Breaking: FCA regulated currency trading platform Pipster closes down

Breaking: FCA regulated currency trading platform Pipster closes down

Breaking news… Back in May 2018 Japanese Retail FX giant GMO Internet Group took another step in growing its UK and international presence, with the company’s FCA regulated arm Trade announcing the launch of a new FX and cryptocurrency trading app called Pipster.

However, just one year later, the FCA-regulated currency trading platform Pipster app is about to close down.

Pipster is a mobile trading app for forex and cryptocurrencies using exclusive technology to enhance learning with responsible trading. Finatext UK Ltd is Pipster’s trading name, as well as an appointed representative of Trade UK Limited.

LeapRate reminds that back in January 2019 one of Asia’s leading fintech companies, Finatext Group, invested £2 million into the development of the UK-based trading platform, demonstrating confidence in a post-Brexit Britain.

Pipster’s clients have already started to receive emails from the company regarding their decision to close the service. The complete text of the email reads as follows:

We have some news to share. 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. Additionally, from the 15th August 2019, Pipster will be limited to “Close Only” mode, which means you can only close existing positions, but not able to open a new one.

We’re working hard to make the process as easy as possible. To help us with this transition, we ask you to please close all open positions in Pipster and withdraw the full amount of funds from your account prior to 30th August 2019, please see the Customer Agreement (Section: Your Account 11.2). Accounts that remain active following this date, will be forced closed and there will be an automatic refund credited to the account we have on file. Please refer to our Terms and Conditions, section ‘termination’ in which you can find a full outline of the termination process.

As we’re subject to financial regulations, we’re required 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 [email protected] if you have any queries.

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