One of biggest Polish retail banks, Bank Zachodni WBK, just announced that it entered the retail forex market. On 12 of June DM BZ WBK (brokerage division of WBK Bank) launched their first FX product line. WBK will be offering the MT4 forex platform to retail clients based on Integral’s ECN technology. WBK aims at clarity and integrity and promises to deliver it to their clients and according to the Bank that is the reason for choosing the ECN model which they belive fulfills those promises.
Mariusz Sadlocha, CEO of DM BZ WBK: “Our offer is dedicated to traders who treat Forex market as alternative form of investing rather than ‘game’ or ‘gambling’. We want to educate the market and we aim at creating better clarity in terms of offered and used procedures and practice. ECN model motivates us to help clients prolong their trading experience on the market. This is also the reason why we put such emphasis on analytical support, showing forex market as new form of investing.”
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WBK is 96,25% owned by Banco Santander S.A. WBK is not the first bank to enter the forex market in Poland in recent years. Previous entrants were Bank Ochrony Srodowiska with its BossaFX product (also MT4) and AliorBank. The biggest Polish FX broker remains to be XTB and their success seems to attract more and more players such as Admiral Markets which is rivaling XTB’s local dominance.
Outside Poland it’s mainly Russian banks such as VTB and AlfaBank that are offering retail fx trading. Banks like Citi (through it’s margin subsidiary CitiFX Pro) offer more institutional type of trading.