Monex Capital, a new foreign exchange platform, is set to launch in London in a move to target tech-savvy traders, Financial Times has reported.
Monex Capital will offer forex and contract-for-difference (CFD) trading, and is hoping its Financial Conduct Authority (FCA) approval will help it attract an international client base.
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Patrick Latchford, CEO of Monex Capital, said that Monex Capital aims to compete with more established forex brokers in the UK, including FXCM.
Monex Capital is financially backed by the founders of Monex Investindo Futures (MIFX), an Indonesian brokerage group, and is aiming to differentiate itself by integrating trading apps on to its platforms.
The company said its ‘app-powered’ platform, is connected to the tradable app store – from which clients could download apps and drag them on to Monex Capital’s tradable platform.
"As an open-source platform, tradable clients can develop their own applications and also select from a wide range of trading tools to build the platform they want – something that is long overdue in an industry that has advocated a one-size-fits-all approach for too long," said Latchford.
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By GlobalDataLatchford added that Monex Capital would also offer a binary options trading platform in the UK- where traders bet on whether a stock or index, for example, will go up or down – in the coming weeks.
