Forex4you Exits Belarus as Forex Market Shrinks in the Region

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Forex4you closed its representative office in Minsk,
shrinking the number of licensed forex firms in Belarus to just six. This
closure was also accompanied by the suspension of forex4you.by website, amid
Belarus’s challenges in the forex market.

According to an exclusive report by FinanceMagnatesRU, the Belarusian forex
scene has seen a substantial decline over the past year. Forex4you, part of the
E-Global Trade & Finance Group, was among the 32 firms initially licensed
when the market became regulated.

However, with Forex4you’s departure, only six brokers
remain active. This followed a broader trend of decreasing market activity,
with the number of clients dropping dramatically.

The reasons behind Forex4you’s exit remain
unexplained. Earlier this year, the company underwent a rebranding to
Markets4you, which included removing the Russian-language site and updating its
brand identity.

This move came amid reports from the National Bank of
Belarus indicating a severe downturn in the forex market’s activity. The
central bank noted a significant drop in client numbers, with transactions
decreasing by 85% from early 2023 to early 2024. Forex4you’s departure is the latest in a series
of exits, further diminishing the market’s vibrancy and raising questions about
its future stability.

Early this year, Forex4you rebranded as Markets4you in
a change that included redesigning its website and enhancing its mobile
application and client portal.

According to the company’s CEO, Marina Strausa, the
rebranding is based on the company’s “core values of competency, honesty,
internationalism, and innovation.” Strausa added that the Markets4you
vision has been “to make trading accessible and more transparent.”

Former Forex4you provides contracts for differences in a range of markets and across multiple assets. The company has
reportedly been in operation for 17 years, serving more than 2.9 million
traders and 52,000 partners worldwide.

Early this year, another Belarusian retail broker, MTBankFX, suspended its international investment operations. This step followed a series of setbacks faced by Belarusian
investors, including the freezing of foreign securities and the challenges in
international currency transfers.

Following the closure of the business, the company
advised its clients to wind up their existing positions at fair market value by
May. Additionally, the bank announced that it would suspend the opening of new positions afterward. However, MTBankFX mentioned that it will transition
clients to alternative Belarusian financial firms.

Forex4you closed its representative office in Minsk,
shrinking the number of licensed forex firms in Belarus to just six. This
closure was also accompanied by the suspension of forex4you.by website, amid
Belarus’s challenges in the forex market.

According to an exclusive report by FinanceMagnatesRU, the Belarusian forex
scene has seen a substantial decline over the past year. Forex4you, part of the
E-Global Trade & Finance Group, was among the 32 firms initially licensed
when the market became regulated.

However, with Forex4you’s departure, only six brokers
remain active. This followed a broader trend of decreasing market activity,
with the number of clients dropping dramatically.

The reasons behind Forex4you’s exit remain
unexplained. Earlier this year, the company underwent a rebranding to
Markets4you, which included removing the Russian-language site and updating its
brand identity.

This move came amid reports from the National Bank of
Belarus indicating a severe downturn in the forex market’s activity. The
central bank noted a significant drop in client numbers, with transactions
decreasing by 85% from early 2023 to early 2024. Forex4you’s departure is the latest in a series
of exits, further diminishing the market’s vibrancy and raising questions about
its future stability.

Early this year, Forex4you rebranded as Markets4you in
a change that included redesigning its website and enhancing its mobile
application and client portal.

According to the company’s CEO, Marina Strausa, the
rebranding is based on the company’s “core values of competency, honesty,
internationalism, and innovation.” Strausa added that the Markets4you
vision has been “to make trading accessible and more transparent.”

Former Forex4you provides contracts for differences in a range of markets and across multiple assets. The company has
reportedly been in operation for 17 years, serving more than 2.9 million
traders and 52,000 partners worldwide.

Early this year, another Belarusian retail broker, MTBankFX, suspended its international investment operations. This step followed a series of setbacks faced by Belarusian
investors, including the freezing of foreign securities and the challenges in
international currency transfers.

Following the closure of the business, the company
advised its clients to wind up their existing positions at fair market value by
May. Additionally, the bank announced that it would suspend the opening of new positions afterward. However, MTBankFX mentioned that it will transition
clients to alternative Belarusian financial firms.

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