Monex Inc., a Japanese forex broker part of the Monex Group (TYO:8698), said on Friday it will no longer offer Tradable platform to its customers. According to Monex statement, discontinuing new transactions will begin as early as next month, while the end of the service is scheduled for July 29, 2016.
The news comes just two years after Monex launched Tradable platform (abandoning the most popular FX platform, MetaTrader 4), and less than two months after the broker announced it temporarily cuts down spreads on a number of currency pairs. The broker does not provide a specific explanation for its decision, nor discloses in what direction or solutions it will move towards, but promises to release more details to clients soon.
Earlier this week, Monex announced its its monthly and quarterly operational metrics, reporting operating revenue down 6.5% in March and total operating revenue in Q4 of JPY 12.4 billion – down 4.4% from the previous quarter and 11.7% on an annual basis. What is more, Monex Group`s trading volume reportedly plunged to $28.3 bln in Mar 2016.
Tradable is a forex trading platform, operating as an app-store and was quite revolutionary back in 2012, when it was launched. When a trader installs the platform, it is a blank canvas with only trading instruments quotes, and an actual app store, where there are various types of applications – charts, analysis tools, etc.
Monex Group operates under three retail trading brands – Monex, TradeStateion and Boom. It consists of Japan-based holding company Monex Group Inc. and its Japanese subsidiaries Monex Inc., Monex Ventures, Trade Science Corp., Monex Hambrecht, and Monex-Saison-Vnaguard Investment Partners, which is a joint venture in which the group holds a majority stake. Until recently Monex Group Inc (TYO:8698) was the largest FX broker in Japan in terms of Marcet Cap, wherever it was outshined by GMO Click Holdings Inc (TYO:7177).
Source: Monex Group