Social forex trading has definitely been one of the most popular trends in forex industry over the last few years. Many think of these positively, many don’t. However, it is practically impossible to ignore the popularity that these social forex trading platforms enjoy. Most of the recently launched social trading platforms have went on to enjoy huge popularity as these provide manifold advantages to not only newbie but experienced forex traders as well.
However, fxUnity platform seems to be an exception to this forex trend. OANDA which launched this social trading platform has decided to shut down the operations of fxUnity, starting from 8th March. It has been requested to all the traders to close their existing trades by 5 PM EST on 8th March. If traders keep any trade open, the same will automatically be closed by OANDA.
Incidentally, fxUnity was launched only in 2012 and it has thus failed to reach even its 1st anniversary. OANDA was the only 2nd broker to have launched a proprietary social trading network of its own. The rival brokers have preferred to work with other third party solutions such as FXJunction and Tradeo in their respective attempts to make it big in the social forex trading industry.
OANDA has been bombarded with all the negative comments about fxUnity since the same was launched. Not only that many of the users disliked fxUnity, but, many other expert traders criticized fxUnity heavily as well. It is believed that with all these negativity floating the regarding fxUnity platform, OANDA officials discussed amongst themselves and came up with the decision of closing fxUnity. According to insider sources, the officials don’t see any way fxUnity can turn around in near future and they have accepted the fact that fxUnity has turned out to be a failure.
While announcing the decision, OANDA officials stated that they will cater to all the forex related requirements of their customers and they will also start to work on new world class innovative products, be it for mobile devices or desktops.
Any amount in the fxUnity platform can be transferred to existing fxTrade account. Otherwise, users will be able to withdraw directly via the OANDA Funds Management System too. If at later time, you require transaction history and account statement related documents of fxUnity account, you can get that from fxTrade account page.