and currencies. It is present in 26 countries worldwide and in 2015 was the third largest retail forex service provider in Russia by trading volume with an average monthly volume of $45 billion (according to a report by Interfax-CEA).

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