One of Poland’s largest financial services firm is withdrawing its offering from the brokerage sector. IDM Brokerage, the country’s first listed broker-dealer will be co-operating with TMS Brokers as its clients migrate to the firm. The move comes as the European brokerage market continues to struggle amid challenging operating conditions.
TMS Brokers has reported that it will be acquiring IDM’s client base, the two brokers signed an agreement on the 16th of May. The migration process will take place in a seamless manner as TMS provides users with a dedicated switcher service, accounts will be moved over on the 23rd of May.
In addition, IDM’s clients will be able to trade on the Saxo Trader at TMS, a vital factor for traders who may be concerned about having to trade on an unfamiliar or new terminal.
“Any change in the investment system introduces unnecessary uncertainties, so we are confident that our proposal to use the identical platform will be extremely beneficial for customers of IDM. We also offer free opening and maintaining of the account, and low commissions.
In addition, TMS Brokers, a brokerage firm operating on the Polish market under the supervision of the Polish Financial Supervision Authority, offers customers contracts and full service in Polish language,” explained Marcin Kotowski, pictured, a board member of TMS Brokers in a statement.
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IDM Brokerage offers a number of financial trading products, it is a white label partner of Saxo Bank and offers the Saxo Trader trading portal, thus IDM’s clients will gain access to a number of platforms including the popular MT4 trading portal.
Commenting about the arrangement, David Kustra, Director of the Department of Foreign Markets at IDM Brokerage, states in the notification (translated from Polish*): “The co-operation agreement is particularly advantageous for customers of IDM, because TMS Brokers offers access to a well-known investment platform to our customers. Moreover, we have made necessary arrangements who will provide the necessary assistance in the transition from IDM to TMS Brokers. As a result, our customers will not have to change their habits in order to continue trading on foreign markets.”
The exact details of the deal were not disclosed by either party. In the official notification issued by TMS Brokers on its corporate website, the firm stated that it will open IDM’s clients accounts in a swift manner, without any charges. TMS offers a number of trading platforms with enhanced uses.
TMS Brokers have been an active player in the margin trading environment in Poland. Over the last few years, the operating environment has expanded with a number of banks entering the market.
TMS Brokers recently acquired a stake in ProTRADER.
*Quote is translated from Polish to English