Cypriot forex broker Liquid Markets has announced a somewhat controversial move by establishing an office in Portugal.
Despite its relatively small size and considerably less well developed economy when compared with other western European nations, the company experienced enough demand from Portuguese traders to justify presence in the region. This could be considered quite surprising when bearing in mind that there has been a substantial emigration of up to 240,000 people, mostly young highly educated professionals, from Portugal since 2011 due to the economic crisis having severely affected the financial situation of many of Portugal’s citizens.
Liquid Markets was the result of a rebranding exercise in November 2012, having previously operated under the Tadawul FX name, subsequent to which the company continued its metamorphosis further by introducing the cTrader ECN platform just last month, followed by Currensee’s social trading facility just two weeks ago.
The company operates a non-dealing desk (NDD), ECN, DMA and STP execution model which is available to its traders across all international markets, including clients of the new Portuguese operation.
Price feeds are obtained from a large number of tier 1 liquidity providers in order to keep abreast of the competition in the direct market access area.
All accounts offer flexible leverage, with fast execution with no requotes or hidden fees and are available with a minimum deposit of $2,000. All traders also are able to access free technical analysis and tools such as Autochartist Chart Patterns to help them trade more effectively and quickly identify opportunities in the market to capitalize on.
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The new offices in Portugal will provide local support to Liquid Markets traders which will be provided by an experienced local customer support team.
Portugal as a region is less synonymous with online trading than some of its neighbors, and as yet the Portuguese Securities Market Commission does not define forex under its auspices despite being subject to MiFID; however Liquid Markets is regulated in the United Kingdom by the FSA, in Cyprus by Cypriot regulator CySEC and also by BAFIN in Germany.
Leading the Portuguese operation are Gonçalo Albuquerque, an industry professional having previously worked as an independent fund manager in Porto, and Roberto Torrão whose career background is also in the forex sector.
Goncalo Albuquerque commented: “With the growing interest and competition in the Forex Industry, Portugal has only just begun to reveal its investment potential. We are excited about providing the local market with a great opportunity to trade with a well-established highly professional broker, offering a choice of trading platforms, a large number of instruments and the most competitive and high quality trading conditions available locally.”
“We will be providing Portuguese language support directly from our offices here in Porto, allowing traders to enjoy the same superior support Liquid Markets is known for, but in their own language.”
Nicolas Bang, CEO of Liquid Markets, said in a statement: “The opening of our new offices in Portugal is one more step in our plans for continued global expansion of Liquid Markets and our overall goal to become a leading global player in the Forex Industry.”
“Portugal has always presented an excellent opportunity for us with its increasingly expanding financial market, and we are pleased to be able to offer our excellent trading conditions and superior local support to better meet the trading requirements of the growing number of Portuguese investors.”