FXGM Lets English Desk Team Go in Cyprus, Restructures Global Sales Team

Cyprus-based broker FXGM has today dismissed several of its English sales team members in Cyprus citing focus on different regions.

FXGM was the first company to be regulated by at the time brand new Cypriot regulator CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term in 2006, and is part of the bforex group. As a regulated entity, FXGM is an important strategic arm of unregulated bforex's business, as it provides access to European, Asian and Middle Eastern client bases. The total number of sales people in FXGM's is about 10 people.

When contacted by Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates official representative of the company states the following:

1. FXGM took a business decision regarding restructuring and due to that, unfortunately, a number of sales agents of the English desk sales team (based in Cyprus) were released on 3 April, 2013;
2. FXGM shall continue operating a fully-fledged office in Cyprus and not just a skeleton crew;
3. FXGM shall continue serving all its clients (telephone, chat, emails, etc), with business being carried on as usual.
4. FXGM would like to clarify that the current banking crisis in Cyprus has not affected our company and was not the reason of our business decision.