TheCable

FXTM, a global forex broker, has announced its expansion to South Africa after receiving license from the Financial Services Board (FSB) in South Africa.

The license, which was obtained on July 5, provides the company with the opportunity to expand its strategic footprint, while reaching new customers and acquiring local partners in a market of high potential.

Commenting on this latest acquisition, Olga Rybalkina, CEO of ForexTime Limited, said, “This latest development represents another key milestone for FXTM, and falls directly in line with our mission to expand across the globe.

“We continue to experience growth on a stable level with our company having developed a strong reputation for a commitment to providing excellent trading terms and a transparent service.

“Since our inception, we have steadily established ourselves as an authority in this industry and developed a reputation as a trusted broker in the African, Asian, European and Middle Eastern markets. South African clients, affiliates and partners can now enjoy all of the benefits and advantages of trading with FXTM [1], and we proudly look forward to building lasting relationships with these traders as a global broker with a local touch, one that was formed on the core principle of trust.

“Over the past few years we have seen strong interest in our service from the region, particularly from Nigeria where we have a strong and established presence. This latest development and the securing of the FSB license is testament to our commitment to the African market.”

Earlier in 2016, the broker announced the opening of its UK branch, shortly following the appointment of CNBC Arabia’s Hussein Al Sayed as chief market strategist and the face of its brand for the Middle East region.

Away from international developments, FXTM has also focused on developing its product portfolio with the introduction of the Shares Account – offering access to 180 company shares with direct connection to product pricing on the NYSE and NASDAQ exchanges – and the most recent company announcement being the updated MT5 platform with the option of hedging.