Why has BUX decommissioned Stryk?
We are reevaluating the position of speculative trading products within our group’s overall offering. Our intention is to focus more on mid and long-term investing via the BUX app which offers real stocks, ETFs and more. As part of this change in strategy we are decommissioning Stryk, our CFD trading app.
This decision was not taken lightly, and it comes after carefully considering several factors:
Pivot to Wealth Building. We have been increasing the group’s focus on products that enable longer-term wealth creation. We believe that this aligns the company’s interests better with those of our clients. The launch of the BUX app for stock and ETF investing in 2019 was the first public step in this new direction. The decommissioning of Stryk completes the strategic pivot.
Regulatory Environment. The landscape for CFDs has changed significantly since we entered the CFD market. In this environment, we believe that our resources are better directed toward the BUX mobile app which focuses on mid and long-term investing and is poised for healthy growth in the coming years.
Business Sustainability. Concentrating on our mid and long-term investment offerings allows us to streamline our operations and allocate resources more efficiently, ensuring the sustainability and growth of our business in general.
What has happened to my Stryk account?
All Stryk accounts have been closed. All open positions have been closed and opening orders have been cancelled. An email has been sent to you explaining how to retrieve your recent Trade and Transaction histories. If you would like to retrieve histories that cover a larger time period, please contact us.
What has happened to the funds on my account?
We will be in contact to arrange for any remaining balance you have on your Stryk account to be sent back to you. In many cases we already have bank account details on file for you and will return the remaining balance to that account.
In some cases, in order to return your funds safely, we may require a bank statement to verify your bank account.The bank statement should be:
- Of a personal bank account in your name
- Issued within the last 6 months
- Fully visible (all 4 corners of the document must be visible)
In addition, the below information must be included in the statement:
- Full name*
- Residential address*
- IBAN, Account number and BIC
You can provide this by email or chat.
*Information must match the data we hold on your Stryk account.
I would like to raise a complaint, how can I do this?
Please see the Legal Documents below to view our complaints information.
I consented for my account to be Migrated to AvaTrade EU Ltd. Can I retrieve my Trade and Transaction Histories for my Stryk account?
Yes, please contact us and we can help provide this data.
Will I be able to get a statement to assist with my annual tax return?
We will distribute statements in 2024. If you require any additional data please contact us and we will be able to assist.
What happens with my personal data?
We would also like to inform you that according to the CySEC regulatory framework and the GDPR provisions, we are obliged to retain your personal data and the record of your transactions for a minimum period of five (5) years.