Boston-based brokerage BMFN Group has launched a brand-new retail forex offering for the Asian market, under the name Eforex, as the company celebrate its 9th anniversary of entry into China. The new venture will be headed by the BMFN Group’s current CEO Luis Sanchez.
According to sources, there was a soft launch for the new offering back in April 2017. Headquartered in Boston, eForex has subsidiaries or offices in the US, the UK, China, Russia, Australia, New Zealand, the UAE, Switzerland, Bulgaria, Ukraine, Turkey, Egypt and Mexico.
Eforex claims on its website that it operates as a multi-regulated brokerage firm. The company states that its offering is authorised by the FCA (Financial Services Authority), ASIC (Australian Financial Markets Authority), FSP (New Zealand Financial Authority) and other regulatory agencies around the world.
With the idea of promoting the retail division, eForex was already the name of BMFN’s trading app for Chinese retail market and call centers. eForex has been a platform that offers major trading products on iOS and Android mobile platforms.
The application combines the new technologies and is packed with the functions and features needed for novice and professional traders. eForex targets solely retail customers and designed to be sold via Call Centers.
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In addition to its proprietary platform, eForex also offer its clients the ability to trade through the MetaTrader 4 terminal.
Luis Sanchez joined BMFN Group in 2014 after a lengthy career with Dukascopy Bank SA. Mr. Sanchez has been a mainstay at the Swiss bank and brokerage since 2007, having worked in a variety of senior level roles that included Senior Relationship Manager/White Label Specialist, Head of Institutional Sales, Vice President, and finally First Vice President.
Earlier in September, BMFN Group acquired a controlling interest in Fair Trading Technology (FTT Sweden AB). The partnership between the companies comes as the former launches its new prime offering.
The strategic partnership was to deliver key technology to enable two new businesses. BMFN Prime is to focus on providing liquidity and technology, while the Swedish company is launching FTT Markets, a brokerage for introducing brokers and retail clients.
BMFN Prime is managed by Finn Jakobsen as Executive Director and Mark Bringans, who continues in his role as CEO of BMFN Pty Ltd. Jakobsen stepped down from his CEO role at FTT Sweden AB, but has continue to be involved with the company as Executive Director and member of the board of directors.