LAS VEGAS--(BUSINESS WIRE)--Forex International Trading Corp. (the "Company") (OTCBB: FXIT), a company, through its affiliates, which is principally engaged in offering a web-based foreign currency trading platform to non-US residents, professionals and retail clients, today announced that it has finalized its acquisition of an additional 30% interest in Forex New York City LLC ("ForexNYC"). In December 2010, the Company originally acquired a 20% interest in the New York-based Forex investment training facility. As a result of this latest acquisition, the Company now owns a 50% equity interest in ForexNYC.
“We are happy with the relationship we have developed with Forex New York City and see them as an important piece of our expansion strategy” commented Darren Dunckel, CEO of Forex International Trading Corp. “Utilizing our educational and training arm, the Company intends to continue to expand our operations in the United States.”, added Darren Dunckel.
The Company, through ForexNYC, provides introductory training as well as advanced training for retail traders that use the web-based trading platform for buying and selling currencies, precious metals and commodity futures.
About Forex New York City
Headquartered in Manhattan, NY, Forex New York City operates a Forex trading floor, an investment training facility, an introducing broker and an online “Virtual Trade Room” which is accessible 24 hours a day. The company provides professional traders with access to liquid currency markets at their trading floor in midtown Manhattan. In addition, the company provides introductory training as well as advanced training for retail traders. The company also operates as an introducing broker for those customers who need access to liquidity providers. For more information, please visit: http://forexnewyorkcity.com
About Forex International Trading Corp.
Headquartered in Las Vegas, NV, Forex International Trading Corp. operates an advanced online trading platform for Forex markets to non U.S. residents. The Company estimates non U.S. residents represent 75% of online currency trading. The Company currently accepts only non U.S. clients. The Company focuses on providing individual and institutional investors with a platform for buying and selling currencies, precious metals and commodity futures. This platform allows self-directed, broker-assisted, managed accounts and accumulation programs. Through the platform, customers have access to over 20 currencies and bullion deliveries. The Foreign Currency Market (“Forex” or “FX”) is created by the global exchange of currencies. According to the Bank for International Settlements, the average daily turnover, or, volume in the Global FX market in April 2010 was $4 Trillion compared to only $1.2 Trillion in 2001 (Wall Street Journal, Sept. 1, 2010). Historically, access to the FX market was only available to governments, commercial banks, corporations, and other large financial institutions. The Company is now capitalizing on the growth of online currency trading through its state of the art web-based trading platform.
For more information, please visit: http://forex-international-trading.com
Forward-Looking Statements: This press release contains forward-looking statements, including expected industry patterns and other financial and business results that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others, whether Forex International Trading Corp. can successfully execute its operating plan; its ability to integrate acquired companies and technology; its ability to retain key employees; its ability to successfully combine product offerings and customer acceptance of combined products; general market conditions; and whether Forex International Trading Corp. can successfully develop new products and the degree to which these gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release. Forex International Trading Corp. does not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.