Forex Magnates learned that the group behind forex and CFD broker, SunbirdFX, has acquired a batch of brands operating under the youtradeFX group. A number of industry sources close to the matter said that the deal took place several weeks ago, at an undisclosed valuation. It is still unknown as to whether the brands are to be brought into Sunbirdfx or to operate independently.
It is also still not clear if the brokers are to operate separately from the Sunbird. The firm's new modus operandi following the deal is yet unknown. Representatives of youtradeFX group have declined to comment.
The youtradeFX Group is based in Cyprus, comprising of several legal entities spread globally. Before being acquired, the group was reportedly linked to the consortium of binary options brands aiming at an Initial Public Offering (IPO), headed by Traderxp.
Last month, the company changed one of its main market operations, as all online traffic to the Australian offshoot of the group (www.ytfx.com.au) had been redirected to a new binary options brand called Woojoo Trader.
SunbirdFX is owned and operated by Sunbird International, a Seychelles-based company. The broker has confirmed that they are regulated under the Financial Market Relations Regulation Center (FMRRC), one of the lesser known Russia-based, self-regulatory organizations (SRO).
