Finance Magnates learned on Friday that BWM Exchange will be shutting down by the end of July.
In an email sent to clients, the retail broker, which has focused heavily on the Polish market, said that it was terminating its agreement with the people using its services.
“In accordance with the company’s terms and conditions, [we] give you, by virtue of this written notice, six working days to terminate the financial services contract between you and [BWM Exchange],” said the statement.
Clients will now be unable to open new positions with the broker, and no one can open an account with them. Starting at midnight on July 19th, any open positions will be closed and accounts will be shut down.
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The broker said that it would attempt to return any remaining funds via the same payment methods that a client used to deposit cash in the first place.
No client moves
Although BWM’s clients may not realize it, the broker they were trading with was actually a white label of Leverate Financial Services.
In fact, the email sent to traders, notifying them of the decision to shut down BWM, clearly states that the broker is operated by the Cyprus-based division of the technology company.
People with knowledge of the matter said that the white label operator had found another broker who was willing to take on BWM’s clients and keep their position opens.
But it appears that the operator and technology provider could not come to an agreement. As a result, the white label will be shut down completely and the clients, as Leverate said in their email, will have their positions closed.