According to the Budapest Business Journal Interbank FX will enter the Hungarian market with its MetaTrader 4 platform. If I’m not mistaken this one of the first expansion steps taken by IBFX (except opening organic offices in the UK and Australia) in Europe and it’s quite interesting as IBFX seems to be one of only a few US brokers who are taking an active overseas expansion approach. Notable others are FXCM, Gain and Advanced Markets. Those who won’t follow may find that it’s too late (if it’s not too late already) to establish an overseas infrastructure.
“Interbank FX, a worldwide provider of online off exchange retail forex trading services, will enter the Hungarian market with its online forex trading platform MetaTrader 4 by the end of September, managing director Peg Reed told reporters on Thursday. The company will provide its services through its two local partners Equilor Investment and Buda-Cash.
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The MT 4, which is the most popular retail FX platform in the world, will be introduced in Hungary for the first time, said Reed. “We will provide a well-tested state of the art technology to deliver customized FX solutions to the customer base of our partners. We look forward to growing this business aggressively in Hungary,” she pointed out, although the company is not yet in talks with other potential partners.
“We knew from our competitors that there was market here, and we believe that we can offer a better product,” said Reed when asked why they picked Hungary in the CEE region. “However, we are going to look at the opportunities in all the other countries of the region,“ she added. Interbank’s main competitors in Hungary are Saxo Bank, CMC Markets with its MarketStar platform and GFT.
“Our competitors trade around the spread they get from the banks,” explained Pegg. “We do not have a dealing desk, instead we spread the core price slightly and pass it directly to our partners. That means that there is no intervention from Interbank.”