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Russia-oriented forex brokerage Alpari announced it stopped on Monday providing automatic correction of position for PAMM accounts. The broker did not explain what motivated its decision.
As a result of the change, the auto-corrector service will be removed from the broker’s website and myAlpari terminal.
Percent allocation management module, or PAMM, is a type of pooled money forex service which allows traders to follow more experienced peers and invest in a proportion to those they follow. The concept includes two types of traders – PAMM managers, who act as master traders and can design an attractive proposal for investors, and investors, who can browse through PAMM accounts and choose how to invest their funds. Gains and losses are distributed between managers and investors in proportion to their participation.
This type of trading account is increasingly gaining popularity among Alpari clients. In 2015 broker saw its trading volume generated via PAMM accounts at $157 billion.
The Alpari group is headquartered in Russia and consists of companies regulated in Belize, Murititus, St. Vincent and the Grenadines, Belarus, and Russia. It offers trading in forex, metals, and contracts for difference (CFDs), and binary options. It is focused on Russia and the Commonwealth of Independent States (CIS), or the former Soviet countries.
The group 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.