BUX Shuts Down Stryk Post ABN AMRO Acquisition

BUX shuts down its contracts for differences (CFDs) platform, Stryk. According to a statement on the now-closed Stryk platform, neobroker is redirecting its focus toward mid- and long-term investing via the BUX app.

BUX offered its CFD clients the option to migrate their accounts to AvaTrade as part of this transition. The decision is part of a broader reevaluation of speculative trading products within the group’s portfolio. “We are decommissioning Stryk, our CFD trading app,” the platform’s FAQ section stated, underscoring a shift towards long-term wealth creation.

BUX Shuts Down Stryk Post ABN AMRO Acquisition

The company emphasized that closing Stryk is a strategic move to streamline operations and allocate resources more efficiently. Regulatory changes in the CFD market also influenced this decision. “The landscape for CFDs has changed significantly since we entered the market,” noted the website. “We believe that directing our resources towards the BUX mobile app, which focuses on mid and long-term investing, will lead to healthy growth in the coming years.”

Originally launched as BUX X, the CFDs platform was rebranded to Stryk in July 2022 to distinguish it from the company’s zero-fee trading app, which itself was rebranded to BUX from BUX Zero in mid-2023. The group managed its CFDs business through its UK-regulated entity before transferring it to the Cyprus-regulated BUX Europe to expand services across European markets. Despite the decommissioning of the Stryk brand, BUX Europe retains its Cyprus Investment Firm license.

The exact closure date of Stryk is unclear, but archival data from Wayback Machine suggests the shutdown occurred at the beginning of this year. This move coincides with ABN AMRO’s recent completion of its acquisition of BUX, marking the bank’s entry into the retail investment sector. They have not disclosed the financial details of the acquisition.

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