Sheer Markets, an online brokerage where users can trade in CFDs, has announced the launch of the trading of Non Deliverable Forwards (NDF) and Emerging Market currencies on its platforms for its traders.
The broker was started in 2020 with the aim to being different and to offer instruments that have not been normally offered in the FX and CFD markets. So, ever since then, it has been looking to launch new instruments on its MT4 and MT5 platforms that have not been streamed by most other brokers. It is this effort that has now led to its live streaming of NDFs and EMs which the company hopes would provide a lot more variety for its users to profit from.
As announced earlier this month, Sheer Markets Co-Founder and Chairman Alex Ladouceur comments: “It is with great excitement that we take our first step in introducing the online trading community to NDFs, as this is a product with unprecedented investment potential which has long remained undeveloped. As the economies of EMFX and NDFs develop further, demand for these types of products from existing and new FX users is set to widen and accelerate, accompanied by an expansion in liquidity and increased turnover. So far, there has been no viable streaming NDF service through many of the regular online trading platforms. Sheer Markets will now be there to fill that gap and meet that need.”
The company is based in Cyprus and in late 2020, it received a license as a regulated entity from CySec. The company hopes that the launch of new NDFs like the Brazilian Real, Indian Rupee, and Korean Won would be attractive to its existing users and also would help to bring in new traders from these countries. The company has not shared any details of whether these NFDs would be provided under leverage trading or whether there would be no leverage for it. But it remains a fact that many traders in these countries have been looking forward to trading their currencies on global platforms with MT4 and MT5 which would help them to analyse these markets easily and enter and exit in a smooth and reliable manner.
It is important for new FX brokers to bring in something that is different from what others are offering as the market gets more and more crowded by that is not compensated by an increase in the number of new traders that are entering into the FX retail trading industry. This has pushed the brokers to turn their attention to institutional clients who are expected to bring in the trading volumes that are required for the FX brokers to survive.
