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Russian-based forex brokerage group Alpari said on Wednesday it will extract five currency pairs from its offerin – AUD/SGD, CHF/SGD, HKD/JPY, SGD/JPY, and USD/HKD.
As of 21 March, 2016, all positions with these pairs will be transformed into a close-only mode, whilst on 31 March all open positions will be closed and pending orders will be removed.
Alpari is not the first forex broker ceasing exotic Asian currencies trading. Earlier this year FXCM stopped offering USD/HKD currency pair and Swiss Dukascopy bank decreased leverage to 10:1 over fears that Hong Kong’s dollar peg to USD could be scrapped just like EUR/CHF floor in January 2015.
Alpari offers trading in forex, metals, and contracts for difference (CFDs), via the trading platforms MetaTrader 4, MT5, and BinaryTrader. Recently, it also introduced binary options trading.
Alpari, set up in 1998, is headquartered in Russia and has offices in Saint Vincent and the Grenadines, Mauritius, and the UAE. The group consists of Alpari-Broker (Russia), Alpari Ltd (Saint Vincent and the Grenadines), Alpari International Ltd (Mauritius), Alpari Ltd (Belize), ), and Alpari Forex (Russia). Alpari used to operate a UK-regulated branch, which went insolvent in January 2015 after it faced exceptional volatility and extreme lack of liquidity as a result of the EUR/CHF collapse.
The group companies are registered with and regulated by the relevant authorities in Belize and Saint Vincent and the Grenadines.The broker has also applied through Alpari Forex for a license in Russia.