This summer has been a period of extensive growth for Spotware Systems in terms of market share, with its flagship trading platform cTrader having conquered new territories. After the platform entered Japan in June via Forex Crown, its next step is a foray into the Turkish market.
Global Capital Markets (GCM) Securities has become the first Turkish Forex broker to offer the platform, presenting it initially with a series of intro videos on YouTube in the end of July 2014. And now the clients of the company are able to make use of ECN trading on the popular platform.
For the time being, GCM Securities offers only the downloadable version of cTrader to its clients, however, it is provided alongside cAlgo, the algorithmic solution by Spotware, as well as the cTDN developers network. The broker hails the combination of the professional trading functionality of cTrader and its user-friendly interface. Of course, there are rafts of technical analysis tools, as well as a multiple account management module, which enables traders to switch amid accounts without actually leaving the platform.
GCM Securities already offers the MetaTrader 4 (MT4) platform to its clients in different modifications, including one for the web. The broker is obviously seeking to boost the variety of platform choices for its clients.
The launch signifies a landmark move for cTrader, as the Turkish FX market is widely considered to be over-represented and somewhat saturated. This is due to a great extent to the tight control the Capital Markets Board exerts on the Forex industry. In fact, since the financial regulator took over the reins of the Forex sector in August 2011, only a handful of Forex brokers have managed to obtain licenses. It’s worth mentioning that GCM Securities was among the first 10 to manage to acquire the required regulatory approval.
In the face of the strict requirements to get a Turkish FX license, the new rules for brokerage capital and margin for FX trading, Turkey remains an attractive destination for brokers, as well as providers of trading solutions. In March 2013, Swiss Forex marketplace Dukascopy sealed a white-label partnership deal with Integral Menkul Değerler and thus its JForex platform set its foot in Turkey. To take a more recent example, application-based platform tradable has also entered the Turkish market thanks to collaboration with IS Investment reached in the spring of 2014.
To learn more about GCM’s addition of cTrader, click here.