The United States retail forex exchange (Forex) market experienced a mass exodus in 2013 with only a handful of brokers continuing to service traders. Today, in 2020 the market for OTC Forex services looks to be expanding with the approval of a National Futures Association (NFA) retail foreign exchange (forex) dealer license for Trading.com.
Trading.com Markets Inc, formerly known as Trading Point US Inc, first applied for a US broker registration in January of 2019, having registered an office in New York and nominated an XM UK director Charalambos Panayiotou as CEO and Director of the new New York-based entity. The approval of the NFA license came yesterday, on April 20th, 2020, according to the NFA’s BASIC system.
Trading.com Markets Inc is a brand of Trading Point Group, which also runs the retail broker XM. While the company anticipated the registration process in the US, it launched the Trading.com offering in Europe in July of 2019 under the regulation of the UK Financial Conduct Authority (FCA).
With UK-based IG Group also setting up shop in the US with the approval of their RFED license in February of 2019, the US Forex retail market looks poised for some healthy competition going forward, as firms like GAIN Capital focus on previously announced merger efforts.