The article was updated on 05 February, 2020 by Amicus.
02 August, 2019, | AtoZ Markets - As the media reports, just one year later after its launch, the UK FCA regulated currency trading platform Pipster app has announced about its closure.
Pipster Shuts Down Just a One Year After Its Launch
Mobile Forex trading app Pipster was launched in May 2018 by the Japanese Retail FX giant GMO Internet Group in collaboration with its UK FCA-regulated subsidiary, Z.com Trade. Such a strategic move of GMO Internet Group was meant to help the firm to expand in the UK and other regions.
Mobile Forex trading app Pipster developed by GMO in a partnership with Finatext UK. It is a branch of Finatext Ltd., a Tokyo based Fintech firm was specializing in financial education apps. The main concept of the app was to provide a simplified, smarter trading platform to a new generation of traders. It is focusing on FX and cryptocurrencies. The trading name of "Pipster" is a representative of GMO-Z.com Trade UK Limited.
Furthermore, back in January 2019, Finatext Group invested £2 million into the development of the UK-based trading platform. It was also demonstrating confidence in post-Brexit Britain.
Mobile Forex Trading App Pipster Justifies Its Decision to Cease the Business
After the announcement that FCA regulated currency trading platform Pipster closes down. Pipster users have also started to receive emails from the company regarding their decision.
The letter states that the company has decided to close the service. It is due to "external challenges." As per the company's announcement, the closure will come into effect on 30 August 2019.
"Additionally, from the 15 August 2019, Pipster will be limited to "Close Only" mode. It means you can only close existing positions. But you are not able to open a new one." the official note details.
The Pipster officials assured that they are "working hard to make the process as easy as possible." Furthermore, the company requested its clients to close all open positions in Pipster. It withdraws the full amount of funds from their accounts prior to 30 August 2019 and checks the Customer Agreement (Section: Your Account 11.2).
As per the announcement, accounts that remain active following the aforementioned date will be forced closed. There will an automatic refund credited to the users' accounts.
The official announcement from Mobile Forex trading app Pipster also concludes:
"As we're subject to financial regulations. We require to keep your transaction data for a minimum of 5 years. For more information, please refer to our Privacy Policy (Section: 4. How Long We Store Your Data).
You can find all of the policy documents attached. We'd like to thank you for using our product. Please feel free to get in touch at support@getpipster.com if you have any queries."
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