Orbex, a forex and contracts for differences (CFDs) broker, confirmed to Finance Magnates that it has acquired the retail business and retail clients of HonorFX, another FX/CFDs broker. With this, Orbex will provide access to trading products and services to the clients of HonorFX.

Orbex Acquires HonorFX

"Orbex's acquisition of the retail business and retail clients from HonorFX is part of a strategic move to expand its presence in the Asian market," a spokesperson at Orbex told Finance Magnates. "With this acquisition, at Orbex we aim to strengthen our foothold in the region while allowing HonorFX to shift its focus towards the institutional business. This strategic decision reflects both companies' objectives for growth and specialization in their respective areas of expertise."

Two Big CFDs Brands

Both Orbex and HonorFX are well-known brands in the retail FX/CFDs brokerage industry. Orbex alone offers traders access for more than 400 CFDs instruments of forex, stocks, indices, cryptocurrencies, and other asset classes.

HonorFX is heaquartered in the United Arab Emirates and operates with licenses obtained from Mauritius, Malaysia, and Saint Vincent and the Grenadines. Orbex additionally holds a license in the Seychelles.

The partnership is strategic, allowing Orbex to strengthen its position in the Middle East and North Africa (MENA) region. It will further open up doors to other Asian markets.

"We are delighted to welcome HonorFX clients to our Orbex family," said Abdallah Abbas, the Chairman at Orbex. "We believe that this partnership will enhance our competitive edge and enable us to offer even more exclusive terms and benefits to traders across the globe. We look forward to working with HonorFX and supporting their clients in achieving their trading goals!"

"While we are working closely with our associates at HonorFX to ensure a smooth integration of operations, it is important to clarify that, for Orbex clients it will be business as usual, that is, their trading experience will remain unaffected during the integration process."

Earlier this year, Orbex expanded its product range with the launch of the new Orbex Prepaid Card and Orbex Card app. Orbex Maestro Prepaid Card is available for broker's clients in the Gulf Region, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, and Palestine.