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FxPro Pulls the Plug on Australian Operation

It seemed to me as though Forex brokers were doing pretty well so far this year – new offices opened (just look at FXCM and Liquid Markets, for example!), promotions offered everywhere you look, everyone sounding cheerful and optimistic... So, you can imagine my surprise when I came in to work this morning and made a startling discovery: it looks like FxPro has shut down its Australian office!
 
According to an announcement made by Forex Magnates, the website of FxPro's Australian operation now redirects to the main FxPro page. Indeed, if you open FxPro.com.au and try to create a new live account, you will not be able to. Instead, there is a pop-up message explaining that, because the Australian branch of the company is now merged with its Cyprus and UK operations, you will be redirected to the FxPro website.
 
To be honest, this really bummed me out. True, last year we saw a lot of brokers pulling out of certain markets, or contracting their operations in some other wayMB Trading left the UK, GFT gave up Japan and the US, and Saxo Bank was actually forced to lay off 16% of its employees (though I must admit it has made up for it by opening a new office this year). I just kind of hoped this year would bring better luck for the Forex market, as well as some new trading enthusiasts to keep brokers occupied. Now there goes FxPro, shutting down an office that has only been working since November 2012, right after FXSolutions announced it is leaving the US market. Still, we are only three months into 2013. There is definitely room to hope for improvement and expansion yet!
 
 

About FxPro

 
FxPro is an award-winning Forex broker providing retail and institutional offerings to clients in 150 countries. FxPro offers trading access through a range of platforms including the innovative ECN platform – FxPro cTrader – supported by industry-leading market news and outstanding levels of customer support 24 hours a day. FxPro’s goal is to be the world’s preferred Forex broker and it has become the first choice for Forex traders needing user-friendly market access and superior trading infrastructure.
 
With offices in the United Kingdom, Austria, Cyprus, France, Russia and Spain, FxPro Financial Services Limited is authorized and regulated by the Cyprus Securities and Exchange Commission, under license number 078/07, and operates under the EU Markets in Financial Instruments Directive (MiFID).
 
TAGS: fxpro  fxpro australia  australia  fxpro office  close office 

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