Fullerton Markets, an online brokerage for foreign exchange and CFDs trading, has acquired FX1 International, the company shared with Finance Magnates. The intermediary led by one of the most prominent FX analysts and trading coaches in the Far East, Mario Singh, has committed additional resources to boosting its trader education platform.
The full financial terms of the deal have not been disclosed, however the transaction involves a seven figure sum. The cash deal sees the brokerage taking 100 percent control of the popular forex academy.
Commenting on the deal, the Director of FX1 International, Maxson Tan, said: “This is an exciting time for us to scale even bigger all over Asia. The recent BIS survey has shown that the trading volume in renminbi has doubled, beating the Mexican peso as the most traded currency in the developing world. This deal will help our vision of bringing world-class Forex education to retail traders all over Asia at a faster pace.”
Mario Singh, CEO of Fullerton Markets, was at the forefront of the industry in Asia in 2016 by starting the brokerage in April and quickly growing its customer base.
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The synergy between Fullerton Markets and FX1 International is substantial. Mario Singh would most likely integrate his knowledge and materials into FX1. The New Zealand licensed brokerage’s plan for the current management of the acquired company is for it to retain control of the content.
Commenting on the acquisition, Singh said: “I have been impressed with how FX1 has grown over the years. They have held seminars with some big names like Kathy Lien and Robert Kiyosaki.”
“What is equally impressive is their innovative pursuit into the Fintech world, having developed a series of robo advisors to meet client demand. I’m excited to grow with FX1 to provide disruptive brokerage services to their base of clients all over the world,” Singh added.
FX1 International will be absorbed into the research and education division of Fullerton Markets. The company also owns the widely popular trading app ProfitPips, which has been a very high ranked trading app on both the Android and iOS platforms.
ProfitPips includes a live trading room, weekly webinars, live coaching, trade calls and a trading university.