Saxo Bank shuts down forextrading’s offices in Israel and Hong Kong, internal consolidation continues

8 Comments

Only yesterday we announced that Saxo Bank is letting go of 250+ employees as it cuts down costs preparing for the tough times ahead. Today we learned that as part of this move forextrading is shutting down the Israel and the freshly opened Hong Kong office of its retail brand – forextrading. forextrading will become the intro account for Saxo Bank – that is a smaller minimum deposit requirement as a step up before moving on for the standard Saxo account ($2,000+). forextrading at the beginning was launched as a completely separate initiative and wasn’t identified with Saxo Bank at all (despite being fully owned) however with the internal consolidation and experience gained it will be clearly identified and marked as being part of Saxo Bank’s group.

Saxo Bank continues its commitment to local presence in Hong Kong and its office is not affected.

When contacted by Forex Magnates Morten Fillipsen, forextrading’s CEO, had this to say: “We learned quickly that a lot of clients joined us because of our simple approach to FX and CFD trading but equally important was the fact we are a Saxo Bank company.

Therefore, going forward, we will align ourselves closer to Saxo Bank and offer an alternative to the traders that don’t need the full suite of professional tools offered by Saxo Bank.

As a result, we have shut down our physical presence in Israel and Hong Kong, and will rely more heavily on the Saxo Bank infrastructure and distribution channels, as well as continuous investment in our own customer service and client education areas.”







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8 Comments on this post

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  1. MC said:

    in other words: “we were too cocky and f@cked up” …

    November 29th, 2012 at 1:46 pm
  2. Michael Greenberg said:

    no.. i think we were too big for this low volatility market and now need to downsize..

    November 29th, 2012 at 2:32 pm
  3. mike said:

    Hi, Michael,

    Any news for Oanda why they shut down managed account program? No other brokers doing this and I can’t understand. Are they simply doing it to cut cost(among other things, like stop offering box pricing) and pave way for IPO.

    Regards,

    November 30th, 2012 at 12:40 pm
  4. Michael Greenberg said:

    quite possible, what do you mean though shut down – it’s no longer available? you received any letter? what exactly

    November 30th, 2012 at 12:51 pm
  5. Andy said:

    Yes, they shut it down, they also dont offer BoxOptions anymore.

    https://fxtrade.oanda.com/community/forex-forum/73/

    November 30th, 2012 at 1:48 pm
  6. Michael Greenberg said:

    checking

    November 30th, 2012 at 1:51 pm
  7. mike said:

    any news?

    Actually I am a bit worried about Oanda, since Michael leaves. From their official forum(now almost dead), shut down fx manager and boxoptions. Not looking good/energy compared before. Maybe it’s the whole industry are suffering this year?

    December 3rd, 2012 at 8:11 am
  8. Michael Greenberg said:

    most brokers are ending this year with a loss

    December 3rd, 2012 at 9:29 am

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