The forex market in Belarus is witnessing a notable downturn, as evidenced by the decreasing activity within the sector. A recent development in this context is the exit of Forex4you, which has now rebranded to Markets4you, from the Belarusian market, though the specific reasons for this decision have not been disclosed.
Market Contraction and Firm Closures
Forex4you recently closed its Minsk office, reducing the number of licensed forex operators in Belarus to just six. This action was accompanied by the suspension of the forex4you.by website, reflecting the broader challenges faced by the Belarusian forex industry.
According to a report from FinanceMagnates RU, the Belarusian forex landscape has significantly contracted over the past year. Forex4you, a member of the E-Global Trade & Finance Group, was once one of the 32 firms licensed at the start of the regulated market in Belarus. However, following their exit, only a handful of brokers remain active, highlighting a sharp decline in market participation and client engagement.
The reasoning behind Forex4you’s departure remains unclear, though it coincides with the company’s recent rebranding to Markets4you, which involved the removal of their Russian-language site and an overhaul of their brand identity.
Industry Decline and Market Instability
This development occurs against the backdrop of a steep decline in forex trading activity in Belarus, as reported by the National Bank of Belarus. The central bank has noted a dramatic 85% drop in transaction volumes from early 2023 to early 2024, coupled with a significant reduction in the number of active clients. Forex4you’s exit further exacerbates the already dwindling market, raising concerns about the long-term stability and viability of the forex industry in the region.
Rebranding Efforts
Earlier this year, Forex4you transitioned to the Markets4you brand, revamping its website, enhancing its mobile application, and updating its client portal. The company’s CEO, Marina Strausa, stated that the rebranding was aligned with the company’s core values of competence, transparency, and innovation, aiming to make trading more accessible and clear.
Forex4you, which has been operational for 17 years, provides contracts for differences (CFDs) across a variety of markets and assets. It reportedly serves over 2.9 million traders and has 52,000 partners globally.
In a related development, another Belarusian retail broker, MTBankFX, halted its international investment operations earlier this year. This followed a series of setbacks, including the freezing of foreign securities and challenges with international currency transfers, affecting Belarusian investors. After announcing its closure, MTBankFX advised clients to close their positions by May and indicated plans to transition them to other Belarusian financial institutions.
