A new company which is aiming to provide a set of solutions designated to facilitate access of brokerages to the foreign exchange market is starting its services. The firm is headed by the former CEO of Fortress Prime Mitch Eaglstein.
The product suite of Forex Development Corporation focuses on providing access for brokers to MetaTrader 4 and the firm’s proprietary Condor Pro platform. The latter is operating via Condor Gateway, which is enabling access to a list of bank and non-bank liquidity providers.
The firm also offers a back office solution for Condor which offers a full integration with both MetaTrader 4 and FDC’s Condor Pro trading platforms. The company also provides an educational tool for traders.
Can ODPs Bring Transparency to South Africa’s FX & Derivatives Industry?Go to article >>
Forex Development Corporation states that is already providing some FX brokers with its services with the aggregated trading volumes totaling about $1 billion daily.
In order to reassure its clients, the company has undergone a check by the Financial Commission, which is an independent organization which is certifying certain technology in the industry.
“Following the mass exodus of banks and prime brokerages from the foreign exchange trading space, we identified an opportunity to develop a best-in-class solution for underserved brokers wishing to participate in the largest, most liquid market in the world,” said Mitch Eaglstein, the founder and CEO of Forex Development in an official announcement.
Mr. Eaglstein has been in the foreign exchange industry for a while, but after his latest stint at Dubai based Fortress Prime he is facing a tough challenge. The company has failed to repay clients withdrawal requests since August 2015 as reported first by Finance Magnates, with Mr Eaglstein resigning as CEO in February 2016. Clients of Fortress Prime have still not received any funds from the company.