Alpari has just announced that it has decided to move clients from its Cyprus regulated office to its FSA UK operation. Existing clients will have until February 8th 2013 to either close their accounts or open new account with the UK entity and have funds transferred. In its press release, Daniel Skowronski, Chief Executive Officer, Alpari (UK) commented about the financial benefits for clients after the move. It’s worth noting though, that earlier in the month, it was announced that Alpari’s main shareholder, Andrey Dashin was launching a new Cyprus based broker called ForexTime. At the time, it was written that Alpari’s Nigerian website had been rebranded or sold to become ForexTime. Therefore, after shutting down the Alpari Cyprus operation, it may mean that the office and its employees will become part of the new ForexTime broker.
Alpari to Migrate Clients from Cyprus to UK
Cyprus, 27 December 2012: The Alpari group of companies, one of the leading global providers of online foreign exchange trading services, has made a strategic decision to migrate clients from its Cyprus based operation, Alpari Financial Services Ltd (AFS) to its UK operation, Alpari (UK) Ltd.
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Daniel Skowronski, Chief Executive Officer, Alpari (UK) Limited, commented that; “the strategic decision to migrate clients is part of Alpari’s drive to realize scalable benefits and to continue to provide the best trading experience for clients. Clients will be able to continue trading on their familiar platform across the same product sets with similar terms and conditions. Additionally, clients of Alpari (UK) will benefit from even greater security; as under the UK’s Financial Services Compensation Scheme their client funds will be protected up to £50,000, a significant improvement on the 20,000 Euros they currently get under AFS. As part of this change Alpari will close its business operations in Cyprus. “
Clients of Alpari Financial Services will have two options:
• open a new account with Alpari UK and have any existing Alpari FS trading credit transferred to the new account; or
• close their account with Alpari FS and withdraw any remaining trading credit.
All clients of AFS are being informed directly about these changes and the steps that they need to take in order to continue to trade with Alpari. Clients will have until 8 February 2013 to either transfer their trading credit to Alpari UK or withdraw their trading credit.