Traders and industry insiders are constantly flooded with information. While notable news is constantly covered, some of the tidbits updates are left out. Aiming to cover these gaps, Finance Magnates offers a digest of news from across the retail forex space to help industry executives and die-hard traders stay on top of the latest developments.
The last couple of days have seen a number of brokers update their offerings. While XTB has alerted traders to product developments, including a new CFD based on PayPal, MFX Brokers and Alpari continue to reach out to their international users.
XTB Expanding Range of Instruments
European FX broker, XTB, announced that it would be extending its range of products, adding a new Equity CFD (PYPLV.US) from July 22, the value of which is based on the market value of worldwide online payments system, PayPal.
XTB will be adding a new Equity CFD (PYPLV.US) from July 22, the value of which is based on the market value of PayPal.
The product launch comes just two days after it was reported that PayPal will start trading as an independent company, after having been spun off from struggling parent company, eBay. According to Statista on Monday, PayPal had a greater market capitalization than that of eBay, Netflix and Twitter – valued at $49.6 billion.
XTB further announced that it would decrease its spreads in one instrument, NICKEL. The spread is decreased from 105 to 75 in Standard account offer.
Meanwhile, the broker will move the following instruments to “close only”, meaning that traders will not be able to open new positions:
Last month, it was reported that XTB is considering listing on the Warsaw Stock Exchange with an offering worth up to €200 million ($224 million), following a recent trend which has seen online margin trading firms going public or at least testing the waters.
MFX Broker Internationalizing
On Tuesday, International brokerage firm, MFX Broker, launched a Vietnamese version of its site.
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International financial company, MFX Broker, launched a Vietnamese version of its site.
The Russian headquartered and Belize-regulated FX broker already boasts offices in China, Nigeria, Indonesia, Georgia and Egypt. With the launch of a Vietnamese version, as well as plans to start other language versions of the site, MFX is evidently keen to expand its reach into emerging markets. In addition, the broker also entered the European market in April.
MFX’s Head of Marketing, Denis Kulagin, explained: “Trading is a complicated process, which implies a series of specific professional notions, a clear understanding of which has direct impact on the results of traders’ operation. It is obvious that in such terms, communication with a trader in his native language is a perfect option. We engaged not just translators, but experienced specialists and native speakers to complete the task.”
Communication seems to be a cherished value of the broker, aiming to bridge the gap between trading and social networking. Indeed, Finance Magnates has already reported that MFX Brokers is endeavouring to build a vibrant community with the introduction of a messaging system in addition to the typical signal copying environment.
The multinational forex, precious metals and CFD broker, Alpari, likewise continues to reach out to international traders.
Embedded into its platform is Trading Central, a provider of technical financial markets analysis. Starting this month, Alpari’s clients will be able to use the service in nine languages (up from two): Arabic, Portuguese, Indonesian, Russian, Chinese, Spanish, Vietnamese, English or Thai. The new language line up is targeted at Alpari’s clients in Southeast Asia, Latin America and the Middle East.
Trading Central is used by over 200 financial institutions from 45 different countries and the company has centers opened in London, New York and Hong Kong.
The user experience will also be enhanced by a mobile version of myAlpari, the firm’s personal cabinet. The broker said that the version for mobile devices is “custom-designed with an intuitive navigation system, allowing you to quickly and easily find what you need, whether it be opening an account, transferring funds or checking your investments.”
Finance Magnates will continue to monitor broker updates, ensuring that readers stay up-to-date with the latest industry developments.