FXTM Closes Retail Forex Business in Europe

In the first quarter of 2021, ForexTime Limited (www.forextime.com/eu), regulated under the Cyprus Securities and Exchange Commission (CySEC), finally closed their retail business by no longer serving retail traders in Europe.

FXTM Turns to Professional Traders

Since its founding in 2011, FXTM has finally closed all retail operations in Europe after ten years. FXTM's decision to discontinue retail services was announced via an electronic message sent to clients in the European region.

They explained that from now on, the broker would only accept professional clients as well as institutional traders. The FXTM Europe site has also removed the registration option for retail traders and only accepts professional clients.

In addition, the name of their official entity, as written in the Appendix A  Agreement, has also changed. The name Forextime UK Limited has changed to Exinity UK Limited. These minor changes can be read by the client in the terms and conditions of Partner Agreements, which can be found in the Legal Documents on the client's profile page.

Due to changes in regulation, many forex brokers in Europe are doing the same thing by moving to institutional business.

European securities market regulator ESMA has rolled out restrictions that affect most retail brokers. The regulator prohibits welcome bonuses and other incentives that encourage clients to trade CFDs.

Because of this, the retail forex market in Europe has become relatively challenging, forcing many brokers to look for new opportunities.