FX Broker FxPro Switches TRY Pairs to Close-Only Mode - BrokersView

FX Broker FxPro Switches TRY Pairs to Close-Only Mode

Nov 25, 2021
Fazzaco

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FxPro, a global retail FX and CFDs broker, recently announced that it has temporarily transferred trades on Turkish Lira pairs (USDTRY and EURTRY) to the close only mode until further notice.

In a note to its clients, the FCA-regulated broker said that clients that hold positions in TRY pairs will be able to close them for the time being, but no new positions will be allowed.

"You can still close any currently open positions, and the pairs will be available for placing orders again as soon as possible,"the broker mentioned in the notice.

The move came at the same time that the Central Bank of the Republic of Turkey (CBRT) issued a warning about the risk of forex trading. The bank said that forex trading is completely detached from economic fundamentals under extremely volatile market conditions.

"The Central Bank of the Republic of Turkey implements floating exchange rate regime and has no commitment to any exchange rate level. Exchange rates are determined by supply and demand conditions according to free market dynamics,"the central bank stated.

"Under certain conditions, the Central Bank may only intervene in excessive volatility without aiming any permanent direction. In FX markets, unhealthy price formations are being observed that are unrealistic and completely detached from economic fundamentals,"the bank added.