Foreign exchange (forex) broker ATFX has revealed to Finance Magnates that it has removed the minimum deposit requirements for its clients outside of the European Union (EU) to access certain trading tools.
Previously, users located outside of the EU needed to pay a minimum $2,000 deposit to use trading tools Autochartist and Trading Central. However, the broker has decided to remove this minimum, allowing clients of all regions easy access to these tools.
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According to the statement seen by Finance Magnates, ATFX has made this decision amid the coronavirus pandemic, which has forced brokers to reinvent their business models and approaches.
Namely, the company wanted to give all of its clients easy access to the trading tools, so that they could identify opportunities faster and more easily, as well as access quantitative analysis and the latest market news.
Via ATFX, the Trading Central solution gives users technical strategies and professional data across a range of assets – forex, precious metals, commodities and indices from market sources such as Bloomberg, Thomson Reuters and more.
Autochartist, on the other hand, is a technical analysis tool, providing traders with real-time information and analysis to make informed trading decisions.
“While the coronavirus pandemic continues to cause much global turbulence, ATFX continues to stay ahead of the curve with cutting-edge developments. The new change is indicative of the company’s goals for educating and simplifying every trading step with the relevant tools that demystify the trading process,” ATFX said in its statement.
ATFX expansion is underway
The removal of the minimum deposit for non-EU clients comes at a time of expansion for ATFX. As Finance Magnates reported, the company has increased its geographical footprint in Europe, opening an office in Poland.
Furthermore, in August the FX broker received regulatory approval to increase its share capital by £3.15 million, only months after firm previously boosted its share capital by £1.5 million.
The broker plans to use the extra funds to facilitate its ambitious expansion plans within the European Union. The company’s ultimate goal is to offer more localised services by increasing its global footprint.
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