ForexTime (FXTM), a Cyprus-based broker offering FX and CFD trading services to retail traders has just announced the expansion of its product range, offered to clients via MetaTrader 4 and 5.
Following in the footsteps of several other MT4 brokers over the past few months including Pepperstone, easy-forex and AxiTrader, the company announced the launch of 6 new instruments for Standard account holders and 16 new instruments for a variety of ECN account holders. Several retail brokers have been scrambling to expand the line up of tradeable products made available to clients driven by a pick up in market volatility and specific macroeconomic events that have raised interest in precious metals, crude oil and currency markets.
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In a statement aimed at clients, FXTM said, “We are giving you more currency pairs to boost your diversification in the forex market and additional opportunities to trade spot metals paired with major currencies. We made a pledge to provide you with all the tools you need to take charge of your trading career and this initiative is only the beginning of realizing this promise”.
One of the more non-standard features FXTM already offers its clients, is the availability of 1000:1 leverage. The retail FX market typically sees leverage capped at between 100:1-400:1 to help clients maintain a suitable risk profile and prevent unmanageable exposure to potentially volatile markets. However, FXTM is offering leverage more than double in size compared to other retail FX brokers based in Europe.
Back to the Future
The company was authorised to offer financial services by the Cyprus Securities and Exchange Commission (CySec) back in December 2012 and over the past two years, has shown consistent growth in client numbers and market presence. The company is the second retail broker to be started-up by its founder Andrey Dashin having already co-founded Alpari in 1998 and launching Alpari (UK) in 2005.
Although Forex Time is a fairly new face in the FX and CFD arena, the broker is rumoured to be applying for an FCA license as a priority and plans to maintain staff and operations in UK, based out of London.