Forex4you Exits Belarusian Market, Closes Local Website and Office

Forex broker Forex4you has withdrawn from the Belarusian market as the country's forex market faces a sharp decline, FinanceMagnates reports.

The broker's website forex4you.by and its local office in Minsk have been closed.

Earlier this year, Forex4you rebranded as Markets4you, redesigning its website and upgrading its mobile applications. During the process, the broker removed its Russian-language site.

Forex4you was one of the first 32 companies to obtain a license in the Belarusian market when the regulatory system was first established. Today, there are only six locally licensed Forex firms left.

According to the National Bank of Belarus, the country's Forex market activity has experienced a severe downturn, with the number of clients dropping by 85% between 2023 and 2024.

Forex4you's withdrawal has undoubtedly further weakened market dynamics and raised questions about the stability of the Belarusian FX market.

Earlier this year, another Belarusian retail broker, MTBankFX, suspended its international investment operations and transferred its clients to other Belarusian financial firms. Before that, many clients had already faced difficulties such as freezing of foreign securities and international currency transfers.