MXT Global has announced to customers that their accounts are being migrated together with those of VantageFX. The announcement comes as MXT Global and VantageFX merged in June 2014, but had remained as two distinct trading brands.
At the time, it was explained that they would remain separate brands as each was having success in different markets. Nonetheless, trading operations for both brokers were streamlined, with both brands sharing similar trading conditions, products and one Australian regulatory license. As such, for MXT Global customers, the current account migration isn’t expected to have a meaningful impact.
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With the exit of the MXT Global brand from the retail forex market, it now becomes Vantage Prime. As per the ‘Prime’ name, the division will be targeting institutional customers, providing white label solutions and liquidity.
The launch of a separately branded institutional division has become a growing trend within the forex industry. For many brokers, the Prime offering being geared towards their B2B customers with both liquidity and technology solutions isn’t a new product, as much as being renamed to better distinguish itself as an institutional division.
Other retail brokers that have launched separately branded institutional divisions in the past include FXCM, Saxo Bank, FXOpen, JFD Brokers and AxiTrader. However, not every Prime division is similar, with some simply catering to B2B customers, while others offering prime services such as credit relationships with banks and trading venues.
On the news of the Vantage Prime launch, Managing Director Jay Wang commented, “This restructure is about making sure that Vantage can offer the best possible service to both our retail and institutional clients who obviously have vastly different needs.”