The decision came after BUX was acquired by Dutch lending giant ABN AMRO.
It offered CFD clients the option to migrate their accounts to AvaTrade.
A notice on the website of Stryk
BUX, the Dutch neobroker now fully owned by ABN AMRO, has quietly closed down its contracts for differences (CFDs) platform, Stryk, as it focuses “more on mid and long-term investing via the BUX app.” It has also allowed customers to migrate their accounts to AvaTrade, another CFDs broker.
Stryk Decommissioned
“We are reevaluating the position of speculative trading products within our group’s overall offering,” the FAQ section of the now-closed platform noted. “As part of this change in strategy, we are decommissioning Stryk, our CFD trading app.”
Elaborating on the decision to close the platform, BUX highlighted that it has been increasing its focus on “long-term wealth creation” and the “decommissioning of Stryk completes the strategic pivot.” It will also allow the company to “streamline [its] operations and allocate resources more efficiently.”
Further, the regulatory environment also played a role. “The landscape for CFDs has changed significantly since we entered the CFD market,” the website of the closed platform added. “In this environment, we believe that our resources are better directed towards the BUX mobile app, which focuses on mid and long-term investing and is poised for healthy growth in the coming years.”
Rebranding to the Strategic Path
BUX initially launched its CFDs offerings under the brand BUX X but rebranded it to Stryk in July 2022 to differentiate it from the company’s zero-fee trading app, which was also rebranded to BUX from BUX Zero in mid-2023.
Also, the group operated the CFDs business under its UK-regulated entity. However, it shifted the CFDs business under the Cyprus-regulated BUX Europe to expand the services in the European markets. Although the Stryk brand has been decommissioned, according to the regulatory registry, BUX Europe still holds the Cyprus Investment Firm licence.
Details of the Cyprus Investment Firm license of BUX Europe on CySEC's registry
While it is unclear when exactly Stryk was closed down, Wayback Machine shows that the step was taken at the beginning of this year.
Meanwhile, the acquisition of the Netherlands-based BUX was recently completed by the local lending giant ABN AMRO, which will now mark its presence in the retail investment markets. However, the financials of the deal remain unknown.
BUX, the Dutch neobroker now fully owned by ABN AMRO, has quietly closed down its contracts for differences (CFDs) platform, Stryk, as it focuses “more on mid and long-term investing via the BUX app.” It has also allowed customers to migrate their accounts to AvaTrade, another CFDs broker.
Stryk Decommissioned
“We are reevaluating the position of speculative trading products within our group’s overall offering,” the FAQ section of the now-closed platform noted. “As part of this change in strategy, we are decommissioning Stryk, our CFD trading app.”
Elaborating on the decision to close the platform, BUX highlighted that it has been increasing its focus on “long-term wealth creation” and the “decommissioning of Stryk completes the strategic pivot.” It will also allow the company to “streamline [its] operations and allocate resources more efficiently.”
Further, the regulatory environment also played a role. “The landscape for CFDs has changed significantly since we entered the CFD market,” the website of the closed platform added. “In this environment, we believe that our resources are better directed towards the BUX mobile app, which focuses on mid and long-term investing and is poised for healthy growth in the coming years.”
Rebranding to the Strategic Path
BUX initially launched its CFDs offerings under the brand BUX X but rebranded it to Stryk in July 2022 to differentiate it from the company’s zero-fee trading app, which was also rebranded to BUX from BUX Zero in mid-2023.
Also, the group operated the CFDs business under its UK-regulated entity. However, it shifted the CFDs business under the Cyprus-regulated BUX Europe to expand the services in the European markets. Although the Stryk brand has been decommissioned, according to the regulatory registry, BUX Europe still holds the Cyprus Investment Firm licence.
Details of the Cyprus Investment Firm license of BUX Europe on CySEC's registry
While it is unclear when exactly Stryk was closed down, Wayback Machine shows that the step was taken at the beginning of this year.
Meanwhile, the acquisition of the Netherlands-based BUX was recently completed by the local lending giant ABN AMRO, which will now mark its presence in the retail investment markets. However, the financials of the deal remain unknown.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
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Finance Magnates Pacific Summit 2024 (FMPS:24), is the premier event for the retail investing industry and fintech community in the Asia Pacific region. This dynamic platform connects global expertise, fostering growth and innovation across online trading, fintech, payments, and crypto.
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Finance Magnates Pacific Summit 2024 (FMPS:24), is the premier event for the retail investing industry and fintech community in the Asia Pacific region. This dynamic platform connects global expertise, fostering growth and innovation across online trading, fintech, payments, and crypto.
Join FMPS:24 to build relationships, explore new possibilities, and gain insights from industry leaders and experts.
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FX and CFDs in Africa: Key Industry Trends | FMAS:24
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As Africa joins the global financial markets, its unique economy fuels forex and CFD trading innovation. Discover growth drivers: tech advancements, regulations, and increased financial education for African traders. See how these factors enhance trading accessibility, transparency, financial inclusion, and opening new investment opportunities. Learn about the digital transformation's impact on trading –the role of technology, social platforms, and automated systems in democratizing market access.
SPEAKER: Christoforos Panagiotou, Africa Regional Manager at Fxview @Fxview
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As Africa joins the global financial markets, its unique economy fuels forex and CFD trading innovation. Discover growth drivers: tech advancements, regulations, and increased financial education for African traders. See how these factors enhance trading accessibility, transparency, financial inclusion, and opening new investment opportunities. Learn about the digital transformation's impact on trading –the role of technology, social platforms, and automated systems in democratizing market access.
SPEAKER: Christoforos Panagiotou, Africa Regional Manager at Fxview @Fxview
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