FXTM has announced the acquisition a new regulatory license. This is the third regulatory jurisdiction from which the company has acquired a permit. The firm is preparing to officially launch operations via its Forextime UK entity in the coming weeks.
Commenting on the news, the Director of the UK subsidiary of FXTM, Martin Cooper, said: “In an environment where regulators are putting compliance and client communications in financial services under the spotlight, we are extremely proud to have met the high standards required by the FCA.”
Why Ethereum Needs Layer 2 Solutions More Than EverGo to article >>
The company has been operating in the EU with a CySEC license and its move to diversify its portfolio comes after registering material growth in client numbers throughout 2017. FXTM is reporting that its client base increased by 77 percent year-on-year and the number of active clients spiked higher by 64 percent.
UK Forex and CFDs Already Competitive
The company appears to be focusing part of its FCA-regulated message on the UK market, which is one of the most established markets for forex and CFDs trading globally. An official statement by the firm outlines: “We look forward to providing UK traders with the same exceptional standard of service and trader education as our existing global clients.”
While the UK market is relatively big when compared to other European countries, it is also materially more competitive with IG Group, CMC Markets and ETX Capital leading the way in terms of client numbers and number of instruments on offer.
FXTM is also likely to leverage its new license globally as the international reputation of the FCA as a regulator is topping the list amongst jurisdictions that are sought by retail traders worldwide.