DMM FX Australia to cease forex activities from August 2016

DMM FX Australia to cease forex activities from August 2016

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Australia-regulated forex broker DMM FX Australia, part of Japanese conglomerate Group, said on Friday it will stop providing forex trading services in Australia as of 1 August, 2016.It did not explain why it has decided to cease forex operations.

The broker requested from traders to close all existing positions by 0300 AEST on 30 July, or they will be automatically closed at the available prices between that time and mthe market close on that day. Clients should also withdraw all funds by 19 August, after which all client client account will be closed and client agreement terminated.

Sydney-based DMM FX Australia, trading as DMM FX, obtained a license by the Australian Securities and Investments Commission (ASIC) in July 2013 and launched operations later that year. In addition to forex, it provides online trading  in contracts for difference (CFDs), commodities, and indices. It used to offer binary options, as well, but removed them from its product portfolio in November 2015. It said at the time if would focus on forex instruments, instead.

Whether the broker will cease operations altogether or it will no longer offer currency pairs trading in Australia is not clear. It has been enhancing its services in the past few months, which is in contradiction to the scenario where it closes its business. For instance, last month DMM FX Australia made ChartIQ Web Trader web-based platform available to clients and in February it added the Autochartist plugin for the MetaTrader 4 (MT4) trading platform.

Digital Media Mart, or DMM Group, consists of companies with licenses by the ASIC and Japan’s Financial Services Agency (FSA). Besides online financial services, the DMM group also offers, through its subsidiaries, web marketing, online video streaming, online shopping, online gaming, English study programs, robot manufacturing, solar panels and 3D printing.

Source: DMM FX Australia

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