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FXTM gets FCA license

 Global forex broker FXTM  announced it has obtained a license from UK’s Financial Conduct Authority (FCA) through its London-based unit Forextime UK Limited. This, according to the company statement, will allow it to service a broader market and honor its commitment to be fully localized in key financial regions.


So far FXTM had obtained licenses from the Cyprus Securities and Exchange Commission (CySEC) and South Africa’s FSB. Last year, the broker saw its client base grow by 77% year on year and active clients grew by 64% in the same period.


“In an environment where regulators are putting compliance and client communications in financial services under the spotlight, we are extremely proud to have met the high standards required by the FCA”, said Martin Couper, Director of Forextime UK Limited.


“We are pleased that this licence will give our traders the peace of mind that comes with knowing that they are dealing with a fully compliant and internationally regulated broker”, the company said.


The FCA has a reputation of a regulator with very strict requirements that exercises tight oversight over its charges. Usually, an FCA license means the broker (or another financial institution) has undergone rigorous screening to make sure it complies with all requirements, such as capital, KYC and AML procedures, etc. Additionally, if a FCA regulated broker go bankrupt, its clients are covered by the Financial Services Compensation Scheme (FSCS). Forex traders are entitled to receive 100% the first £30,000 + 90% of the next £20,000, but no more than £50,000 in total.


FXTM offers trading in more than 100 instruments, including forex, spot metals, and CFDs on stocks, commodities, cryptocurrencies and exchange traded fund (ETFs). It serves retail and institutional clients from over 180 countries and supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. The minimum deposit on some accounts starts at $5 and the maximum leverage can go up to 1:500.

TAGS: fxtm  fca  uk  license 

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