Retail FX giant Alpari has today issued an announcement on the website of its Russian headquarters that as of November 25, the company will be terminating its commercial relationship with ZuluTrade, and no longer offering social trading to existing or new clients via the ZuluTrade platform.
Alpari has stated publicly that all demo accounts will no longer be tradable as of November 25, and that the Authorization to Accept Instructions from ZuluTrade LTD agreement will no longer be in effect.
All standard.zulutrade, ecn.zulutrade and ecn-new.zulutrade accounts will be converted to standard.mt4, ecn.mt4 and ecn-new.mt4 accounts respectively (with consequent changes in trading terms), tradable only through the MetaTrader 4 platform.
Additionally, the company has recommended to clients of its Russian operations to abstain from trading via the ZuluTrade platform with immediate effect, and has recommended that all clients begin to take the appropriate action in closing any open positions on their ZuluTrade accounts between now and the date of discontinuation of the service.
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Although Alpari did not proffer the reasons for the termination, the company has placed a link at the end of the announcement that clients wishing to continue to use social trading facilities with Alpari can do so via the subscription-based, MetaTrader 4 Signals service, which is an interesting move when considering MetaQuotes’ issuance of a warning to brokers regarding the use of four social trading platforms earlier this year.
This announcement represents the second significant commercial decision within Alpari in the last two days, yesterday signaling the resignation of Alpari UK’s CEO, Daniel Skowronski after a highly successful tenure in his leadership position.