Tekhnobank OJSC announced today that it has entered into the over-the-counter (OTC) foreign exchange (forex) sector of the Republic of Belarus with the help of signed with X Open Hub, a member XTB Group, a Polish forex giant, by launching a new service for making transactions on the OTC forex market.
This service, which is available for Tekhnobank’s private clients, was launched this month, the statement said. The specialized software is available via the following URL, invest.tb.by, and is based on X Open Hub’s XOH Trader, commonly referred to as the xStation5 trading platform.
By partnering with X Open Hub, through the new service, clients have access to more than 1,600 OTC financial instruments and spreads from 0 pips. By using the xStation5 trading platform, Tekhnobank’s clients can also benefit from its reliable execution using the STP model, financial analysis, current quotes, technical analysis and more.
Speaking on the collaboration to Finance Magnates, the CEO of X Open Hub, Micheal Copiuk noted: “We are very keen to partner with Tekhnobank – this strategic partnership will be very valuable to our company. We believe that combining X Open Hub’s next-generation technology and Tekhnobank deep knowledge of the OTC markets in the Republic of Belarus, will enable us to provide clients with truly unique brokerage solutions.”
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The new service also includes negative balance protection. This practice, while necessary in the European Union thanks to regulation from the European Securities and Markets Authority, is not required in Belarus.
Commenting on the new service, the Tekhnobank OJSC Operations Director Igor Fut said (translated): “Cooperation with Tekhnobank will allow customers to get a professional tool for performing operations with derivatives in a convenient format of remote maintenance, high-quality, financially reliable and high-speed service.”
“We have a main task – to change the prevailing stereotype of the OTC Forex market and offer our clients solutions that go beyond the boundaries of short-term high-risk operations. The process of registering, creating and replenishing an account to connect to the trading platform is simple and does not require a visit to the bank – the client identification procedure takes place remotely in the Virtual Client Personal Account (vlk.tb.by) service based on passport data and document images.“
Tekhnobank was an early member of the Belarusian FX market
Tekhnobank was the second bank in Belarus to become accredited by the country’s forex market regulator, after MTBank entered the market in July 2016 with the help of Dukascopy Bank’s technology. Tekhnobank has 13 branches in Minsk and regional centers throughout Belarus.