Exclusive: MahiFX to Close Trading Platform Following Acquisition

As New Zealand and Australian broker MahiFX continues to step away from its retail trading operations in the foreign exchange (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) space, it has confirmed to Finance Magnates that its proprietary Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term will be closing down.

According to a statement provided to Finance Magnates, the last day of trading on the MahiFX platform will be the 23rd of December 2019. Once the platform is no longer operational, customers can continue using the company’s MetaTrader 4 platform, and the company will transfer to solely being a technology provider.

The closure of its trading platform comes after the New Zealand and Australian regulated FX brokerage was recently acquired by LGT Solutions Ltd. According to a spokesperson at MahiFX, the company will be renamed to “HFTrading.”

“We have very much enjoyed providing our MahiFX Platform over the past 8 years and we wish to thank our retail customers for their loyalty. HFTrading has many exciting plans ahead and we will be delighted to see the retail business flourish,” the spokesperson said.

The future of MahiFX

To reflect this change, MahiFX will be overhauling its website at the beginning of next year. The company said that it is excited to focus its efforts on helping banks and brokers create stable and profitable e-FX businesses.

In particular, the company has big plans for MFX Compass, Echo, and MFX Vector. However, what those plans are, the company did not elaborate. Furthermore, MahiFX plans on adding new services in the coming year.

The closure of its trading platform is part of the company’s strategy to refocus as a business-to-business technology provider for banks, brokers, and financial institutions.

As Finance Magnates reported, earlier this year, MahiFX revealed that it was selling its regulatory licenses in the United Kingdom, Australia, and New Zealand. The UK operations of the Group was acquired by FXDD, an institutional and retail forex broker.

This latest move has generated a lot of criticism from its customers. Namely, clients are concerned about the short time they were given to close their positions and the lack of communication from the company.

In response to these concerns, a spokesperson from MahiFX said: "Customers were clearly notified directly by MahiFX via email and the website to close positions on the proprietary platform with five days business notice, as per terms and conditions.

"The proprietary platform will not be maintained by the new owner. Customers are very welcome to reopen their positions on MT4. The intention to move away from retail was clearly communicated by the company earlier in the year and widely reported."