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Abstract：Another CySEC-registered broker closed down since the start of 2023.
TradedWell, a forex and CFDs brokerage brand owned by Cyprus Investment Firm (CIF) Itrade Global, has taken down its website and announced that it is going through an operational optimisation process. The retail broker shut down the website on 27 January, according to a notice on its website.
Itrade Global, a CIF firm licenced by the Cyprus Securities and Exchange Commission in 2016, manages TradedWell. TradeFW and InvestFW are two other brokerage brands run by Itrade Global.
In 2020, TradedWell opened for business and provided commission-free services. The company offered over 170 CFDs in a variety of asset classes, including forex, equities, indices, cryptocurrencies, precious metals, and commodities. TradedWell previously provided three trading platforms: WebTrader, MT4 and a mobile application. As of now, the TradedWell mobile application is no longer available on both Google Play and App Store.
New deposits and new trading positions were suspended on TradedWells platform on 13 January 2023. The broker gave its clients 2 weeks to wrap up their trading positions and withdraw their monies before shutting the website on 27 January 2023. Open positions not closed by the due date would be automatically closed at market conditions. Although TradedWell explained that it would arrange for refunds after this date via email to facilitate the withdrawal through another medium.
Last Thursday, CySEC announced that it fined Itrade Global €1 million for many infractions from its associated agent in Spain. Itrade Global (through the intermediary) allegedly failed to take the proper precautions to identify and prevent or manage a conflict of interest, acted unethically, dishonestly, and improperly when offering investment services to clients, and failed to ensure that all information directed towards clients was accurate, clear, and not deceptive.
At least two additional CySEC-registered forex/CFD firms appeared to have experienced some issues with their operations since the beginning of the year. According to an insider, another broker operating in the EU named Tixee quietly ended its operations.
On the other hand, Finance Magnates exclusively reported that another retail broker providing FX and CFD trading services, named UFX, had shut down its operations as it currently forbids any new clients, regardless of their locations, from opening new accounts.
Additionally, the business that carried the UFX brand, Reliantco Investments Limited, surrendered its CIF licence and is currently being investigated by the regulator for voluntary renunciation of the authorisation.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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