Broker ForextTime Limited (FXTM) EU has now officially ceased their retail business to focus on professional clients.
By this month, ForexTime Limited (www.forextime.com/eu) which is being regulated by the Cyprus Securities and Exchange Commission (CySEC), finally closing their retail business and no longer providing service to retail traders in Europe.
FXTM Now Focused On Professional Clients And Institutional Traders
Founded in 2011, FXTM now has closed all its operations for retail investors in Europe after 10 years. FXTM's decision to suspend its retail service in 2021 is quite straightforward.
They sent e-mails to clients in the European Economic Area region, explaining that they will only accept professional clients and institutional traders from now on. FXTM’s EU website also dropped the option of onboarding retail traders and is now only taking professional clients.
Additionally, their official entity name as detailed in Agreement Appendix A for Forextime UK Limited has changed to Exinity UK Limited. This means that there have been some minor changes made to the T&Cs within the Partners Agreement, which can be found in the Legal Documentation section of clients' FXTM Partners Profile.
Not only FXTM, but many forex brokers who shut their retail operations also stated that their reason to focus on institutional business is due to changes in the regulatory environment.
EU's securities markets regulator, ESMA, has launched restrictions that impact most retail brokers, like banning welcome bonuses or other incentives that encourage clients to trade CFDs. Because of this policy, the retail FX market in Europe is becoming relatively challenging, so numerous brokers are looking into new opportunities in the wholesale liquidity and clearing market.