On October 28th 2009 I got an e-mail from a friend notifying me that the Cyprus based Forex Retail Broker FxPro was withdrawing from its activities in the U.S.
Searching the web, the only thing I found was a release from FXCM welcoming US based traders from FxPro.
I contacted FxPro management to get an official statement regarding this issue and this is what I’ve just received from them.
I want to thank FxPro management for their great collaboration
FxPro Financial Services Ltd (FxPro): Company Statement
Since our launch, FxPro has developed good business with clients across the globe, in over 120 countries. As with any commercially sound company, we make every effort to invest in those markets where we see strong growth and business opportunities. In the last year we have recognized that the majority of our client base is building across the EU countries and the emerging markets, and we see these particular geographies as one of our core strengths as a company. It is with this in mind that we have made a carefully considered decision to withdraw from the US market. We have therefore given all of our US-resident clients on 22 October 2009 three months’ notice of our plan of action.
At the close of 25 January 2010 (00:00 Server Time), all affected Trading Accounts are expected to have no Open Positions. At the same time all Pending Orders will be canceled, and all Open Positions will be automatically closed at that time at the last available price. After 25 January 2010, the status of US-resident Trading Accounts will be set to “Read Only” on FxPro’s Trading Platform, meaning that no trading activity can be performed, but will be fully accessible for reference and historical analysis only. On January 26 2010, all remaining funds in US-residents’ Trading Accounts will be refunded to their original sources,
Head of PR