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YoutradeFX to offer binary options in Australia via a new Woojoo Trader brand

Aug 26 2014
By

After selling their Australian client base to AvaTrade last month YoutradeFX, a forex broker regulated in Australia, is launching a new binary options trading brand called Woojoo Trader.

 
YoutradeFX Australian website (ytfx.com.au) is no longer operational. Instead it says that “[the company is] pleased to inform you that we have changed our core business from Forex trading to Binary Options trading.” Visitors are urged to try BO trading via the new website (woojootrader.com).
 
Back in July Ava Trade, a forex broker fully regulated in the EU, Japan and Australia, has acquired the Australian client base of YoutradeFX. AvaTrade's Australian subsidiary offers binary options trading and that was one of the new benefits offered to the YoutradeFX's ex-clients.
 
It is an old trick to sell your customers to a competitor then relaunch and take them back since they know you and trust you. It is too early to jump on conclusions whether YoutradeFX' new subsidiary  Woojoo Trader is an attempt to do exactly this.
 
YoutradeFX, as reported by Forex magnates, is insisting that the new binary option brand is part of consolidation efforts around its Cyprus license. However, Woojoo Trader website states that the company is registered in Australia and is regulated by ASIC. Does the company target the Australian market then?
 
It is possible that Woojoo Trader will act as a direct competitor to AvaTrade in Australia. What remains unclear is whether AvaTrade has a legal agreement with YoutradeFX that prohibits the latter from taking old clients back or even from directly competing with Ava. It makes sense to have such a clause and one may expect to see in the acquisition agreement signed by the two companies a month ago.
 
TAGS: youtradefx  avatrade  woojootrader  binary options 

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