BUX announced on Monday the rebranding of its CFD’s trading platform to Stryk, primarily to differentiate its distinct services. Previously known as BUX X, the name of the CFDs trading platform, which was launched in 2014, was very similar to the company’s zero-fee trading app, BUX Zero.
The move came after BUX has been aggressively expanding the reach of both its zero-fee training app and its CFDs platform. The company clarified that the CFDs platform is suitable for short-term investors, whereas the other one is for medium to long-term investors to build an investment portfolio.
“With these two brands, we aim to differentiate between two types of investors: those in it for the long term can choose BUX Zero, and those trading for the short term can continue to use all of the functions loved in BUX X, but now with Stryk,” said BUX’s CEO, Yorick Naeff.
Expanding Presence in Europe
Initially operating only with a UK license, BUX obtained a Cypriot license for its CFDs platform earlier this year, ensuring its operations within the European Economic Area (EEA) following Brexit . The company even onboarded Jean-Raphael Nahas to oversee its CFDs business in Europe.
The CFDs platform is now available in 13 European countries with the most recent entries being Finland, Luxembourg, Slovenia and Portugal.
“With Stryk, we are relaunching our successful CFD trading app that has been used by over 2 million users in Europe and the UK, since 2014,” said Salim Sebbata, the CEO of BUX’s CFDs unit and BUX Financial Services in the UK.
“With a new design and recently acquired regulatory licenses, we are expanding our footprint in Europe and offering more clients an easy and exciting way to trade CFDs – all with the support of the in-app community, social trading features and daily news localized for all markets.”
