FxPro Shuts Down Australian Office (Updated)

(Update: article updated with statement from FxPro below)

Consolidation and refocusing in the Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term market continues with FxPro today shutting down the Australian office, opened only year and a half ago. Clients clicking on opening live account button face the following message:

FxPro has undergone quite a few changes lately with some of its minority shareholders selling to an undisclosed investment group (not a broker to the best of our knowledge), main management and shareholders remained in place however James Marshall the head of PR department is no longer with the company.

Lately, major companies like OANDA, Saxo Bank, GFT, MB Trading and others have consolidated global offices and let go of employees trying to cope with slowdown in business and volumes witnessed through 2012. 2013 however brought much needed optimism into the market as most brokers reported peak volumes in January and are witnessing similar (though a bit lower) numbers in February.

Following the posting of our article on Friday, FxPro provided a statement on the news:

FxPro is proud to provide superior service to its customers by combining state of the art technology and constantly improving customer service, support and user experience. Since FxPro Financial Services Ltd was established in 2006, we have been growing our clients' portfolio and extended our customer base to over 150 countries worldwide. Our commitment in supporting our customers and providing superior service was demonstrated by the recent change of our business model to that of an agency – no dealing desk intervention – model, effectively fully aligning our interests to those of our customers. We currently provide a 24 hour, 5 days a week support in 18 languages. Driven by the dynamics of our new business model and our customer centric focus a decision was taken to merge the activities of the Australian subsidiary – FxPro (Australia) Pty Ltd – with those of our Cyprus and UK operations. As a result the operations of our Australian subsidiary will come to an end on 1 March 2013.