Finance Magnates learned on Friday that trading firm Pipster is going to be shutting down.
The London-based company, which launched last year, provided a trading application for android and iPhone devices.
Operated by technology firm Finatext, Pipster was set up in conjunction with Z.com Trade – the UK division of Japanese retail broker GMO Click.
As Finance Magnates reported in May of last year, the deal between those two companies saw Finatext providing the technology for the product, with Z.com Trade facilitating users’ access to trading services.
A self-described ‘start-up,’ Pipster appeared to be targeting a younger set of traders, with newer technology and marketing materials that were aimed at millennials.
And like BUX, another firm attempting to lure young people into the trading world, Pipster only provided users with a mobile trading application.
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But those efforts were seemingly in vain.
Pipster confirmed that it would be shutting down in an email sent to clients.
“We have some news to share,” said the broker. “After 2 years of Pipster, we have made the decision to close our service due to external challenges. The closure will come into effect on 30th August 2019.”
Before the shutdown takes place, the broker will, on August 15, go into close-only mode. That will mean clients can only close orders and that they will be unable to open any new ones.
Finance Magnates reached out to Pipster in order to determine why the broker is shutting down. At the time of publication, however, no answer was forthcoming.