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Online forex and contracts for difference (CFDs) broker LegacyFX, which was set up in early December 2015 by some of the shareholders of forex and binaries software provider Leverate, ceased operations from 9 May, 2016, online financial media Finance Magnates reported on Monday, citing the company’s CEO, Mariano Obludzyner. The company’s shareholders have reconsidered and no longer want to continue with the project, just five months after its launch.
However, LegasyFX’s website’s seems to operate as usual and there is no indication that it is no longer available to clients. Cysec-based LegacyFX was set up in the beginning of December last year and operated under the license of Leverate Financial Services issued by the Cyprus Securities and Exchange Commission (CySEC). Despite working under Leverate’s cap, LegacyFX operated separately and independently.
Leverate will focus on its core business of providing forex and binary options trading technology solutions, instead of being … to LegacyFX, the idea of which was to provide retail broking services, using Leverate’s technology.
The exact reason for the shut-down of the forex broker seems unclear. Some consider a potential conflict of interest resulting from the operations could be why LegacyFX’s shareholders decided to pull the plug. For others, the reasons differ.
“One of the shareholders got to understand the level sensitivity of Leverate’s vested interest in a retail brokerage among our commercial clients,” online news provider FinanceFeeds cited one of LegacyFX’s investors. “The results we got back from testing generated positive outcomes in most cases, and we considered that as far as user experience is concerned with our broker solution, we are going in the right direction, however bearing in mind the sensitivities that had been raised, we concluded that maybe the time has come not to pursue that particular avenue any further,” the investor explained.
Leverate is a technology provider of forex brokerage solutions based in Cyprus. It has offices in Tel Aviv, Limassol, Hong Kong, Kiev, Shanghai, and Berlin. It provides a BX8 binary options trading platform, a forex trading platforms Sirix, as well as a social trading platform, integrated into Sirix.
Source: Finance Magnates/FinanceFeeds