CySEC, Belize and South Africa licensed Retail FX broker Forextime, which also goes by the shortened moniker FXTM, has announced on a new website forextime.co.uk (full text below) that it has received a license from the FCA for a new UK-based subsidiary Forextime UK Limited.
A check of the FCA’s registry reveals that Forextime UK received its license late last week, on February 1. The license is for a matched principal broker, i.e. Forextime UK itself cannot act as a principal to transactions, which in any event are likely to be matched with one of FXTM’s subsidiaries abroad, as do many international FX brokers with UK operations.
Heading the Forextime UK operation will be Martin Couper, formerly Head of Operations at FxPro UK and Compliance Officer at Amana UK. He will also be serving as a director of Forextime UK, and as the company’s Compliance Officer. One other director is listed at this time for Forextime UK – Jameel Ahmad, who has been with FXTM since 2014 and is the company’s Global Head of Currency Strategy and Market Research.
In the new release posted on its website FXTM states that it saw robust growth in 2017, with its client base growing by 77% year-on-year and its number of active clients up by 64%.
Commenting on the FCA licence, Martin Couper said:
We are extremely proud to be awarded the FCA licence, with the London office now in the process of finalization before operations commence shortly. London remains a prestigious location for financial services firms, and we look forward to continue to expand our operations,- as well as our workforce in the city.
In reference to joining FXTM, Couper said:
In a relatively short period of time, FXTM has managed to establish itself as an authority in the industry, and I look forward to seeing our brand enjoy further success as we continue our expansion. As a company, FXTM has developed a reputation of trust, transparency and exceptional service. These ethics really impressed me, and were a significant factor in my decision to join the company.
Global Head of Currency Strategy and Market Research, Jameel Ahmad added:
It is a very proud moment in the history of FXTM to receive the FCA licence. FXTM has delivered strong and stable growth since our company was founded, our commitment to developing long-term relationships with clients has contributed significantly to our overall success. FXTM is known for its superior trading terms and localized product offerings, and we can’t wait to further develop the same reputation as we continue our global expansion, following receipt of the FCA licence.
The full text of the release made by FXTM reads as follows:
FXTM receives the coveted UK FCA Licence
FXTM is excited to announce that we have been granted a licence with the UK’s Financial Conduct Authority (FCA), and will be ready to operate in the coming weeks under FCA licence no. 777911.
Martin Couper, Director of Forextime UK Limited, says.
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.
The FXTM brand is authorised and regulated by a number of regulators, including CySEC in the EU and the FSB in South Africa. The FCA licence awarded to Forextime UK Limited, will complement the brand’s existing licences and allow us to service a broader market, as well as honour our commitment to being fully localised in key financial regions.
As a brand, FXTM has documented exceptional growth in the last year; our client base grew by 77% year on year and active clients grew by 64% in the same period. This growth can be attributed to our client centric approach and exceptional customer service and our positive reputation as market leaders in the forex industry.
We look forward to providing UK traders with the same exceptional standard of service and trader education as our existing global clients. 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.