According to an email sent to traders of Liga Forex, the Asia focused copy trading network of the brokerage behind Forex4You is shutting down by the end of the month.
The social trading network was aimed at attracting clients from some of the biggest countries in Asia by population size and supported Chinese Mandarin, Thai, Indonesian and Malay languages. The Liga Forex brand seems to have failed in attracting enough clients and making itself commercially viable, as on Friday customers were given a week to close all positions and withdraw their funds.
Liga Forex was launched in September of 2013, meaning the lifespan of the network was less than even one full year. Additionally, according to the facebook page of the network, only this June Liga Forex launched an affiliate program, which indicates the shutting down was not planned a long time in advance and must have been made during the past month.
E-Global Trade and Finance Group, the British Virgin Islands Financial Services Commission regulated firm behind Forex4You and Liga Forex still operates another copy trading network called Share4you. The website currently supports only English and Russian, but maybe now following the closing of Liga Forex, Share4you might simply add Asian languages support and unite the brand.
The “LigaForex is closing” Email Sent to Traders:
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We regret to inform you that due to internal policies of the company, it has been decided to shut Liga Forex down.
You have time till 31st July, 2014 23:59 GMT to close any open orders that you may have. If you don’t, we will manually close your orders at the last market price.
Moreover, after 31st July all client funds will be transferred back to the e-wallets that had been used for top up. We highly recommend you to place a withdrawal request as soon as possible, to avoid delays.
Thank you for joining us on this exciting journey!
We wish you happy investing!