Alpari Removes Minimum Deposit Requirements, U.K. Division under Special Administration
Retail forex traders now have the leeway to pick any account that they want from Alpari as the company readies itself for the removal of all minimum deposit requirements starting January 21.
This means that, starting from January 21, 2015, no minimum deposit will be required to open any type of trading account with Alpari, meaning clients in the retail FX market can choose any type of account they want.
Alpari, which is headquartered in Russia, remained unaffected by the Swiss Franc volatility that roiled financial markets last week.
Elsewhere, Alpari UK has been put under special administration after its board of directors failed to find a buyer to purchase its business in order to avoid the situation. Already, KPMG has been appointed by the Financial Conduct Authority to the role of special administrator for Alpari UK.
Hence, as a special administrator, KPMG must try to look for a buyer for the Alpari UK business in order to save it, or else it must manage the dissolution and the eventual return of funds back to customers.
Meanwhile, IronFX Global MENA Limited has announced that it has been awarded a license by the Dubai Financial Services Authority (DFSA) to run as an Authorised Firm. This is no mean feat as the DFSA is widely reputed for its tough supervisory framework, which requires all firms to maintain the highest levels of compliance possible. Entry conditions are also extremely stringent.
This means that IronFX Global must submit to operate under principles of efficiency, fairness, and transparency, besides protecting both direct and indirect participants in the DIFC financial services markets. IronFX Global MENA offices are situated at the Emirates Financial Towers at the South Tower, Office 301.