XTrade, the CFD trading solution provider now blocks Japanese IP addresses.
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Japan is believed to have one of the largest Forex transaction volume in the world, and many online Forex brokers are looking to grow Forex markets in the country.
Currently, there are about 20 Online Forex Brokers(from foreign countries) which have setup Japanese support desk and acquiring clients residing in Japan.
Recent years, many traders in Japan, who are looking to invest their funds to more open and less-restricted Forex market, have been paying attention to foreign online brokers.
As the Forex market continues to grow, Japanese Forex Market is also one thing that can grow potentially.
XTrade to block IP addresses from Japan
Today, XTrade has informed that the company no longer accepts clients from Japan, and it is blocking access from Japan who are trying to login its Online Trading Platform whether in a form of Demo and Live account.
After letting go of their Japanese staff, XTrade had been left only with the website translated in Japanese, but no native language support.
The broker wasn’t one of the brokers who are mainly dominating Japanese markets, but for those who were interested in trading CFDs(stocks, indices, commodities) maybe disappointed as XTrade has got large number of CFDs(more than 700) offering though its own Online Trading Platform.
The reason of the notice hasn’t been announced yet though, number of foreign Forex brokers has also stopped their service to Japanese residents, so the motive can be assumed similar to theirs.