Despite the volatility in the financial markets, online foreign currency trader Global Forex Trading is doing well.
“Customers are finding that the volatility is actually helpful in trading,” said corporate spokesman Tim Gort. “With currency trading in the markets that we offer, that’s usually one of the main appeals: Traders like volatility because it means there are potentially quick opportunities for them.”
People who speculate in currencies are not long-term investors; they’re trading short-term moves in currencies, Gort explained. Typically, day traders are in and out of the market several times throughout the day, and it’s the volatility that more or less draws them to the currency market in the first place, he added.
Ada-based GFT formally requested a tax abatement from Grand Rapids Township in February for a building at 618 Kenmoor Ave. SE. The company requested a property tax abatement of $12.3 million in equipment and $3.9 million in renovations to the existing building.
The company is also seeking state tax credits. In documents submitted to Grand Rapids Township Planning Commission by GFT Global Vice President Tom Sullivan, Sullivan indicated that the company needed more working space for new hires — as many as 105 over the next five years — and to combine various functions that are currently spread throughout various buildings at the firm’s Ada headquarters.
The township board approved the abatement Tuesday, said Township Clerk Janice Hulbert.
Gort said he couldn’t comment on the project until the company hears whether the state will offer any tax incentives for the project.
Gary L. Tilkin founded Global Forex Trading, a division of Global Futures & Forex Ltd., in 1997 to address the increasing number of foreign currency trading demands his clients had in the futures and spot forex markets.
GFT’s trading platform is powered using many of the same tools once only available to interbank professionals, many of which GFT offers for free to its customers. The platform delivers real-time currency prices, real-time price charting, technical indicators and up-to-the-minute world and financial news, according to the company.
In 2003, GFT introduced a second generation of its software DealBook FX 2, and later introduced DealBook Mobile, a full-featured forex trading application for mobile devices. In 2007, GFT introduced DealBook WEB, a Web-based platform for streamlined trading.
The company serves customers in more than 120 countries.