FXCM Group announced on Wednesday that its affiliate has opened its first office in Johannesburg. In order to meet the growing interest in forex trading in the country, FXCM South Africa will provide local residents with access to the its robust trading platforms, as well as with educational materials, trading analytics and free webinars and seminars.
Clients from South Africa are offered the popular MetaTrader 4 (MT4), as well FXCM’s in-house Trading Station platforms. Both demo and live accounts are available to those willing to try their hand at Forex and CFD trading. Furthermore, FXCM has launched a separate website for South African investors - www.fxcm.za.com.
Lately forex and binary options brokers are flocking to South Africa as a market with huge potential. In 2016, AvaTrade, HotForex, ForexTime (FXTM), and Xtrade were licensed by the country’s regulator - the Financial Services Board (FSB) - and XM is also on its way to be regulated there.
“We’re excited to expand FXCM and our retail forex business to South Africa,” commented Drew Niv, CEO of FXCM. “There is a growing interest for forex trading in the region which gives us the opportunity to introduce our services.”
“FXCM prides itself on excellent customer service, and the opening of FXCM South Africa will further that sentiment by offering a unique experience for our clients in the region,” said Harry Coundouris, CEO of FXCM South Africa. “Our customer support team will cater to local residents through personal interaction with regional clients, including one-on-one meetings, and exclusive seminars,” he added.
FXCM South Africa was established in 2015 and acquired a license from the South Africa’s FSB in February this year. The company acts as an introducing broker to the UK unit of FXCM Group and is not owned or controlled by the FXCM Group.
FXCM (NASDAQ:FXCM) offers forex, CFDs, and spread betting services and is one of the few brokers who still operate in the US. It is a registered Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) with the US Commodity Futures Trading Commission (CFTC). The group also has units registered and regulated with the relevant authorities in the US, the UK, Australia, and France. It is 50.1% majority owned by FXCM Inc., while rest of the group moved to the hands of Leucadia National Corporation earlier this year.