In a move which marks the first technology acquisition for the company, the FxPro Group announced today the acquisition of spot FX aggregator Quotix. Aside from going after better pricing for its clients, the deal is opening the doors for the firm to expand its services to a broader range including prime-of-prime services.
The company’s CEO, Charalambos Psimolophitis, shared with Forex Magnates’ reporters that the company has been using Quotix’s service for some time, before deciding to take a strategic step giving the firm direct control of its FX liquidity and allowing it to provide more institutional focused services.
By purchasing their own aggregator technology, the company is expected to reduce its variable costs involved with their STP business model. Mr. Psimolophitis explained that FxPro has been using a variety of aggregator services with a solid performance shown by Quotix triggering the acquisition.
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With the technology from Quotix backing the company’s extensive experience in the retail FX market, FxPro will be able to manage its own technology, striving to deliver even better trade execution and higher speed. In the past, the company has been reportedly a customer of Integral, which provided liquidity aggregation for their cTrader and MT4 platforms.
Mr. Psimolophitis explained that the firm has been using Quotix in parallel with services from other companies.
Mr. Psimolophitis explains in the company’s announcement, “As we continue to grow exponentially across the globe, liquidity is critical to ensuring we can provide the best spot FX prices for our clients. This new acquisition allows FxPro to diversify and opens more doors as we start to offer prime-of-prime, aggregation and liquidity services. Above all it will mean improved pricing for clients. We currently have twelve liquidity providers and are aiming to increase this number. By acquiring Quotix we will also be in a stronger position to work more closely with our existing liquidity providers and bring on new ones.”
The CEO of Quotix, Evgeny Sorokin, shared, “Being acquired by the one of the world’s biggest online FX brokers is an exciting strategic move for Quotix. There are obvious synergies to be had, such as the ability to share FxPro’s considerable technical resources, which will help us to grow into new markets.”