Article by: ETO Markets
With ongoing operations throughout Southeast Asia, ETO Markets is pleased to announce its expansion to Taiwan, a hub of the Asia-Pacific region.
By expanding into Taiwan, we will have access to a market with the 4th largest foreign exchange reserve in the world at $484.52 billion. Taiwan’s economy is ranked 21st in the world by gross domestic product. Taiwan’s foreign exchange deposits are increasing rapidly under its high degree of internationalization and competitiveness in its manufacturing industry. The Taiwanese government has a strong regulatory body for citizens wishing to trade forex, it is deemed as a stable currency and has an average 24h trading volume of $24 billion. In the first half of 2022, the Taiwanese market trading value was more than $1.1 trillion USD.
To further support this expansion, ETO Markets will be visiting Taiwan in May 2023 for 2 weeks, providing an opportunity to meet prospective business clients and partners.
The most traded foreign currencies traded in Taiwan is USD, JPY, and EUR. NTD/USD is the most traded currency pair in Taiwan, followed by USD/JPY and USD/EUR. The rate of which NTD goes against other currencies for is determined in the local currency market.
Since Taiwan’s CBC introduced the managed floating exchange regime in 1979, the changes in NTD/USD have been reflected by changes in the external trade and flaws in cross-border capital in Taiwan. Currently, about 50% of the listed companies in Taiwan are attributed to the electronics industry.
Continuous trading was introduced which was a major market transformation which enhanced the overall efficiency in securities market transactions and information transparency in Taiwanese markets, while also bringing consistency with the standards of other international markets.
As a leading provider of trading products, including foreign exchange currency pairs, CFDs, commodities, indices, and more, ETO Markets is committed to providing our clients with exceptional trading experiences and opportunities.
With our cutting-edge trading technology, competitive pricing, and comprehensive educational resources, we aim to empower traders of all levels to make informed decisions and achieve their financial goals.