Just three weeks ago, Forex Magnates reported that introducing broker and rebate site CashBackForex.com had commenced beta testing of its own brokerage, Excel Markets.
This testing period has now concluded and Excel Markets has gone live with its low-spread offering, which facilitates trading on the MetaTrader 4 platform. The company states that it offers EUR/USD trading with a spread ranging between 0.65 and 0.75 pips.
Excel Markets is operated by Global Brokers NZ Ltd, which is regulated by the Financial Markets Authority of New Zealand. Under the FMA regime, Global Brokers Ltd submits to a minimum $1,000,000 surplus liquid capital requirement, government mandated segregation of client funds and protection from creditor claims, and independent audits of financial statements and daily surplus liquid reports by BDO, a leading top 10 global accountancy firm.
Co-founders David Johnson and Jason Peterson have stated “There can be little doubt the Excel product will enjoy a level of success, however it will not be at the expense of the integrity of our existing products like CashBackForex.”
FXTM Appoints Marcelo Spina as Global Head of PartnershipsGo to article >>
“While Excel will certainly be an option for CashBackForex clients, it will simply be one more option among the many other firms we currently offer cash rebates for. Our intent is to ensure that in no way do we undermine the popularity, success, and diversification we have built with the CashBack product and we are dedicated to ensuring all of our existing brokerage partners at CashBack continue to receive unparalleled marketing services and high-volume client onboarding.”
“Just like all the other firms we are partnered with, Excel Markets is just another important step toward diversification. One of the things Excel clients can count on is the same industry renowned client services that CashBackForex has come to be known for.”
The company has followed on from Zulutrade’s introduction of their own brokerage AAAFX, which has accrued a not inconsiderable client base. With CashBackForex following suit, it may pave the way for other large introducers to go it alone.