Formax Prime Capital, an FX broker, informed Finance Magnates today that they will be launching Spanish and Chinese language websites for traders. The firm, which received licensing from the UK’s Financial Conduct Authority in 2015, currently offers retail customers the ability to trade FX, commodities, and indices.
Formax only lets customers trade through an electronic communication network (ECN). ECN’s are limited to matching trades between market participants, meaning that the broker using them cannot trade against their clients.
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The firm launched a new site and marketing plan last December to sell their ECN-only service and have now decided to expand. The move into the Chinese market is unsurprising given that the broker’s parent company, the Formax Group, is based in Hong Kong.
Systems already in place
The broker did note that it already had people in position to manage the new customer base, with a support team in place to handle any Spanish or Chinese queries. Formax’s site will not offer any new services to its customers but will simply enable users to access the site in Spanish or Chinese.
Commenting on the change, Formax’s director, David Rapp, said: “Following the successful launch of our new website and marketing in December last year, we took the decision to expand our existing ‘ECN only broker’ offer further to Chinese and Spanish speaking clients. Our support team are bilingual in a number of languages and it made sense to widen our approach and offer those clients access to all of the information on our English site, but in their native language.”