RoboForex (CY) Ltd. has announced that it will be changing its brand name to RoboMarkets.
The CySEC-regulated brand continues to make changes in an effort to provide professional financial services to its clients. The rebranding is not expected to impact operational goals, as the company “will continue its professional activities under a new name.” The decision to rebrand comes at an intriguing time, as ESMA is set to enforce more stringent regulations on the retail trading industry in 2018.
The brokerage is licensed to operate within specific countries across Europe. It is apparent that RoboForex is determined to diversify its products and offerings, and to not be classified as a brokerage that only supplies FX services: “RoboMarkets defines itself as multi-asset broker and provides access to more than 8,700 trading instruments in seven types of assets classes. The company’s core objectives are to assist traders’ needs and deliver access to global markets in Europe.”
RoboForex is strengthening a trend across the retail trading industry, which has seen other brokerages undergo rebranding to diminish the misconception that they only provide FX products.
The Crypto Effect
Moreover, the recent surge in demand for Bitcoin and other digital currencies has led to many traders transferring their time and money from FX to the crypto market. It is imperative for FX and CFD brokers to make proper adjustments in accommodating this growing demand. The rebranding will help to remove the connotation that RoboForex only offers FX products. The company has recently decided to implement CFDs on Bitcoin and Ethereum.
By understanding market demand, it has been able to stay up to date with demand and enter the current craze for digital currencies. CFD trading on virtual currencies remains relatively in its infancy, and like with any asset or instrument, it is important to understand market tendencies and behavior and to adjust trading conditions accordingly.