LegacyFX Forex Brokerage Suspends Operations as Shareholders Reconsider
The shareholders of Leverate which financed the brokerage have reconsidered their stance regarding their own brokerage.

Speaking to Finance Magnates, the CEO of forex and CFDs brokerage LegacyFX, Mariano Obludzyner, confirmed that the brokerage’s operations have been suspended as of today. The company was established back in December 2015 with the support of Leverate’s shareholders.
The firm was to be operating independently from its technology provider and was to provide diversification of revenue streams for the owners of shares in both companies.
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The shareholders of Leverate have reconsidered their decision to run an FX brokerage using the proprietary technology developed by the forex and CFDs trading technology firm after the unveiling of the project some months ago.
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While the firm would have been a great way to test the technology provider’s services on a smaller scale before launching to other clients, the conflicts of interest which could prospectively arise from the operations could have been the main reason behind the shutdown of the project.
In a saturated marketplace, Leverate has chosen to remain focused on its technology business, and remain committed to the firm’s existing clients.
A number of past occurrences in the industry could have gotten clients worried. Some technology providers for foreign exchange and binary options software have been rumored to be running their own brokerages, taking unfair advantage of the data of their clients. To date no such violations have been proven.
Similar to FXstats and Onetrade I guess.
Seperate question didn’t London FCA shut down social trading? Saw Onetrade is registered in London
Leverate, similarly to Fxpro are bleeding cash due to declining business.
They thought they have reinvented the wheel where in fact they offered a mediocre product that soon faded away as clients realized how shit it was.
Technology Providers should stay out of their clients markets due to Ethical reasons. Unfortunately, that’s still not a rule in our industry.