Actions and Measures taken by FX Brokers during COVID-19 pandemic
Online Forex and CFD brokers responding to COVID-19, Corona Virus pandemic.
- Actions and Measures taken by FX Brokers during COVID-19 pandemic
- XM – Keeping the highest level of service standards
- FXPrimus – Operating business as usual
- JustForex – Standard operations and support
- FP Markets – Business as Usual and Managing Market Risk
- HotForex – 100% business continuity
- VantageFX – No changes in margin requirement
- LiteForex – No changes in margin requirement
- FXOpen – Leverage limited due to high volatility caused by Coronavirus situation
- HYCM – Business as usual
- ValuTrades – No changes in trading conditions
- 4xCube – Covering deposit and withdrawal fees
- Traders Trust – No changes of margin requirement
- Royal Financial Trading (ROYAL) – Closing all offices worldwide
- ecoPayz – Business Continuity During COVID-19
Actions and Measures taken by FX Brokers during COVID-19 pandemic
Due to the heightened uncertainties arising from the COVID-19, we anticipate significant fluctuation in the financial markets in the upcoming weeks.
We recommend all traders to carefully monitor market conditions during this time.
Please also note that due to the anticipated volatility, some instruments such as stock indices may be temporarily disabled in order to protect clients from sharp market movements and low liquidity.
Online Forex and CFD brokers may make any necessary changes to margin requirements, and we urge all traders to closely observe developments in the markets and recommend that you ensure there is sufficient margin in your trading account at all times to adjust for the potential changes in trading conditions.
We hope you keep in good health and this trouble will pass all of us by.
Here in this article, we have summarized actions and measures taken by online Forex and CFD brokers for your information.
How Corona Virus Pandemic impacts the economy?
XM – Keeping the highest level of service standards
XM has contacted all its its service users regarding to the measure they have taken to ensure the business continuity and the standards amid the global pandemic.
XM is committed to do the part in order to ensure there are no disruptions in operations.
XM has taken the following measures an actions to main the unparalleled service conditions for its investors and partners.
- Separated teams of crucial functions in order to ensure continuity in extreme scenarios;
- Urged all people to remain in their residence as far as possible;
- Utilized XM’s global footprint and physical presence in order to have geographically spread back-up operations;
- Suspended all travelling;
- Have been performing all third-party meetings via web means;
- Have been adhering to the most prudent sanitizing measures.
Notwithstanding the fact that XM considers the above measures robust, given that the whole planet is moving deeper into unchartered territory, XM keeps vigilantly monitoring the situation in order to enhance these measures, when necessary.
FXPrimus – Operating business as usual
Amid concerns of the spread of COVID-19, FXPrimus is following developments closely and adhering to all recommendations issued by the relevant authorities to ensure the health and safety of the people.
FXPrimus wants to reassure all clients and partners alike that FXPrimus has a business continuity protocol in place, and you can expect business as usual.
Each department is equipped and prepared to carry out their duties as before.
With the recent surge in market volatility, FXPrimus’s had unparalleled trading volume, client sign-ups and deposits, nevertheless maintaining the same level of service you would expect from FXPrimus.
FXPrimus continues to take all necessary measures to keep running as smooth as possible.
As far as the financial effect, FXPRIMUS is in good health financially, and do hold client funds separate from FXPrimus’s own in segregated accounts.
Furthermore, as added measures of safety, FXPrimus has indemnity insurance of €2.5 million, and withdrawals are overseen by a third-party vendor to keep the process fast and efficient.
For more on how wFXPrimus keeps your funds safe, visit FXPRIMUS Official Website
JustForex – Standard operations and support
In the circumstances concerned COVID-19, JustForex assures all traders that the coronavirus will not affect the operation of the JustForex broker in any way.
Regardless of any natural disasters or hardships, JustForex’s infrastructure and team are prepared to provide non-stop operation and support.
JustForex is continuing to deliver high-quality and reliable services without interruptions.
As part of emergency preparedness and response planning, JustForex has distributed teams in different countries.
Employees have all the necessary equipment and access so that they may fully work from home and it won’t be a trouble to assist you around the clock.
JustForex’s infrastructure has a number of backups in the main data centers.
The stability of each payment method is assured by partnering with several providers (PSP), meaning that you can deposit and withdraw using every method JustForex offers.
Taking into consideration the measures in numerous countries for the population to stay at home, JustForex has taken all these actions for you to keep safe and to have constant access to all JustForex’s services and trading.
HotForex – 100% business continuity
As the Coronavirus situation continues to unfold, HotForex assures all of you that HotForex has successfully taken all of the necessary steps in order to ensure a 100% business continuity and no disruptions whatsoever to HotForex’s services.
HotForex’s clients and partners are at the center of the considerations and the teams remain available to service you.
Due to the extreme volatility, HotForex also urges everyone to trade responsibly.
VantageFX – No changes in margin requirement
The recent outbreak of Covid-19 has seen volatility come roaring back to global markets.
From time to time, some Index and Commodity markets may hit exchange mandated trading limits; in these cases, the futures exchange will stop pricing these markets for a short period of time.
VantageFX’s pricing can also be affected by these trading breaks and may therefore be temporarily unavailable.
Vantage FX will endeavour to notify you of trading halts whenever possible, VantageFX is there to assist you 24 hours a day.
LiteForex – No changes in margin requirement
Given the current volatility in the markets, LiteForex expects thin levels of liquidity, with the possibility of wider spreads and price gaps for all FX pairs, Oil, Commodities, Indices, Crypto and CFD on shares.
Presently LiteForex is pleased to confirm no changes will be made to LiteForex’s margin terms.
However, LiteForex requests that accounts be fully collateralized ahead of the weekend and in the coming weeks.
FP Markets – Business as Usual and Managing Market Risk
The global pandemic caused by the Coronavirus (COVID-19) is having a huge impact on the global financial markets.
Despite the uncertainty and high levels of volatility, FP Markets would like to reassure you that FP Markets is well prepared for the scenarios arising from this situation:
- You can keep trading on FP Markets’ platforms as normal – FP Markets will continue to operate and administrate your accounts in the usual way.
- FP Markets’ customer support teams are available via phone, email and live chat as normal but please be patient as FP Markets is experiencing high volumes of enquiries.
- FP Markets has the technology and systems in place to ensure that its entire global workforce can continue to provide the same high levels of service regardless of where they are working from.
- Payment methods – Credit Cards, Paypal, Polipay – continue to be the easiest and fastest methods to fund your account and be aware that bank transfer may experience minor delays at busy times.
These are unprecedented times and if you are trading, please do so with caution and manage your risk with care.
High-levels of volatility and big markets swings will likely continue for the foreseeable future.
Please also use FP Markets’ Traders Hub blog, social media (see bottom of page), education and other reliable sources for market news and ensure that you have enough funds available to manage your open positions.
FP Markets will continue to monitor the situation closely and keep you updated on any developments which may have an impact on your trading.
Any questions, please reach out to FP Markets’ customer support team which is available 24/5 to help you with your accounts and any questions you might have.
FXOpen – Leverage limited due to high volatility caused by Coronavirus situation
Due to the current high volatility across all financial markets, FXOpen has taken the decision to increase margin requirements by up to 5 times their normal level in order to protect client funds.
The change affects currency pairs, indices, metals and commodities and will take effect from March 17th until further notice.
Please ensure you have sufficient margin to cover any open positions.
Please consider these circumstances when planning your forthcoming trading activities.
HYCM – Business as usual
Amid rising concerns regarding the global spread of COVID-19 and its disruption of business operations, HYCM has wrote to all traders and reassure you that it remains business as usual at HYCM.
HYCM is adhering to government-issued guidelines to protect the health of the employees and company.
HYCM is temporarily suspending travel, conducting all meetings online, and all departments will work remotely for the next two weeks.
HYCM has prepared for situations just like this as HYCM’s staff is equipped with the tools and access permissions needed to work from home.
For anyone out there who is also working remotely here are 3 tips for making the most out of self-isolation:
- Less time spent commuting and a possibly lighter workload can mean more time to get a head start on things you’ve been putting off, like advancing your trading skills and knowledge. Read up on topics and trading strategies you don’t feel confident in.
- Definitely take advantage of HYCM’s FREE online webinars and workshops hosted by HYCMs Chief Currency Analyst, Giles Coghlan. HYCM knows many of the clients would love to attend if only their schedule allowed. Now’s your chance.
- Last but not least, observe the volatility surrounding the coronavirus pandemic. It is a very interesting time to follow the markets.
HYCM’s customer service team remains available, just as before, in case you have any questions.
ValuTrades – No changes in trading conditions
Please be advised that due to the current volatility in the markets, ValuTrades expects less liquidity from the liquidity providers and as such, there will be a possibility of wider spreads, slippage and price gaps for all FX and CFDs.
ValuTrades is reviewing margins but at this time, ValuTrades will not be making any changes.
However, please ensure that your account has adequate funds over the weekend and going forward and to exercise caution if holding positions overnight.
If you have any other questions, please contact ValuTrades’ support teams.
4xCube – Covering deposit and withdrawal fees
With the ongoing global pandemic related to Coronavirus: COVID-19, 4xCube delivered a message of support from everyone at 4xCube to anyone affected and let you know how 4xCube is continuing at the office.
4xCube is so far lucky enough to be based in a location (The Cook Islands) where there are no cases of COVID-19.
4xCube’s systems are fully tested and they are perfectly placed to carry on offering the service with no disruptions.
As a thank you and gesture of goodwill as 4xCube knows so many of traders will now be at home, 4xCube will be covering Deposits and Withdrawals charges for the period of 30 days.
Traders Trust – No changes of margin requirement
In light of the recent coronavirus (or COVID-19) outbreak, Traders Trust informed all clients that the volatility has increased throughout the market, especially in major indices which have extended record losses for the past few days.
Traders Trust will not be implementing any changes to their margin requirements at this time.
Please kindly note however that Traders Trust does reserve the right to change the margin requirements at any stage, with a prior notice to clients if this should occur.
As there is a high uncertainty surrounding the effects of these events, Traders Trust reminds you that the weekend (21th and 22th of March 2020), they expect a high level of volatility with potential market gaps on Sunday’s open.
Please ensure that your trading accounts have sufficient margin and we recommend that you closely monitor all your positions during this volatile time.
Traders Trust Official Website
Royal Financial Trading (ROYAL) – Closing all offices worldwide
As a company that prioritizes safety, Royal has been closely monitoring the impact of Coronavirus (COVID-19).
Royal took the decision to close the offices worldwide.
As of Monday, March 16th 12am UTC, Royal’s offices will be closed for 2 weeks in a measure to protect Royal’s employees, traders and partners.
Trading will not be affected and you can still call Royal’s trading desk, operations and sales personnel.
ecoPayz – Business Continuity During COVID-19
As the COVID-19 virus has been declared a pandemic, ecoPayz has shared the following message with users about ecoPayz’s response to the situation.
ecoPayz is closely monitoring the virus updates around the world and following advice from the leading authorities.
ecoPayz is taking the necessary measures to mitigate risks for the employees, partners and clients.
ecoPayz has implemented all the necessary steps on their end to ensure the maximum possible availability of ecoPayz service.
Although to some degree, ecoPayz’s service provision depends on the partners and third parties and minimal disruptions could still be possible, ecoPayz is fully committed to minimise them and continue offering you the best service possible.