After officially launching a UK division in April this year, Cypriot broker FXTM continues its ongoing global expansion in South Africa. On its website on Tuesday the multi-asset broker announced it has acquired licensed from the Financial Services Board (FSB) of South Africa as a Financial Services Provider.
Already established itself as a trusted forex broker in the Asian, Middle Eastern and European markets, FXTM (ForexTime), now opens its doors to South African clients, affiliates and partners. The broker was granted a category 1 FSB license to act as an intermediary in securities and instruments (shares, money market instruments, bonds, and derivative instruments).
The Financial Services Board is the regulatory body of South Africa’s non-banking financial services industry, which includes collective investment schemes and financial advisors and brokers, among others.
According to Olga Rybalkina, Chief Executive Officer (CEO) of FXTM Limited, in a statement on the license, “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.”
The company was established in 2011 when one of the co-founders of Alpari separated from the Russia-based broker and launched one of his own under the FXTM brand. Since then, the company has opened a number of offices around the world, and is believed to be one of the fastest growing brokers in the industry.
FXTM provides all-encompassing product and service offering. There are more than 240 instruments to trade in, including a number of currency pairs and various CFDs (plus shares CFDs reinforced by a direct connection to the NYSE and NASDAQ). FXTM’s clients are able to choose from a wide array of trading accounts on two robust platforms, MetaTrader 4 and MetaTrader 5 platforms.