Forex4you closed its representative office in Minsk, shrinking the number of licensed forex firms in Belarus to just six. This closure was also accompanied by the suspension of forex4you.by website, amid Belarus's challenges in the forex market.

Belarusian Forex Space

According to an exclusive report by FinanceMagnates RU, the Belarusian forex scene has experienced a substantial decline over the past year. Forex4you, part of the E-Global Trade & Finance Group, was among the 32 firms initially licensed when the market became regulated.

However, with Forex4you's departure, only six brokers remain active. This followed a broader trend of decreasing market activity, with the number of clients dropping dramatically.

The reasons behind Forex4you's exit remain unexplained. Earlier this year, the company underwent a rebranding to Markets4you, which included removing the Russian-language site and updating its brand identity.

This move came amid reports from the National Bank of Belarus indicating a severe downturn in the forex market's activity. The central bank noted a significant drop in client numbers, with transactions decreasing by 85% from early 2023 to early 2024. Forex4you's departure is the latest in a series of exits, further diminishing the market's vibrancy and raising questions about its future stability.

Rebranding

Early this year, Forex4you rebranded as Markets4you in a change that included redesigning its website and enhancing its mobile application and client portal.

According to the company's CEO, Marina Strausa, the rebranding is based on the company's “core values of competency, honesty, internationalism, and innovation.” Strausa added that the Markets4you vision has been “to make trading accessible and more transparent.”

Former Forex4you provides contracts for differences in a range of markets and across multiple assets. The company has reportedly been in operation for 17 years, serving more than 2.9 million traders and 52,000 partners worldwide.

Early this year, another Belarusian retail broker, MTBankFX, suspended its international investment operations. This step followed a series of setbacks faced by Belarusian investors, including the freezing of foreign securities and the challenges in international currency transfers.

Following the closure of the business, the company advised its clients to wind up their existing positions at fair market value by May. Additionally, the bank announced that it would suspend the opening of new positions afterward. However, MTBankFX mentioned that it will transition clients to alternative Belarusian financial firms.