The Alpari group has just announced that it will be closing down its Cyprus office and moving its clients to FSA UK office. According to Daniel Skowronski, Chief Executive Office of Alpari, the decision was purely a strategic one. "?We will continue to provide the best trading experience for clients," he said. "?Our clients will be able to continue trading on their familiar platform across the same product sets with similar terms and conditions."
In further explanation, Skowronski indicated that clients of Alpari (UK) will benefit from greater security by the move as under the UK's Financial Services Compensation Scheme their client funds will be protected up to £50,000, a significant improvement on the 20,000 Euros they currently get under AFS, Cyprus. Existing Alpari clients will have until February 8th 2013 to either close their Cyprus accounts or open new account with the UK entity and have funds transferred. Or they may choose to close their account with Alpari FS and withdraw any remaining trading credit.
Alpari is one of the leading global providers of online foreign exchange trading services and Alpari Financial Services Ltd (AFS) has been trading out of Cyprus for less than two years. It was recently announced that the company's primary shareholder, Andrey Dashin will be launching Cyprus-based ForexTime, a new brokerage built upon Alpari's Nigerian website.