TradedWell, one of many foreign exchange and
CFDs brokerage manufacturers operated by Cyprus Funding Agency (CIF), Itrade International, has
shut down its web site, noting that it’s “present process an operational
optimization course of.” The retail dealer closed the web site on January twenty seventh, an alert on its web site reads.
TradedWell’s web site now solely reveals this message.
TradedWell is run by Itrade International, a CIF firm licensed by the Cyprus Securities and Trade Fee in 2016. Itrade International operates two different brokerage manufacturers: TradeFW
and InvestFW.
TradedWell began working in
2020 and provided commission-free companies. The corporate offered its purchasers with
market entry to over 170 CFDs throughout a variety of asset lessons resembling
foreign exchange, shares, indices, cryptocurrencies, treasured metals and commodities.
Moreover, the corporate provided
its retail merchants entry to CFDs by way of three buying and selling platforms: WebTrader,
MetaTrader 4 and cellular software. For cellular buying and selling, the dealer provided help
for Android and iOS working methods.
Nevertheless, on thirteenth January 2023,
TradedWell stopped its merchants from opening new buying and selling positions and halted the addition of latest deposits to buying and selling accounts on its platform. The dealer would later shut down its web site in
late January after giving its clients a January 27, 2023 deadline to shut
their trades and withdraw their funds.
Finance Magnates’ test reveals
that the TradedWell app is not obtainable on the Google Play Retailer and the
Apple App Retailer. A notification on the Google Play Retailer’s web page for TradedWell
reads, “This app is just not obtainable for any of your gadgets.”
The TradedWell cellular app is not obtainable for obtain on the Google Play Retailer.
Finance Magnates additionally ran a test on different foreign exchange/CFDs brokerage manufacturers run by Itrade International. Whereas the web site of InvestFW stays lively, that of TradeFW returns a sign-in dialogue field when run.
As of press time, Finance
Magnates is but to obtain a response from TradedWell on why is shut down its web site and what the scope of the “operational optimization course of” is. This report will probably be up to date when an offical remark is acquired.
TradedWell Guarantees to Return Buyer
Balances
In the meantime, within the replace on its web site, TradedWell warned its merchants that open positions not
closed after January twenty seventh, 2023, “will robotically be closed at market
circumstances”. Nevertheless, the dealer promised any remaining balances will probably be returned
to merchants in accordance with its phrases and circumstances and withdrawal coverage.
“The Firm will take all of the
obligatory measures to return any excellent balances. Please learn that
within the occasion the place the Firm won’t be able to return your remaining
balances to the initially declared supply, we are going to contact you by way of electronic mail to request
your checking account particulars to facilitate the processing of the withdrawal,” the web site reads.
In the meantime, CySEC disclosed on Thursday that it has slammed a €1 million tremendous on Itrade International for a number of violations dedicated by its tied agent in Spain. In response to the Cypriot monetary watchdog, Itrade International by way of the middleman did not take acceptable measures to determine and forestall or handle a battle of pursuits, didn’t act pretty, truthfully and professionally when offering funding companies to purchasers, and didn’t be certain that all info addressed to purchasers was truthful, clear and never deceptive, amongst different violations.
Third CySEC Agency to Encounter Drawback in 3 Months
Because the begin of the yr, a minimum of two different foreign exchange/CFDs brokers with CySEC registration appeared to have encountered some downside with their enterprise. Late final month, Finance Magnates realized from an trade supply that brokerage agency Tixee has quietly shuttered its companies. Tixee operated within the EU and throughout international markets with CySEC and Seychelles licenses.
Nevertheless, we later solely reported that M4Markets partially or absolutely acquired the operations of Tixee, and a end result, the latter was closing down its buying and selling platform and providing its current purchasers the choice to switch their accounts to M4Markets.
Within the second case, Finance Magnates in January solely reported that UFX, a retail dealer providing FX and CFDs buying and selling companies, appeared to have closed down its enterprise. We accessed UFX’s web site from a number of areas together with Europe, Asia, and Latin America, however the platform returned the identical message: “UFX is not providing funding companies to purchasers on this area.” We additionally discovered that the dealer is just not permitting anybody to open a brand new account, regardless of their jurisdiction.
Moreover, Reliantco Investments Restricted, the corporate that operated the UFX model, additionally renounced its CIF license and is underneath examination by the regulator “for voluntary renunciation of the authorization.”
Cyprus: A Standard Vacation spot for FX Brokers
Cyprus is among the most
common jurisdictions for foreign exchange and CFDs brokerage firms. Since issuing its
first foreign exchange brokerage license to Windsor Brokers in 1988, the Island nation has
grown considerably, now accommodating a whole lot of CIFs.
Tom Higgins, the Founder and CEO
of buying and selling expertise agency Gold-i, believes that the mixture of
consolidation within the retail FX brokerage market and Cyprus’ place as a prime
vacation spot means it’s inevitable to “see extra CySEC registered brokers
chucking-in the towel.”
“As in all enterprise, it’s good to
both present a greater or a differentiated service to thrive and survive. The
world simply can’t help 1000s of brokers providing the identical merchandise to the
identical markets,” Higgins instructed Finance Magnates.
TradedWell, one of many foreign exchange and
CFDs brokerage manufacturers operated by Cyprus Funding Agency (CIF), Itrade International, has
shut down its web site, noting that it’s “present process an operational
optimization course of.” The retail dealer closed the web site on January twenty seventh, an alert on its web site reads.
TradedWell’s web site now solely reveals this message.
TradedWell is run by Itrade International, a CIF firm licensed by the Cyprus Securities and Trade Fee in 2016. Itrade International operates two different brokerage manufacturers: TradeFW
and InvestFW.
TradedWell began working in
2020 and provided commission-free companies. The corporate offered its purchasers with
market entry to over 170 CFDs throughout a variety of asset lessons resembling
foreign exchange, shares, indices, cryptocurrencies, treasured metals and commodities.
Moreover, the corporate provided
its retail merchants entry to CFDs by way of three buying and selling platforms: WebTrader,
MetaTrader 4 and cellular software. For cellular buying and selling, the dealer provided help
for Android and iOS working methods.
Nevertheless, on thirteenth January 2023,
TradedWell stopped its merchants from opening new buying and selling positions and halted the addition of latest deposits to buying and selling accounts on its platform. The dealer would later shut down its web site in
late January after giving its clients a January 27, 2023 deadline to shut
their trades and withdraw their funds.
Finance Magnates’ test reveals
that the TradedWell app is not obtainable on the Google Play Retailer and the
Apple App Retailer. A notification on the Google Play Retailer’s web page for TradedWell
reads, “This app is just not obtainable for any of your gadgets.”
The TradedWell cellular app is not obtainable for obtain on the Google Play Retailer.
Finance Magnates additionally ran a test on different foreign exchange/CFDs brokerage manufacturers run by Itrade International. Whereas the web site of InvestFW stays lively, that of TradeFW returns a sign-in dialogue field when run.
As of press time, Finance
Magnates is but to obtain a response from TradedWell on why is shut down its web site and what the scope of the “operational optimization course of” is. This report will probably be up to date when an offical remark is acquired.
TradedWell Guarantees to Return Buyer
Balances
In the meantime, within the replace on its web site, TradedWell warned its merchants that open positions not
closed after January twenty seventh, 2023, “will robotically be closed at market
circumstances”. Nevertheless, the dealer promised any remaining balances will probably be returned
to merchants in accordance with its phrases and circumstances and withdrawal coverage.
“The Firm will take all of the
obligatory measures to return any excellent balances. Please learn that
within the occasion the place the Firm won’t be able to return your remaining
balances to the initially declared supply, we are going to contact you by way of electronic mail to request
your checking account particulars to facilitate the processing of the withdrawal,” the web site reads.
In the meantime, CySEC disclosed on Thursday that it has slammed a €1 million tremendous on Itrade International for a number of violations dedicated by its tied agent in Spain. In response to the Cypriot monetary watchdog, Itrade International by way of the middleman did not take acceptable measures to determine and forestall or handle a battle of pursuits, didn’t act pretty, truthfully and professionally when offering funding companies to purchasers, and didn’t be certain that all info addressed to purchasers was truthful, clear and never deceptive, amongst different violations.
Third CySEC Agency to Encounter Drawback in 3 Months
Because the begin of the yr, a minimum of two different foreign exchange/CFDs brokers with CySEC registration appeared to have encountered some downside with their enterprise. Late final month, Finance Magnates realized from an trade supply that brokerage agency Tixee has quietly shuttered its companies. Tixee operated within the EU and throughout international markets with CySEC and Seychelles licenses.
Nevertheless, we later solely reported that M4Markets partially or absolutely acquired the operations of Tixee, and a end result, the latter was closing down its buying and selling platform and providing its current purchasers the choice to switch their accounts to M4Markets.
Within the second case, Finance Magnates in January solely reported that UFX, a retail dealer providing FX and CFDs buying and selling companies, appeared to have closed down its enterprise. We accessed UFX’s web site from a number of areas together with Europe, Asia, and Latin America, however the platform returned the identical message: “UFX is not providing funding companies to purchasers on this area.” We additionally discovered that the dealer is just not permitting anybody to open a brand new account, regardless of their jurisdiction.
Moreover, Reliantco Investments Restricted, the corporate that operated the UFX model, additionally renounced its CIF license and is underneath examination by the regulator “for voluntary renunciation of the authorization.”
Cyprus: A Standard Vacation spot for FX Brokers
Cyprus is among the most
common jurisdictions for foreign exchange and CFDs brokerage firms. Since issuing its
first foreign exchange brokerage license to Windsor Brokers in 1988, the Island nation has
grown considerably, now accommodating a whole lot of CIFs.
Tom Higgins, the Founder and CEO
of buying and selling expertise agency Gold-i, believes that the mixture of
consolidation within the retail FX brokerage market and Cyprus’ place as a prime
vacation spot means it’s inevitable to “see extra CySEC registered brokers
chucking-in the towel.”
“As in all enterprise, it’s good to
both present a greater or a differentiated service to thrive and survive. The
world simply can’t help 1000s of brokers providing the identical merchandise to the
identical markets,” Higgins instructed Finance Magnates.
