As New Zealand and Australian broker MahiFX continues to step away from its retail trading operations in the foreign exchange (forex) space, it has confirmed to Finance Magnates that its proprietary trading platform will be closing down.
According to a statement provided to Finance Magnates, the last day of trading on the MahiFX platform will be the 23rd of December 2019. Once the platform is no longer operational, customers can continue using the company’s MetaTrader 4 platform, and the company will transfer to solely being a technology provider.
The closure of its trading platform comes after the New Zealand and Australian regulated FX brokerage was recently acquired by LGT Solutions Ltd. According to a spokesperson at MahiFX, the company will be renamed to “HFTrading.”
“We have very much enjoyed providing our MahiFX Platform over the past 8 years and we wish to thank our retail customers for their loyalty. HFTrading has many exciting plans ahead and we will be delighted to see the retail business flourish,” the spokesperson said.
The future of MahiFX
To reflect this change, MahiFX will be overhauling its website at the beginning of next year. The company said that it is excited to focus its efforts on helping banks and brokers create stable and profitable e-FX businesses.
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In particular, the company has big plans for MFX Compass, Echo, and MFX Vector. However, what those plans are, the company did not elaborate. Furthermore, MahiFX plans on adding new services in the coming year.
The closure of its trading platform is part of the company’s strategy to refocus as a business-to-business technology provider for banks, brokers, and financial institutions.
As Finance Magnates reported, earlier this year, MahiFX revealed that it was selling its regulatory licenses in the United Kingdom, Australia, and New Zealand. The UK operations of the Group was acquired by FXDD, an institutional and retail forex broker.
This latest move has generated a lot of criticism from its customers. Namely, clients are concerned about the short time they were given to close their positions and the lack of communication from the company.
In response to these concerns, a spokesperson from MahiFX said: “Customers were clearly notified directly by MahiFX via email and the website to close positions on the proprietary platform with five days business notice, as per terms and conditions.
“The proprietary platform will not be maintained by the new owner. Customers are very welcome to reopen their positions on MT4. The intention to move away from retail was clearly communicated by the company earlier in the year and widely reported.”