Continuing from the Finance Magnates report yesterday that OANDA has acquired the U.S. clients of the U.S. subsidiary of TradeStation, IBFX, another deal is confirmed as the brokerage has also signed a deal with IBFX Australia. All clients of IBFX Australia have until the 4th of March to sign off from a deal that is transferring their accounts to the Australian subsidiary of OANDA, OANDA Australia PTY LTD.
For IBFX clients who agree with the proposal, the transfer will be automatic. IBFX clients of both the U.S. and the Australian foreign exchange subsidiaries of TradeStation who oppose the transfer of their accounts to OANDA will have to close their existing positions with IBFX and submit a notification and a withdrawal request to the support department.
The challenge for OANDA to keep the clients of IBFX will be the platform transition that they will have to make as part of the move. The majority of customers of IBFX have been using the TradeStation platform which boasts a number of unique features including automated trading.
Both announcements made by U.S. based IBFX Inc and IBFX Australia PTY Ltd. to their clients highlight that clients need to close their positions and take action before the 1st of March. The transfer of the accounts is set to occur after the market close on the 4th of March, Friday.
Pending and contingent orders which clients of IBFX have on their books will be cancelled.
IBFX remains consistent in its policy of selling off its client assets, as in 2014 the company also parted with its MT4 accounts in a similar way after selling them to FXCM. After the conclusion of the deal, Monex will have officially exited both the U.S. and Australia in terms of retail foreign exchange.