Multi-asset foreign exchange (FX) broker FXTM has procured a licence from South Africa’s Financial Services Board (FSB), continuing its ongoing global expansion that is targeting new client locales, per a company statement.
FXTM originally garnered the license back in early July (FSP no.46614), which will look to provide an impetus and gateway into the country and one of Africa’s most enticing client regions. The FSB operates as an independent institution, which oversees the South African non-banking financial services industry.
The initiative follows on the heels of other expansions out of the broker, which has made inroads in the Middle East, Europe, and Asia previously. South Africa itself is a diverse market that is largely devoid of the market saturation seen in other jurisdictions such as Europe.
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According to Olga Rybalkina, CEO of FXTM Limited, in a recent statement on the license: “This latest development represents another key milestone for FXTM, and falls directly in line with our mission to expand across the globe. We continue to experience growth on a stable level with our company having developed a strong reputation for a commitment to providing excellent trading terms and a transparent service.”
“Since our inception, we have steadily established ourselves as an authority in this industry and developed a reputation as a trusted broker in the Asian, European and Middle Eastern markets. South African clients, affiliates and partners can now enjoy all of the benefits and advantages of trading with FXTM, and we proudly look forward to building lasting relationships with these traders as a global broker with a local touch, one that was formed on the core principle of trust,” she added.
FXTM made headlines late last month after it launched a new hedging option for its clients that is compatible with the MetaTrader5 (MT5) platform, helping grant traders the ability to effectively enter into multi-lateral positions to best cover their overall losses. The capability is not universal amongst a majority of brokers, which in many cases prohibit hedging on the MT5 platform.