AvaTrade has confirmed that its Australian subsidiary, Ava Capital Markets Australia Pty Ltd., has acquired the Australian customer book of YouTradeFX. According to AvaTrade, the deal has been in the works for several months as they viewed synergies between the two broker’s businesses, with customer migration having already taken place.
With the deal, YouTradeFX clients under the broker’s Australian regulation will now be assumed by AvaTrade. As part of the transfer, former YouTradeFX customers will have access to trading with AvaTrade’s wider selection of platforms, trading instruments and binary options. Commenting in their public remarks, AvaTrade Chief Commercial Officer, Keith Goldson, remarked about the deal’s result of expanding AvaTrade’s presensce in the APAC regions, saying, “We are delighted to announce this agreement which is another step in achieving AvaTrade’s goal of expanding its presence in the Asia-Pacific market.”
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For YouTradeFX, the deal comes as the broker became regulated in Cyprus last July, providing them access to market in the EU and UK. As such, selling its Australian book is part of the company’s consolidation efforts of its regulatory status, thus removing dual accounting and net capital requirements. Among achievements of the Cyprus operations, when pivoting to operate as a social broker instead of a cross-firm social trading platform, Tradeo announced that it had partnered with YouTradeFX for onboarding of its clients.