The second largest retail foreign exchange broker by volume, DMM FX, has decided to close its operations in Australia. The company has been active on the Australian market for less than three years after launching in October 2013.
After some questionable decisions last year, when the company briefly suspended taking orders from its clients following news events, DMM FX Australia is now officially suspending its operations in July 2016.
In a note to its clients, the brokerage announced that it has taken the business decision to cease its operations and its customers are requested to close all of their open positions by 03:00 Australian Eastern Standard Time on Saturday, the 30th of July 2016.
Going Past the Great Wall: Things to Consider When Entering the Asian MarketGo to article >>
All remaining open positions will be closed at the market prices between Friday 03:00 and the market close on the 30th of July 2016. The company is not going to be accepting new deposits starting from Monday August 1st 2016.
Clients of DMM FX Australia are advised to submit withdrawal requests by Friday, the 19th of August 2016.
“Any pending withdrawals by this time will be done by us on our clients’ behalf where possible. Once this is done, all client accounts will be closed and termination of the agreement on the DMM FX Account Terms will be effective,” the official announcement on the website of DMM FX Australia concludes.
As recently as last month, DMM FX Australia launched a new trading platform solution for its clients. With the Australian market being particularly saturated, the company’s goals outlined around the launch of turning the ASIC regulated subsidiary into a globally operating hub have not been achieved.