Interbank FX, a worldwide provider of online off exchange retail forex trading services, will enter the Hungarian market with its online forex trading platform MetaTrader 4 by the end of September, managing director Peg Reed told reporters on Thursday. The company will provide its services through its two local partners Equilor Investment and Buda-Cash.
The MT 4, which is the most popular retail FX platform in the world, will be introduced in Hungary for the first time, said Reed. “We will provide a well-tested state of the art technology to deliver customized FX solutions to the customer base of our partners. We look forward to growing this business aggressively in Hungary,” she pointed out, although the company is not yet in talks with other potential partners.
“We knew from our competitors that there was market here, and we believe that we can offer a better product,” said Reed when asked why they picked Hungary in the CEE region. “However, we are going to look at the opportunities in all the other countries of the region,“ she added. Interbank’s main competitors in Hungary are Saxo Bank, CMC Markets with its MarketStar platform and GFT.
“Our competitors trade around the spread they get from the banks,” explained Pegg. “We do not have a dealing desk, instead we spread the core price slightly and pass it directly to our partners. That means that there is no intervention from Interbank.”
Buda Cash is currently using both the Saxo and the MarketStar platform beside the MT 4, communications director Enikő Dávid told the Budapest Business Journal. She believes that the three platforms are completely different, thus they can well complement each other and help the company better serve their customers. The MarketStar is an easy-to-understand entry level platform, while Saxo’s is more complex and professional, according to Dávid.
Headquartered in Salt Lake City, Interbank FX serves more than 30,000 clients from more than 140 countries and supports trading volume in excess of USD 80 billion per month. The company is regulated as a Forex Dealer Member by the National Futures Association and is also registered with the Commodity Futures Trading Commission as a Futures Commission Merchant.