267
All you want to know about retail and institutional FX. Reach me @AlexanderKoshkin to discuss advertising options.
Gold Fund Trader, operating under the registered name GFundTechnologies in the UAE, has announced its permanent closure. The firm, whichcommenced operations five months ago, encountered several challenges leading tothis decision.Launch Delays Prompt Investor WithdrawalThe company initially planned to launch on August 15.However, the launch was delayed due to issues with their web designer, andproblems with their technology provider. These delays resulted in thewithdrawal of a major investor.Despite these setbacks, Gold Fund Trader proceeded with thelaunch. The firm distributed approximately 150 accounts through giveaways buthas since generated only $600 in sales from evaluation accounts. Hello everyone,This is a very tough conversation to have. We been working in goldfundtrader for 5 months now ! UPS and down ! We have multiple experience before with this industry !Big investor was ready to provide funding of 250k usd for 50% of stake in gold fund…— Gold Fund Trader (@goldfundtrader) September 12, 2024Cash Flow Issues Force ClosureOf the 160 accounts created, 158 were acquired throughgiveaways. The firm reports 90 active accounts with no funded accounts orpending payouts. The total active evaluation size is under $1 million.Due to cash flow issues and a lack of liquidity, the firmhas decided to cease operations. The founders stated that they chose not toengage in unethical practices to maintain the business. Gold Fund Trader hasexplored potential acquisition offers from other proprietary trading firms butdid not secure any agreements. Meanwhile, another prop firm, Fundedlions,has ceased operations and is transitioning to MetaTrader 5, as reported by Finance Magnates. The CEO hasadvised users to avoid accessing their accounts temporarily during this period.In a communication to clients, the issues are attributed toDominion Markets, with claims that the company has faced challenges with thistechnology provider in the past. According to statements on the company’sofficial Discord, Dominion Markets has recently increased the cost of accountcreation fourfold and introduced additional fees.This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/6g3eM0n
MoonPay has been registered with the Australian TransactionReports and Analysis Centre (AUSTRAC) to provide digital currency exchangeservices in Australia. This registration may allow the company to establish localpayment processing relationships across the country. As a result, Australianusers of MoonPay could have access to alternative payment methods, includingOsko and PayID.Meeting AML/CTF RequirementsAustralia continues to see growth in crypto asset adoption.A recent report indicated that one in five Australians has either currently orpreviously held crypto assets. In June, Australia launched its first BitcoinETF.As a registered company, MoonPay will need to comply withthe Anti-Money Laundering and Counter-Terrorism Financing Act.This legislation regulates AUSTRAC’s functions, and MoonPay will be required tomeet reporting, Know Your Customer (KYC), and record-keeping obligations.Meanwhile, MoonPayhas partnered with PayPal to offer a crypto purchasing option for users inthe US, as reported by FinanceMagnates. This service allows transactions through PayPal using wallettransfers, bank transfers, and debit cards, aiming to improve the accessibilityand convenience of buying and trading cryptocurrencies.MoonPay Registers with AUSTRAC to Offer Crypto Services in AustraliaMoonPay registers with AUSTRAC to offer crypto exchange services in Australia, adding local payment methods like Osko and PayID.#Blockchain #CryptoNewshttps://t.co/ipEqOM3Zk5— Global Crypto News (@GlobalCNNews) September 12, 2024Global Registration StatusIt should be noted that “MoonPay’s registration is not alicense or endorsement by AUSTRAC.” In addition to Australia, MoonPay hasreceived registrations in the U.K., Ireland, Italy, and Canada, as well as 44Money Transmitter Licenses across the US.“MoonPay continues to advocate for simple and compliantexchange of crypto assets around the world,” said MoonPay Co-Founder and CEO,Ivan Soto-Wright. “We’re thrilled to bring our services directly to Australianusers, and we will continue engaging with regulatory bodies globally toencourage innovation while prioritizing compliance and consumer safety.”This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/E2uvURJ
ABD Systems, a well-known leader in IT solutions and the parent company of the recently launched ABDS Token—a groundbreaking crypto designed to transform digital finance by making it more accessible, secure, and user-friendly—is now excited to announce that the ABDS Token has been officially listed on three major cryptocurrency exchanges.This milestone was shared recently through ABD Systems' official account on X (formerly known as Twitter), marking a significant step forward for the company and its growing community.The listing represents the start of an exciting new chapter, positioning ABDS Token for broader adoption and increased visibility in the crypto industry.ABS Token Available on 3 Major ExchangesABD Systems, a company with more than 13 years of experience in IT solutions that recently launched its own cryptocurrency, the ABDS Token, announced that it has been officially listed on three major crypto exchanges. This move is a big step for both the company and its users. It puts ABD Systems in a great position, allowing more people to easily access and trade ABDS Token.The first exchange is LBank, known for its user-friendly platform and solid reputation in the crypto industry. Next up is BitMart, a popular exchange widely used for trading a variety of cryptocurrencies. It makes it easy for users to buy and sell tokens like ABDS.Last but definitely not least, there's DigiFinex, another major exchange that offers fast transactions and a large global user base, giving ABDS Token even more visibility.This triple listing highlights ABD Systems' dedication to pushing the boundaries and expanding the presence of its ABDS Token. Partnering with well-known exchanges like these strengthens ABD Systems' position in the crypto market and reflects its growing influence.It creates new opportunities for enthusiasts to invest in the ABDS Token and benefit from its potential rise in value.As ABDS Token gains more exposure and adoption, it's likely to spark even more innovation within the ABD Systems ecosystem. The company remains focused on providing value to its users and helping shape the cryptocurrency world's future.What is ABDS Token?Built on the Ethereum blockchain, ABDS Token brings together the best of digital security and hands-on support. What really sets ABDS Token apart is its focus on making digital finance more approachable and user-friendly. ABD Systems goes beyond the typical crypto experience by not only offering a secure token but also providing in-person support at their physical locations. This means that whether you're a crypto newbie or a seasoned trader, you can tap into the power of blockchain while having expert guidance just a phone call or a visit away.Moreover, ABDS Token offers a range of practical uses within the ABD Systems ecosystem, making it a valuable asset for investors of all experience levels. Here's what users can do with ABDS Token:Make Payments - Use ABDS Token to buy products and services across the ABD Systems network.Unlock Premium Features - Gain access to special perks and features by holding onto ABDS Tokens.Stake for Rewards - Stake your ABDS Tokens on the ABD Systems platform and earn rewards.Participate in Governance - Have a voice in project decisions through governance voting.With its focus on security, user accessibility, and direct support, ABDS Token stands out as a versatile and reliable cryptocurrency, primed to become a key player in the digital finance industry.What’s Next?As the ABDS Token continues its growth journey, its presence on the MEXC Launchpad marks a major milestone. Investors now have the chance to participate in an exciting airdrop event, offering them the opportunity to get ABDS Tokens and be part of the project's expansion. To qualify for the airdrop, investors need to hold at least 1,000 $MX tokens. The registration period for this event runs from September 10, 2024, at 10:00 (UTC) until September 15, 2024, at 10:00 (UTC), giving investors a limited window to get involved.Once the airdrop concludes, the…
Читать полностью…
HTX has announced a collaboration with IBEX, a fintechcompany promoting innovations on the Bitcoin Lightning Network. Thiscollaboration aims to promote faster, more affordable Bitcoin transactionswhile targeting emerging markets, including Asia, Latin America, and Africa.Enhancing Digital Asset PaymentsBoth companies seek to enhance digital asset payments for consumers and merchants by integrating Lightning Network technology.HTX, a global digital asset platform, plans to integrate IBEX’s LightningNetwork into its ecosystem. The network, a second-layer protocol for Bitcoin,enhances transaction speed and reduces fees. The integration, currently in its testing phase,promises to improve the overall user experience by offering faster transactionconfirmations and lower costs for Bitcoin users on HTX’s platform.The core appeal of IBEX’s technology lies in itsability to enable instant global settlements. Unlike traditional finance(TradFi) or decentralized finance (DeFi) systems, IBEX’s Lightning Networkprocesses transactions in seconds. This makes it an ideal solution forscenarios requiring immediate payments, such as online shopping andinternational remittances.Additionally, the integration of Lightning technologysignificantly reduces transaction fees. Traditional blockchain networks oftencome with high transaction costs, which deter everyday use. With Lightning,these fees are minimized, benefiting both merchants and consumers.One aspect of the HTX-IBEX partnership istheir joint focus on expanding into emerging markets. HTX’s establishedpresence in Asia, coupled with IBEX’s Lightning Network settlement system,targets cryptocurrency adoption in regions like Latin America and Africa. By offering low-cost, fast Bitcoin payment solutions,HTX and IBEX aim to bring financial inclusion to regions where traditionalbanking systems remain inefficient or inaccessible.A Global Push for Bitcoin’s FutureIn addition to the technical collaboration, both companiesplan to engage in co-branded marketing efforts. These will include social mediacampaigns, events, and brand-building initiatives aimed at increasingvisibility and adoption in key markets. As part of this initiative, IBEX will provide supportto HTX in exploring new opportunities in Latin America and Africa, includingpartnerships with local exchanges and thought leaders. In return, HTX willassist IBEX in breaking into the Asian market.The collaboration between HTX and IBEX signals abroader trend toward the increased integration of Bitcoin into mainstreamfinancial systems. This unique approach positions both HTX and IBEX atthe forefront of the ongoing evolution of digital payments, with the potentialto reshape global financial systems.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/vqeN7R0
Bybit has appointed Chris Aruliah, a seasonedprofessional from Bitstamp and BCB, as the new Head of Institution. With abackground in both cryptocurrency and traditional trading, Aruliah isexpected to identify new opportunities and foster strong relationshipswith hedge funds, asset managers, and market makers in his new role. Targeting Institutional InvestmentsAruliah, now at the helm of Bybit's institutionalstrategy, is also expected to guide the company through the complexities ofinstitutional investment. According to his statement in the official announcement, he anticipates the new role to allow him to combinehis previous leadership experience with Bybit's technology and services.Commenting about the appointment, Helen Liu, Bybit'sChief Operating Officer, mentioned: "Asthe cryptocurrency market continues to mature and institutionalinterest surges, Bybit is uniquely positioned to capitalize on this growth. Ourcommitment to providing a secure, reliable, and compliant trading platform,combined with Chris's expertise, makes us a trusted partner for institutionsnavigating the evolving landscape."One of the reasons Aruliah is well-suited tothis role is his firsthand experience as an institutional client. At Wincent,he led OTC sales, gaining deep insights into the needs of institutional investors. This client-side perspective will reportedly enable him to better understand thechallenges and demands institutions face when navigating the crypto market."My mission at Bybit is to ensure that ourinstitutional clients have the best possible trading experience in theindustry. By showcasing Bybit's compelling platform and the exceptional supportprovided by our team, I aim to attract new clients and help them realize theirfull trading potential on our platform," Aruliah mentioned.Bybit Collaborates with MastercardLast month, Bybit waived foreign exchange fees for Mastercard holders in seven European countries. Thisoffering is available for users in Poland, Bulgaria, Croatia, the CzechRepublic, Denmark, Sweden, and Hungary.According to the exchange, the service enhances userexperience by offering better financial solutions. The exchange mentioned thatits cardholders can make purchases in local currencies, PLN, BGN, HRK, CZK,DKK, SEK, and HUF, without incurring the 0.5% FX fee, using Bybit Card. According to the exchange, this update benefitsfrequent travelers and merchants across the targeted regions by waiving hiddencharges. Bybit added that the Bybit Card offers various features that are created to enhance international purchases.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/oPTEm0l
The ForeignExchange Professionals Association (FXPA) has released a white paper urgingpolicymakers to address regulatory disparities between regulated andunregulated foreign exchange (FX) derivatives trading venues. The industrygroup warns that the current landscape may pose risks to market integrity andcustomer protection.FXPA Calls for RegulatoryParity in FX Derivatives Trading VenuesInits report, the FXPA emphasizes the growing presence of unregulated FXderivatives trading platforms competing directly with their regulatedcounterparts. These unregulated venues often operate with minimal oversight,potentially offering benefits such as higher leverage and lower fees, but atthe cost of reduced customer safeguards."Thelonger regulatory gaps between regulated FX derivatives trading venues andunregulated FX derivatives trading venues can be exploited, the more other FXtrading venues will seek to replicate their success," the FXPA stated inits white paper.Theassociation highlights several key differences between regulated andunregulated platforms. Regulated venues face higher operational costs due tocompliance requirements, including market surveillance, reporting, and investorprotection measures. They also adhere to strict rules on transparency,conflicts of interest, and impartial access.“Thepresence of unregulated FX derivatives trading venues also introduces thepossibility of regulatory arbitrage for FX markets. These dynamics raiseconcerns about fairness and market integrity around the operation ofunregulated FX derivatives trading venues,” the paper further states.FXPA suggeststhat unregulated venues may benefit from cost savings associated withnon-compliance, allowing them to offer more attractive terms to customers. Thisdynamic could potentially impact market liquidity and price discovery.The Associationcalls on global regulatory bodies to evaluate the effects of unregulated FXderivatives trading venues providing services that are typically subject tooversight. The group recommends considering these platforms as comparable totheir regulated counterparts, regardless of how they present themselves to themarket."Policymakersshould take into account how the operational structures of unregulated FXderivatives trading venues impact systemic risk management, market development,and global competitiveness," the white paper advises.Theassociation also suggests that regulators could support regulated entities byreducing regulatory cost burdens through normalizing standards acrossjurisdictions and allowing greater equivalence for entities operating inmultiple markets.Surge in Forex OTC DerivativesThe OTCderivatives market saw significant expansion in 2023, with total outstandingcontracts reaching $667 trillion, an 8% increase from the previous year.Interest rate derivatives, which grew to $530 trillion, and foreign exchangederivatives, which rose to $118 trillion, were the main drivers of this growth.The Bankfor International Settlements (BIS) reported a distinctive pattern in marketactivity throughout the year. Notional amounts surged by 15% in the first sixmonths, followed by a 6% contraction in the latter half. This fluctuationaligns with a recurring seasonal trend observed in recent years.Despite theoverall growth in notional value, the gross market value of OTC derivativesfell by 13% in 2023. This decline was primarily due to changes in interest ratederivatives, which peaked in late 2022 amid rapid interest rate hikes. Asrate increases moderated in 2023, the market value of these derivativessubsequently decreased.This article was written by Damian Chmiel at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/sXoBuqj
The European Central Bank (ECB) has beennavigating a complex landscape of rising inflation and economic challenges. Inrecent meetings, the bank has been cautious, keeping interest rates stabledespite pressure to act. However, the narrative may change in the upcoming 12September meeting as Eurozone inflation sends mixed signals. While the Eurozoneannual inflation fell from 2.6% in July to 2.2% in August, core inflationremains stubborn―dropping from 2.9% to 2.8%―mainly driven by persistentservices costs. Previously, the ECB justified its decision to hold rates basedon transitory inflation concerns, but recent data suggest these pressures maybe more persistent.The ECB maintains its restrictivemonetary policy as they aim to return inflation to their target of 2%. However,they were expected to cut the rates several times in 2024. Since the cut didn’thappen in July, many believe it may take place in September. Policymakers notethat it’s rather challenging to gradually ease restrictive policy when coreinflation remains rather sticky on the downside. While the vast majority of economistsbelieve that the rates are to be cut during the upcoming September meeting, theECB may keep their cautious path and postpone rate changes. A decision tomaintain the status quo could be seen as a commitment towards inflation-fightingdespite lingering economic uncertainties.'Recent Eurozone data highlights acomplicated economic scenario for the ECB, characterized by blurred economicgrowth and elevated inflation figures. While headline wage growth in theEurozone has declined, the wage dynamics in Germany, the region's largesteconomy, indicates persistent inflationary pressures', noted Kar Yong Ang, afinancial market analyst at Octa. He added that the ECB faces tough decisionsin revising its macro projections in September, potentially lowering growthforecasts while reassessing wage expectations. The challenge lies in balancinginflation control with economic support, making the rate cut decision morecomplex than markets anticipate.If the ECB cuts the rates, the euro willlikely weaken, which, in turn, may spur higher inflation in future. In thisscenario, EUR/USD may break below the 1.10400 support zone and head lower. Ifthe ECB keeps the rate unchanged, the euro will strengthen immediately sincemany had anticipated a rate cut. In the unlikely scenario that the ECB opts fora rate hike, EUR/USD will sharply move to the upside, potentially targeting theresistance level of 1.1201. Octa is an international broker that has beenproviding online trading services worldwide since 2011. It offerscommission-free access to financial markets and various services alreadyutilized by clients from 180 countries with more than 42 million trading accounts.They provide free educational webinars, articles, and analytical tools to helpclients reach their investment goals.The company is involved in a comprehensive network ofcharitable and humanitarian initiatives, including the improvement ofeducational infrastructure and short-notice relief projects supporting localcommunities.Octa has also won over 70 awards since its foundation,including the 'Best Educational Broker 2023' award from Global Forex Awards andthe 'Best Global Broker Asia 2022' award from International Business Magazine.This article was written by FM Contributors at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/vVgutk2
Thedifficulty of mining Bitcoin (BTC) has surged to unprecedented levels,intensifying competition among publicly listed cryptocurrency miners from WallStreet and putting pressure on their profit margins. Despite the “miners goBRRR” (reference to a popular money-printing meme) at full speed, it's insufficient to keep upwith the increase in network complexity.Bitcoin Mining DifficultyReaches All-Time High, Squeezing Bitcoin Miners Profit MarginsAccordingto data from crypto-mining tracker CoinWarz,mining difficulty increased by 3.5% on Wednesday, reaching a new record high.This metric, which reflects the computational power required to mine newBitcoin, has been steadily climbing and is often seen as an indicator of futureprice movements.The rise indifficulty comes at a challenging time for miners, who are still grappling withthe effects of April's "halving" event. This programmed reduction inmining rewards has already cut potential revenues by half, contributing to aroughly 10% drop in Bitcoin's price since then.“The 4thBitcoin halving event cut the number of daily coins mined (and all else equal,the daily revenue opportunity) in half, resulting in lower margins andprofitability across our coverage universe,” commented Reginald Smith andCharles Pearce in the recent JPMorgan report.However, the increasing difficulty has not deterred miners from expanding their operations. Bitcoin's hash rate, which measures the total computing powersupporting the network, also hit an all-time high in September. This suggeststhat miners are betting on a significant price increase in the near future.Despite thechallenges, Bitcoin's price has shown resilience, rising 38% year-to-date andreaching a peak of $73,798 in March. The cryptocurrency was trading at around$58,000 on Thursday.Higher Difficulty = LowerOutputThe miningindustry's struggles are reflected in the stock performance of major publiclytraded mining companies. Shares of Marathon Digital Inc. and Riot PlatformsInc. have fallen 31% and 54% respectively this year.“During the second quarter of 2024, our BTC production was impacted by unexpected equipment failures and transmission line maintenance at the Ellendale site operated by Applied Digital, increased global hash rate, and the April halving event,” said Fred Thiel, CEO of publicly traded miner Marathon Digital Holdings. The company's revenue for the second quarter was $145.1 million, missing the FactSet estimate of $157.9 million.This isalso evident from the Bitcoin mining results for the last month. ArgoBlockchain (NASDAQ: ARBK) reported mining 38 Bitcoin in August, downfrom 48 in July. At the same time, HIVE Digital Technologies (NASDAQ: HIVE)mined 112 Bitcoin, which is 4 less than the 116 Bitcoin reported the previousmonth.“We remain focused on our strategy of maintaining the lowest G&A expenses per Bitcoin mined, maximizing cash flow return on invested capital, and achieving high revenue per employee while minimizing share dilution,” commented Frank Holmes, Executive Chairman of HIVE.CleanSpark(NASDAQ: CLSK) and Bitfarms (NASDAQ: BITF) also reported a decline in theirBitcoin production compared to the previous month. As a result, August revenuesfor Wall Street’s Bitcoin miners fell to $828 million, the lowest in a year.This marks a 57% drop from March's peak, highlighting growing challenges in themining sector.This article was written by Damian Chmiel at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/VxcuTQ1
Gerchik & Co, an international brokerage company, has introduced a new prop trading programfor traders. This program allows participants to manage up to $100,000 incompany funds, providing a means to trade without using personal capital.Under the program, traders can access capital ranging from$5,000 to $100,000. In exchange, they retain 80% of the profits they generate.To qualify, candidates must first complete a demo account challenge, whichassesses their ability to manage risk and grow funds before being given realcapital.The Prop Trader ChallengeTo become a prop trader, candidates must pass a two-stagechallenge. The challenge evaluates their trading skills, specifically theirability to grow demo capital to a target amount without significant losses.Participants have up to one year to complete both stages ofthe challenge, although they can finish in one week. Entry costs$69, and candidates can take up to three challenges simultaneously. Success inthe challenge can lead to managing up to $100,000.No Limits on AttemptsGerchik & Co offers unlimited attempts for the proptrader challenge. If candidates do not succeed on their first attempt, they mayre-enter as many times as needed to join the program.This initiative provides a chance for traders to advancetheir experience and earnings without risking their own funds while retaining asubstantial portion of their profits.Brokers Embrace Prop TradingOANDA has launched its PropTrader program in South Africa, allowing traders to become signal providersand earn up to 90% of their profits on a profit-sharing basis, as reported by FinanceMagnates. Prop trading is gaining traction, with other brokers like Axiand Hantec Markets also entering the field, typically through offshoreregulated entities.Proprietary trading is rising in popularity but remainschallenging. A recentPipFarm poll of 459 respondents shows that while interest is high, only 40%achieve significant financial success in the competitive prop tradinglandscape.This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/Mo74I6V
UK lawmakers introduced a bill in Parliament yesterday (Wednesday) that defines digital assets as “personal property” and categorises them as “things.” The proposed Property (Digital Assets etc) Bill would specify the category of digital holdings, including cryptocurrency, non-fungible tokens (NFTs) like digital art, and carbon credits.Legally Defining Digital AssetsAccording to the official press release on Wednesday, the proposed legislation aims to advance the country’s laws on digital assets. It would define digital assets that are not currently classified under existing laws and are in a legal grey area.The UK government further pointed out that “digital assets” is an extremely broad term, encompassing a variety of items, including digital files, records, and email accounts. However, the tabled bill will only apply to a subset of digital assets, specifically cryptotokens.“Things”If passed, the bill would create a new category of “things,” granting certain digital assets personal property rights. Under current UK laws, property is categorised in two ways: “things in possession,” which include assets like gold, money, and cars, and “things in action,” such as debts and shares.“Our world-leading legal services form a vital part of our economy, helping to drive growth and keep Britain at the heart of the international legal industry,” said Justice Minister Heidi Alexander. “It is essential that the law keeps pace with evolving technologies, and this legislation will enable the sector to maintain its position as a global leader in cryptoassets and bring clarity to complex property cases.”The bill is a response to the Law Commission’s 2023 report, which was commissioned to address barriers to recognising digital assets as property. The UK government also argued that the proposed legislation would offer legal protection to owners and companies against fraud and scams and would help judges resolve complex digital asset disputes.Meanwhile, the UKs Financial Conduct Authority recently revealed that it rejected over 87 percent of cryptocurrency registration applications in its latest reviewThis article was written by Arnab Shome at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/VZ5YIps
Fintokei, aproprietary trading company, has distributed over €4 million to its traders sofar this year. The prop firm, which runs under the Czech-based Purple Tradingretail broker, now processes more than 400,000 trades daily through itsinfrastructure.€4M Payout and 175%Increase in TradersThe averagepayout for successful traders stands at approximately €4,000, with the largestsingle payout in the Czech Republic reaching nearly €40,000. Since the end of2023, Fintokei has experienced substantial growth across key metrics, includinga 175% increase in traders, a 195% rise in purchased evaluation accounts, and a180% surge in overall turnover."The 4million EUR payout to our traders not only represents a major milestone forFintokei but also underscores our commitment to supporting and rewardingskilled trading professionals," David Varga, co-founder of Fintokei, commented."We're incredibly proud of the talented traders in our community who driveour success through their dedication and expertise."While somecompanies are distributing funds, others have been struggling with this issuefor six months. For example, The Funded Trader has been unable to settlepayments to its clients since March. This week, the proprietary trading firmissued a statement indicating that it has taken steps to expedite this process.Accordingto a survey conducted by PipFarm, 75% of all traders prioritize fast payoutsand clear trading rules over low prices or high profit shares.Fintokei’s ExpansionFintokeioperates in the proprietary trading space since 2021, where firms fund skilledtraders to trade various financial instruments such as currency pairs, stocks,and commodities. Unlike traditional trading, prop trading firms assume therisk, allowing traders to focus solely on performance and strategy development."Ourmission is to continue expanding and innovating to offer our traders the bestpossible conditions," Varga added. "This milestone is just thebeginning, and we look forward to further success in the future."In mid-June, the company announced that it was expanding its operations beyond Central Europe and Japan, which until then had generated 75% of the enterprise's revenues. Now, a company within the Purple Holding group is aiming to grow in Australia, Southeast Asia, and other parts of Europe. The significance of the Japanese market is highlighted by the fact that this year, popular tennis player Yoshihito Nishioka from the region joined the ranks of official ambassadors for the prop trading brand.This article was written by Damian Chmiel at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/v8od3Tw
The retailbroker Amega has announced a partnership with financial technology firm AcuityTrading, integrating the latter's AnalysisIQ tool into its trading platform.The move is designed to provide Amega's clients with access to advanced marketsignals and trading strategies.Amega Integrates AcuityTrading's AnalysisIQ Tool AnalysisIQ,developed by PIA-First, an FCA-regulated entity, combines human analystexpertise with AI-driven insights to generate trade ideas. These ideas comewith specific target levels, confidence ratings, and risk/reward ratios,typically exceeding 2:1 and sometimes reaching 5:1.Amega,which serves over 180,000 registered clients across 120 countries, will makeAnalysisIQ available through its newly released mobile application via APIintegration. The broker offers a range of tradable assets, including Forexpairs, stocks, indices, precious metals, and energies."Thispartnership reflects our dedication to providing cutting-edge technology andtrustworthy services,” Vadim Zhuravlev, CEO of Amega, stated. “By integratingAnalysisIQ, we empower traders with clear, actionable insights to enhance theirtrading experience.”Theintegration is expected to enhance Amega's existing platform features, whichinclude an Ideas Hub offering trading signals, market analytics, andeducational content. This week, FinanceMagnates reported that Amega has just welcomed a new Business DevelopmentManager, Gabriel Podașcă, who has previously worked in similar positions withmany popular brokers, including IronFX and Moneta Markets."Theintegration of AnalysisIQ, one of the best integrations we have seen a clientperform, will help Amega’s clients make more informed decisions and ultimatelyenhance their trading experience,” Andrew Lane, Acuity Trading CEO, added.“Many People Probably DoNot Understand What AI Is”The CEO ofAcuity spoke with Finance Magnates during iFX EXPO International 2024. Hediscussed a trend he refers to as "AIwashing." Lane compared"AIwashing" to "greenwashing," which involved companiestrying to appear environmentally friendly to earn sustainability points amonginvestors, but in reality, they were not. The scale and impact of greenwashingeven prompted regulatory bodies to take action.“There is alot to the word AI,” Lane said. “I understand it more in terms of machinelearning. The number of people saying, ‘Oh, we have AI and our product is AIthis,’ and they probably don't even understand what AI is.”In themeantime, his company partnered with Forex CRM provider Techysquad, to implementmore advanced market research tools. They aim to provide brokers and alsotrader with a more comprehensive platform for client relationship management.This article was written by Damian Chmiel at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/Cz9p2SP
London-listed IG Group (LON: IGG) ended the fiscal quarter between June and August, generating total revenue of £278.9 million, which was a 15 percent year-over-year increase. The broker highlighted that “higher revenue per client, supported by elevated volatility across a range of asset classes in early August,” boosted its revenue.Trading Revenue Is Back on TrackOut of the total figure, which also included interest income, IG generated £208.1 million from OTC derivatives, a 14 percent year-over-year increase, while exchange-traded derivatives revenue jumped 20 percent to £59.6 million. The remaining £11.2 million came from stock trading and investments.However, the number of active traders on the platform dropped by 1 percent to 263,200, which in turn boosted the revenue generated from each trader.The latest numbers came as IG’s annual pre-tax profit plummeted 11 percent to £400.8 million in the last financial year, while the net figure declined 15 percent to £307.7 million.tastytrade Pays OffThe London-headquartered broker further highlighted that it earned £36.8 million in net interest income in Q1 FY25, up from £34.4 million in the corresponding quarter of the previous year. Interest income from OTC derivatives stood at £13.7 million, while the figure for exchange-traded derivatives was £18.4 million.A significant portion of IG’s exchange-traded derivatives revenue comes from its US-based subsidiary, tastytrade, whose revenue jumped 18 percent in the quarter to $70.8 million, translating to a 17 percent year-over-year increase to £55 million in reported GBP terms. tastytrade saw a boost in overall revenue due to an increase in trading revenue, which rose to $47.1 million from $37.1 million in the first quarter of the previous fiscal year.Today's update also revealed that client cash balances in IG’s US business remained steady at $1.9 billion, the same as the end of the previous quarter, while for non-US markets, it dropped to £2.6 billion from £2.7 billion.Meanwhile, IG recently terminated its trading news and forex analysis website, DailyFX.This article was written by Arnab Shome at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/s02SDwh
Industry leading events have become one of the most important aspects of the Fall calendar, including the annual tradition of the Finance Magnates London Summit (FMLS). This yearly event has established itself as the go-to summit for industry elites, premium speakers, and C-suite executives. With only a few months to go, there are plenty of reasons to attend this year’s FMLS:24, held on November 18-20 at Old Billingsgate.No event does better job of traversing multiple industry verticals and attracting the highest quality attendees. FMLS:24 will be scaling up from year’s prior, now in its 13th year of operation. This includes more attendees, more speakers, more content, and more exhibitors than ever before.Whether you are a first-time attendee or returning participant, look for upwards of 3,500 registered attendees on site, with over 150 speakers and 120 exhibitors. As this year’s biggest financial summit in London, this is event you cannot afford to miss this November.The time to reserve your seat for this marquee event is now, with exclusive Early Bird prices, available for a limited time only. Hop on over to the event site and make sure to get your pass today!Experience London’s Biggest Financial EventFMLS:24 is all about networking opportunities, which should not surprise any returning attendees. The event routinely attracts high-level executives, decision-makers, and innovators from leading financial institutions, brokerages, fintech startups, and technology firms. Attendees can take advantage of premium networking throughout the event to build meaningful relationships, engage in valuable discussions, and create long-term partnerships. This includes meeting face-to-face with the biggest names and players to help expand any professional networks in the most impactful ways.Moreover, London Summit has got everyone covered with a diverse content track covering the online trading, fintech, payments, and crypto verticals. Explore a rich agenda packed with panel discussions, keynotes, and workshops led by industry experts.These sessions dive deep into current trends, regulatory updates, and emerging technologies shaping the financial industry. Stay tuned over the next month as the full-length agenda takes shape.With fintech and trading technology lying at the heart of FMLS, attendees can also immerse themselves in the latest tools and platforms. In recent years, these have become instrumental in shaping the future of finance, from blockchain innovations and artificial intelligence in trading to algorithmic platforms and payment solutions. The exhibition floor is particularly valuable for those seeking new products or services that can improve their trading strategies, risk management, or operational efficiency.Finally, look for the summit to attract participants from more than 70 countries, making it a truly global event. The international exposure allows businesses to learn about market conditions and trends in different regions. Nowhere else can attendees connect with potential global partners and gain insight into how global players are adapting to industry challenges. This can be particularly valuable for companies looking to expand into new markets.Have You Nominated Your Brand for the London Summit Awards?Each FMLS is capped off with a prestigious awards ceremony, where the industry’s best performing brands for the year are recognized for their accomplishments. The London Summit Awards are awarded by registered attendees who have the chance to vote directly, devoid of third-party interference. Nominations for these prestigious honors are currently underway and will be ending shortly. To make your voice heard or cast your nomination, access the following link.All participants are encouraged to head over to the nominations page, where you can login and begin the process that is easier than ever. All registered users are eligible to nominate any brand they wish for each category, with upwards of 27 different awards up for grabs. These awards cover the top performers in the…
Читать полностью…
Tickmill has gone a step further to support tradersahead of the upcoming US presidential elections by introducing a platform to helptraders navigate heightened market volatility. According to a LinkedIn post, the US Elections-Traders Hub will provide resources and insights for every trading level. Shifting Market Dynamics The outcome of the November 5, 2024, US electionscould dramatically shift market dynamics, affecting everything from stocks tocommodities. With such uncertainty, Tickmill aims to offer traders the right toolsto capitalize on the volatility using a new hub. The new hub offers data, expert analysis,and historical insights to help traders navigate election-induced marketfluctuations.“The United States presidential elections are set tobe held on November 5, 2024, Tickmill mentioned. “Traditionally, the periodleading to and following the elections has a significant impact on the stockmarket and other assets. This page has been developed in collaboration withtrading experts and analysts to help you optimize your trading journey duringthis time.”The US Elections are around the corner! 🇺🇸To help you navigate the markets in this period, we’ve teamed up experienced traders and analysts to gather key insights and data on our new US Elections Hub.The hub is packed with: 📊 Historical performance charts 🎥 Short,… pic.twitter.com/YTqlvGpIQi— Tickmill (@Tickmill) September 10, 2024The run-up to the US presidential election hashistorically triggered volatility across financial markets. Election periodstypically see investors reacting to policy expectations, with stock prices andother assets reflecting sentiment driven by the candidates’ platforms. For traders,this period brings both opportunities and risks as markets respond to theunpredictability of election outcomes.Volatility Across Financial MarketsThe hub also includes historical marketperformance charts that highlight how past elections have influenced differentasset classes. It also features short, digestible videos that break down markettrends and offer key takeaways for traders. The hub mainly focuses on five main asset classes: EURUSD, XAUUSD,VIX, USDJPY, and SP500. One of the standout features of Tickmill’s hub is itsbullish-to-bearish bar, which compiles perspectives from top market analystsand traders. This tool helps traders quickly assess the market sentiment andmake informed decisions based on expert viewpoints.Last month, Tickmill released financial results for the first half, highlighting a strong performance in the Middle East and North Africa (MENA) region. The company’s trading volumes expanded by 54%, surpassing $135 billion. The total number of clients, including active ones, reportedly soared to a record high. The company also launched interest rates on unusedfunds this year to enable traders to optimize their capital while diversifyingtheir investment portfolio. The platform reportedly offers interest rates of3.5%, 3.25%, and 2.5% on USD, GBP, and EUR wallets, respectively.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/uhQ52xY
Kraken, which is facing several allegations brought by the Securities and Exchange Commission (SEC), is now seeking a jury trial in the lawsuit against it, according to a court filing on Thursday. The exchange also argued that the existing legal frameworks do not cover cryptocurrencies, thus they cannot be termed securities.A Legal Pushback from KrakenFirst reported by Coindesk, the legal representatives of the US-headquartered crypto exchange reiterated their denial of any illegal conduct, responding to each allegation and presenting 18 other defences.The SEC moved against Kraken last November, alleging that it was illegally operating an unregistered securities exchange, broker, dealer, and clearing agency. Furthermore, the exchange has been accused of commingling customers’ money and crypto assets with its own.However, Kraken denied the allegations multiple times and even asked the court to dismiss the lawsuit earlier.Interestingly, Binance and Coinbase are also facing similar lawsuits brought by the SEC. However, Coinbase has not been accused of mixing customers’ funds with its own.Questioning the LegalityNow, Kraken's defence is based on interpretations of the Securities Act and the Exchange Act, as neither includes digital assets. Kraken's lawyers argue that the exchange did not register because it was not required to do so under existing laws.“Kraken did not violate Sections 5, 15(a) and 17A of the Securities Exchange Act of 1934 because ADA, ALGO, ATOM, FIL, FLOW, ICP, MANA, MATIC, NEAR, OMG, and SOL [...] are not securities or investment contracts,” the exchange noted in the motion filed in court. “The digital assets themselves cannot be investment contracts because they carry none of the rights and obligations of a share of stock, a bond, or any other financial asset that Congress has said is subject to SEC regulation.”Kraken also accused the regulator of overstepping its authority, further adding that it took action against the crypto exchange without due process and fair notice.“Due to the lack of clarity and fair notice regarding Kraken’s obligations under the law [...] Kraken lacked fair notice that its conduct was prohibited,” the filing added.This article was written by Arnab Shome at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/6dVcYrn
In a rare show of unity, Joe Biden’s White House, Kamala Harris, andeven Donald Trump — yeah, you read that right — all seem to agree on one thing:stopping Japan's Nippon Steel from scooping up U.S. Steel for a cool $15billion. This sudden confluence of political heavyweights is about as common asa unicorn at a dog show, and it’s thrown the whole corporate world into atizzy.The Nippon Steel acquisition was supposed to be a big deal. After all,Japanese firms have been pouring money into the U.S. like it’s the last partyon Earth, withnearly $783 billion already invested in various industries, from cars tochemicals to biotech. But now, thanks to a good old-fashioned Americanpolitical showdown, the deal is on life support, and the prognosis isn’tlooking great.Presidential Meddling: Not Exactly a U.S. TraditionHere’s the real kicker: U.S. presidents usually stay out of corporatebuyouts. But this time, the Biden administration has decided to slap down theproposal as a "national security threat." What’s behind this rareintervention? Political survival, of course. The stakes are high inPennsylvania — home to Big Steel and a crucial swing state for the next election.“It’s both factually and politically incorrect to call Nippon Steel a national security risk,” said the Toledo Blade’s editorial board about #USSteel’s proposed transaction with Nippon Steel. Read more to learn why this is the #BestDealForUSSteel. https://t.co/yPXUCIfssd— U. S. Steel (@U_S_Steel) September 12, 2024The White House’s move has ticked off Tokyo, which sees it as a slightagainst one of America’s most loyal allies. Japan has made the U.S. itsprimary investment destination, having dethroned the UK as the top foreigndirect investor in America about five years ago. Japanese corporations likeToyota and Astellas Pharma have thrown billions into U.S. ventures, but now thespigot might start to close if Washington keeps playing hardball.The Union’s Take: No Love for NipponIf you think this is all just some kind of political theater, thinkagain. The steelworkers’ union in the U.S. is digging its heels in, too.They’ve taken a hardstance against the deal, declaring it would be a disaster for Americanworkers. The union argues that selling off U.S. Steel to a foreign entity —even one from a friendly nation like Japan — could put jobs and nationalinterests at risk.Of course, the union’s opposition gives Biden a nice little politicalbonus: He gets to be the guy who stood up for American workers in a keybattleground state. It’s like hitting the election jackpot while appearing toprotect national security — a win-win for the administration, if not forNippon.Japan’s Reaction: "Seriously, America?"From Tokyo’s perspective, this whole thing feels like a bad episode ofa reality show where the rules keep changing. Japan Inc. is confused and alittle bit annoyed. After all, Japanese companies have been some of the biggestcheerleaders for Biden’s recent industrial policies, investing in green energy,EVs, and pharmaceuticals — all sectors supported by the InflationReduction Act and the CHIPSAct.Now, however, Japanese investors are feeling a little spooked. “At themargin, it might discourage some investors from putting the next dollar intothe U.S.,” saysa cautious Matthew Goodman from the Council on Foreign Relations. The ideathat a single deal could unravel decades of investment enthusiasm is a bitmuch, but then again, this is geopolitics we’re talking about — where logic oftentakes a back seat to posturing and power plays.Nippon Steel makes last ditch effort to win U.S. nod on US Steel deal, source says https://t.co/QNMi9hhQof pic.twitter.com/x58q8NSwPM— Reuters (@Reuters) September 11, 2024However, it does appear that the Japanese firm is still trying to save the deal, with executives from the two companies meeting in the US.The Bigger PictureOf course, looming over all of this is the upcoming U.S.presidential election. Trump, who is no fan of foreign takeovers unless he’sorchestrating them, has already promised to roll back Biden’s…
Читать полностью…
Finalto is pleasedto announce the appointment of Simon Ormrod as Chief Financial Officer. As CFO Ormrod willbe leading the global Finance team, responsible for safeguarding the company’s financialhealth and the company’s ability to support global growth initiatives.Finalto Group CEOMatthew Maloney said that Ormrod’s experience and financial expertise wouldbring skill and energy to the board. “Simon is a highly skilled CFO who hasalready demonstrated his ability to support our growth strategy. In this role,he will continue toelevate the Financial and operational governance required for a highlyregulated multi asset trading business.” Ormond is a ChiefFinancial Officer and Executive Director with board level Finance, Operations,Regulatory, Governance, and Risk management experience working with globalFintech and financial service companies. He is an experienced executive who hasled cross-regional finance teams and overseen complex regulatory and governanceframeworks. A fellow of theChartered Institute of Management Accountants (FCMA), Ormrod previously actedas Group CFO at Vantage Capital Markets and spent 14 years with electronictrading platform Liquidnet Europe Limited, where served as Executive Director,CFO, COO, and Global Head of Equities Business Management. Ormrodsaid: “This is an exciting time for Finalto, and I am looking forward toworking with everyone in the Company and the executive team executing on theCompany business plan”.This article was written by FM Contributors at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/mJ7hzWT
Finalto has appointed Simon Ormrod as the Chief Financial Officer. Previously VP for Finance at Finalto, Ormrod will be responsible for safeguarding the firm’s financial health and its ability to support global growth initiatives, the company said in a statement today(Thursday).Finalto Eyes Growth with New CFO Appointment“Simon is a highly skilled CFO who has already demonstratedhis ability to support our growth strategy. In this role, he will continue toelevate the Financial and operational governance required for a highlyregulated multi-asset trading business,” Finalto’s Group CEO Matthew Maloneymentioned.Simon Ormrod brings a wealth of experience to Finalto as hetakes on the role of CFO. Previously, he served as the Group Chief FinancialOfficer at Vantage Capital Markets, a position he held for nearly two yearsbased in London, the UK.Additionally, Ormrod has worked for notable industry brands.For 14 years, he held leadership roles at investment network Liquidnet, movingfrom a managerial position to later serving as the Chief Financial Officer,Director, and Global Head of Equities Business Management for EMEA. Theindustry expert has also worked for Colt Technology Services and GE Money.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/kU7BVav
The Securities and Exchange Commission (SEC) announced todaythat eToro USA LLC will pay $1.5 million to settle charges related to operatingan unregistered broker and unregistered clearing agency. The charges arise from eToro's trading platform, whichfacilitated the buying and selling of certain crypto assets classified assecurities. As part of the settlement, eToro has agreed to cease violatingfederal securities laws and will limit the range of crypto assets available fortrading.Federal Requirements ViolatedAccording to the SEC’s order, eToro has been operating asboth a broker and a clearing agency since at least 2020. The platform allowedUS customers to trade crypto assets considered securities without complyingwith registration requirements under federal law.“This settlement allows us to move forward and focus onproviding innovative and relevant products across our diversified US business.US users can continue to trade and invest in stocks, ETFs, options and thethree of the largest cryptoassets,” Yoni Assia, eToro’s Co-Founder and CEO,commented. “As a company serving over 38 million registered users frommore than 75 countries, the terms of the settlement will have a minimal impacton our global business. Outside of the United States, eToro users will continueto enjoy access to over 100 cryptoassets. As a global, multi-asset trading andinvesting platform we continue to experience strong growth and remain committedto becoming a public company in the future.”⚖️ eToro Settles with SEC for $1.5M@eToro has agreed to a $1.5 million settlement with the @SECGov over charges of operating as an unregistered broker and facilitating trades of certain crypto assets as securities.The SEC's order highlights eToro's failure to comply with… pic.twitter.com/5efZ8g7rz0— Mpost Media Group (@mpost_io) September 12, 2024eToro Agrees to SettlementIn response to the SEC’s order, eToro announced that onlyBitcoin, Bitcoin Cash, and Ether will be available for U.S. customers to trade.The company also confirmed that users will have 180 days to sell other cryptoassets before they are removed from the platform.The SEC stated that, without admitting or denying thefindings, eToro has agreed to a cease-and-desist order, to pay a $1.5 millionpenalty, and, within 187 days of the order, to liquidate any crypto assetsclassified as securities that it cannot transfer to its customers, returningthe proceeds to those customers.“eToro has been offering regulated securities across theglobe since before the invention of crypto. As an early adopter and globalpioneer of cryptoassets as well as a significant player in regulatedsecurities, it is important for us to be compliant and to work closely withregulators around the world.""We appreciate the importance of regulation toprotect consumers. We now have a clear regulatory framework for cryptoassets inour home markets of the UK and Europe and we believe we will see similar in theUS in the near future. Once this is in place, we will look to enable trading inthe cryptoassets that meet this framework,” Assia added.This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/9s4VPmt
Dutch neobank Bunq is launching a major hiring spreeto boost its workforce by over 70% in 2024, despite the challenges and job cuts in the fintech industry, CNBC reported.The company is adopting a new strategy to tap into the digitalnomad market and expand into the US and UK. Bunq has announced plans togrow its global headcount from 427 to 735 by the end of 2024, as companies likePayPal and Klarna significantly reduce their workforces. Expanding in a Tough MarketThe fintech company, which already operates across theEU, mentioned that this hiring drive is crucial to its ambitions to break intothe UK and US markets. Bunq is reportedly applying for banking licenses in bothregions, aiming to take on established players like Monzo, Revolut, and Chime.Bunq’s hiring strategy focuses on creating flexiblejob roles to attract employees who align with its target customers, digitalnomads. These are remote workers who leverage technology to work from anywherein the world, moving from place to place without being tied to a singlelocation. The company is launching a “tailored digital nomad”program, allowing new hires to work remotely from anywhere in the world. Thoughit’s embracing the flexibility of remote work. Bunq also plans to retain andexpand its physical office presence. The neobank intends to hire employees across itsvarious locations, including Amsterdam, Sofia, Munich, Istanbul, and New York.Bunq’s hiring spree stands in sharp contrast to the broader fintech sector,where many companies are downsizing to cope with economic headwinds.Fintech Giants Cut JobsThe pandemic saw a surge in hiring, but with risinginflation and higher interest rates, many fintechs have struggled to maintaintheir earlier growth. Coinbase, PayPal, and Klarna are among the companies thathave cut thousands of jobs over the past two years.Early this year, Bunq released its annual financial results, highlighting a profit of €53.1 million. The company’s profitability followed a 20% boost in gross income for the last quarter of 2023, while the gross interest soared 488%. Customer deposits rose from €1.8 billion to €7 billion. This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/7g4uAq9
Augusthas been a truly historic month for gold (XAU). Despite starting off at analready elevated level after more than a 5% increase in July, gold pricescontinued to move higher for most of August, setting a new all-time high of$2,531 per ounce (oz) on 20 August.Themonth has been packed with major market-moving events (see the list below),which have resulted in a rather bumpy ride for traders. Indeed, gold investorslived through intensifying geopolitical tensions in the Middle East and EasternEurope, experienced substantial volatility due to a major stock market rout anddigested increasingly dovish investors' interest rate expectations. As manytimes before, gold has once again proved its underlying value as a safe-havenasset and may continue to shine in the months ahead.Major market-moving events● 5 August. U.S. recession worries induced by a disappointing nonfarmpayrolls (NFP) report for July shook global markets. U.S. stock indices plungedto almost two-month lows, while Nikkei 225, Japan's benchmark stock index,recorded its worst two-day decline ever, dropping by 18.2%, exceeding thelosses incurred during the 1987 Black Monday crash. The gold market sawsubstantial volatility as the price of the bullion fluctuated between $2,360and $2,460 during a single trading session. Although gold managed to recoupsome of the losses later, overall, XAUUSD was down 1.5% that day. ● 8 August. Gold rose by almost 2% due to safe-haven demand and growingexpectations for a sizable interest rate cut from the U.S. Federal Reserve(Fed) in September. Overall, the market begins to expect more than 100 basispoints (bps) worth of rate cuts by the Fed over the course of just fourmeetings.● 12 August. Gold price rose another 1.7% ahead of the U.S. Consumer PriceIndex (CPI) report, while the market continues to price in more than a 50%chance of a 50-basis point (bps) rate cut by the Federal Reserve (Fed) inSeptember. In addition, renewed tensions in the Middle East stimulate moredemand for safe-haven assets as traders brace for retaliation by Iran againstIsrael over the assassination of a Hamas leader in Tehran.● 16 August. Gold surges more than 2% to a fresh one-month high as muchlower-than-expected U.S. housing data puts additional pressure on thegreenback, making gold more attractive for holders of other currencies.● 20 August. The gold price reached a new all-time high as traders continuedto bet on imminent interest rate cuts by the Fed while awaiting painfulrevisions to U.S. payroll data and Jerome Powell's speech at the Jackson Holeeconomic conference.Despitetemporary setbacks, gold continued to move higher in August, and the price ofyellow metal remained comfortably above its 100-day and 200-day movingaverages. Rising expectations for looser monetary policy in the U.S. andglobally, endless geopolitical tensions and political instability, and solidstructural demand on the part of central banks helped push the bullion's priceto an all-time high. In addition, the technical picture has been positive,resulting in trend buying by investors.Physicaldemand for bullion has been a key driver behind the rising price of gold in thefinancial markets. Just recently, a Hong Kong Census and Statistics Department(C&SD) report showed that China's net gold imports via Hong Kong in Julyrose by about 17% from the previous month. Although the data for August has notbeen released yet, it seems reasonable to infer that China's purchases probablyremained elevated given that the People's Bank of China (PBOC), China's centralbank, has granted new gold import quotas to commercial banks in anticipation ofrevived demand. This is important because China is the world's largest consumerof gold, and its buying patterns can influence the global market and affectprices. In fact, according to the World Gold Council (WGC), PBOC was theworld's largest single buyer of gold in 2023, with net purchases of 7.23million oz. According to global broker Octa's estimates, global central bankshave added more than 130 tons of gold to their reserves…
Читать полностью…
In today’s fast-paced financial markets,managing risk is paramount for traders, whether seasoned professionals ornewcomers. ATFX’s new Clients Fund Insurance product is designed to addressthese risks by offering an additional layer of protection for traders' funds. What is Clients Fund Insurance?Clients Fund Insurance is a specializedinsurance product designed to protect traders’ funds held in brokerageaccounts. It acts as a safety net, ensuring that traders’ capital issafeguarded against unforeseen events such as broker insolvency, fraud, orother financial mishaps. This type of insurance is particularly valuable involatile markets where the risk of financial instability is higher.How Does Clients Fund Insurance Work?Clients Fund Insurance typically involves apartnership between the brokerage firm and an insurance provider. The brokeragefirm pays a premium to the insurance provider, who in turn offers coverage forthe clients’ funds. The specifics of the coverage, such as the maximum amountinsured and the types of risks covered, can vary depending on the policy.In the event of a claim, the insuranceprovider assesses the situation and compensates the affected traders accordingto the terms of the policy. This process ensures that traders receive timelyand fair compensation, allowing them to resume their trading activities withminimal disruption.But how exactly does this productbenefit traders? Let’s take a closer look.1. Enhanced Protectionand Peace of MindOne of the biggest concerns for tradersis the safety of their funds. Unexpected market events or financial instabilitycan result in significant losses. With Clients Fund Insurance, traders can restassured that their deposits are safeguarded, offering peace of mind inuncertain times.This added protection minimizes thefinancial impact of unforeseen circumstances, allowing traders to focus ontheir strategies rather than worrying about potential fund depletion.2. Mitigating BrokerInsolvency RiskWhile ATFX prides itself on being atrusted broker with strong financial backing, the Clients Fund Insuranceproduct adds an extra layer of security by protecting against insolvencyrelated risks. In the unlikely event of broker insolvency, the insurancecoverage helps ensure that traders’ funds remain intact, further fosteringconfidence and trust.3. Increased Confidencein TradingBy knowing their funds are protected,traders are more likely to engage in trading activities with confidence. Thiscan lead to more proactive strategies and willingness to explore newopportunities. Clients Fund Insurance not only protects capital but alsoencourages traders to make bolder, well-informed decisions without the constantfear of losing their investments due to factors beyond their control.4. Competitive Edge forATFXATFX’s decision to introduce Clients FundInsurance sets it apart from competitors. As regulatory environments continueto evolve, traders are increasingly looking for brokers that go above andbeyond standard practices. By providing this insurance, ATFX reinforces itscommitment to protecting clients and enhancing trust, making it a broker ofchoice for those who prioritize fund security.ConclusionIn an industry where trust and security are paramount,ATFX’s Clients Fund Insurance standsout as an essential tool for traders. It not only provides peace of mind andmitigates risks but also empowers traders to pursue opportunities with greaterconfidence. With this product, ATFX continues to solidify its position as abroker that places clients' interests and security at the forefront.This article was written by FM Contributors at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/3NpRFgV
Let’s talk about how technology and AI in marketing are changing the game for businesses. We all know how much we rely on our smartphones, tablets, laptops, and even smartwatches to stay connected and get things done. Social media makes it super easy to communicate and share ideas, and the internet has completely reshaped how we shop, learn, and even job hunt. With the rise of artificial intelligence in marketing, especially in the financial world, we’re seeing some really exciting developments.This is all about understanding how AI helps us figure out mobile users' behavior and makes marketing strategies with AI way more effective.How AI Influences User BehaviorTechnology plays a huge role in shaping how we act as consumers. It’s now easier than ever for customers to jump from one platform to another if they’re not satisfied. That’s where mobile devices and AI tools come in.Key benefits:Analyzes vast amounts of data in real-timePredicts customer preferences based on behavioral patternsPersonalizes user experiences to enhance engagementIncreases customer retention through targeted messagingThese tools help businesses predict and analyse what customers want, making marketing efforts more personalized. Back in the 1950s, AI started gaining attention, and now it’s helping businesses process data to create personalised strategies. AI and data analytics are important for businesses to stay competitive and deliver better customer experiences.An example of PMax campaignWith PMax, the AI-driven tool took over the heavy lifting by analyzing customer data across platforms like search, display, YouTube, and Gmail. The goal was simple: deliver the right message to the right audience, regardless of where they were online. Within weeks, the PMax campaign started delivering the first results. and by the end of the campaign, the conversion rates are 25% higher than the traditional campaigns, as the AI automatically optimized ad placements and budget allocations.It also provided real-time insights, revealing that younger customers engaged more with YouTube videos, while older clients preferred detailed search and display ads. So in this case, we took full advantage of AI in the PMax campaign; we were able to increase lead generation while reducing ad spend, conversion rate, and cost/conversion. This not only improved the performance but also allowed us to target specific customer segments with highly personalized content.AI in Mobile MarketingMobile marketing is all about getting the right info to the right people, anytime and anywhere. It allows businesses to fine-tune their strategies based on gender, age, and location.As technology evolves, AI in mobile marketing brings more interactive, visual, and audio experiences, making marketing more effective. But let’s not forget about the challenges—small screens and ad fatigue can mess with the user experience.Research shows that success in mobile marketing comes down to factors like entertainment, personalization, and trust. People respond well to engaging content but get turned off by repetitive, annoying ads.Factors Influencing Mobile User BehaviorA bunch of things affect how people use mobile devices—income, age, gender, occupation, and even socio-cultural elements like beliefs and family. for example: Younger users might focus on fashion, while older users are more into household goods.Economic factors also play a big part in purchasing decisions. When it comes to mobile marketing, how people feel about the benefits and risks of sharing their data is huge. AI steps in by helping businesses analyse user behavior and deliver more personalised experiences, which improves marketing strategies.Personal Factors (Age, Gender, Occupation): 35%Socio-Cultural Factors (Beliefs, Family, Values): 20%Economic Factors (Income, Pricing, Spending Habits): 25%Technological Factors (Ease of Use, Privacy Concerns): 15%Psychological Factors (Trust, Device Attachment): 5%Source: Finance Magnates IntelligenceRole in Marketing StrategiesAI has a massive impact…
Читать полностью…
Tradu, a multi-asset trading platform, has entered into astrategic partnership with TradingView, a provider of real-time data,customizable charts, and technical analysis tools.Tradu Partners with TradingViewThrough this partnership, Tradu’s clients will gain accessto TradingView’s advanced charting library. This allows users to analyzemarkets, create custom charting templates, and execute trades usingTradingView’s interface within the Tradu CFD system. The integration offers asingle-sign-on feature and comes at no additional cost to users.“Our goal at Tradu has always been to provide our clientswith the most sophisticated tools available to enhance their trading experience,”Brendan Callan, CEO at Tradu, commented.“TradingView has proven itself to be a leader in chartingand trading solutions, and we are thrilled to offer its platform to our clientsat no additional cost. This partnership aligns perfectly with our mission todeliver cutting-edge resources that empower active traders and investors tosucceed.”Tradu Partners with TradingView to Bring Best in Class Charting and Trading Tools to Global Clients https://t.co/1Upt9MA00K pic.twitter.com/yRUHhG36CZ— Latest News from Business Wire (@NewsFromBW) September 12, 2024Meanwhile, Tradu, a subsidiary of Jefferies Financial GroupInc. (NYSE: JEF), haslaunched a new cryptocurrency exchange, as reported by Finance Magnates. The platformoffers over 40 coins, including Bitcoin and Ethereum, and is designed foractive traders and investors, focusing on low, transparent fees.Real-Time Market IntegrationThe new tools provided include over 110 drawing tools, morethan 100 technical indicators, and over 10 chart types. It also offers tradingdirectly from charts, displaying multiple charts simultaneously, customresolutions, and advanced price scaling. Additionally, the tool includesserver-side storage for watchlists and settings, as well as market news fromTradu's newsfeed. “As a new platform,we find Tradu in a unique position in the market considering they are buildingall new technology and leveraging the best in class charting tools – amongother great resources for traders,” Pierce Crosby, General Manager atTradingView, said. “We will work closely with the Tradu team to bring newproducts to market and give traders the ability to trade multiple asset classesall from a single platform.”This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/ytZGsfF
Bitcoin’s reliability, security, and status as a premierstore of value have kept it firmly on top as the king of cryptocurrency.Despite its notorious volatility, Bitcoin continues to draw in seasonedinvestors and those just starting.If you’re new to digital assets, you might wonder howto buy Bitcoin in 2024.Whether you’re curious and want to dip your toes into theworld of crypto or you’re ready to dive in headfirst, this guide will walk youthrough everything you need to know about buying Bitcoin.The Best Places to Get Your Hands on Bitcoin (BTC)Wondering where to buy Bitcoin? Here’s where you can do it.Cryptocurrency exchangesThese platforms allow you to buy and trade Bitcoin easily.Pros:Easy to use. Great for anyone, whether you’re new or experienced.Safe and secure. Your BTC is well-protected.Lots of options. You can buy Bitcoin and many other cryptocurrencies.Flexible payments. Use your credit card, bank transfer, or even PayPal for your purchase.Bitcoinwallet providersThese providers let you purchase BTC and store it securelyin a wallet.Pros:Convenient. Buy and store your BTC in one place; no need for multiple accounts.Secure. Store your BTC safely with top-notch protection.Control. You have complete control over your crypto, especially with self-custody wallets.Flexible payments. Bank transfers, credit cards, and PayPal are payment options when buying crypto from Bitcoin wallet providers like Ledger.These options make buying and securing Bitcoin simple.Safeguarding Your Bitcoin Like a ProOnce you’ve bought Bitcoin, keeping it safe is the nextcrucial step. Here’s how you can protect it.Not your keys, not your coinsIf you don’t control your private keys, you don’t trulycontrol your Bitcoins.Why? If your BTC is stored on an exchange, it’s at risk ifthe exchange gets hacked or goes down.So, make sure to manageyour private keys to ensure that only you have access toyour precious crypto.Store Your Bitcoin (BTC) on a self-custody walletNothing beats a self-custody Bitcoin wallet for keepingyour BTC safe.But what is it? It’s your personal digital safe, giving youcomplete control over your crypto.Why choose Ledger?Among the many options, the Ledger Bitcoin walletstands out. Here’s precisely why.Top-notch security. The Ledger wallet keeps your private keys offline, away from potential online risks.User-friendly. Despite its strong security, the Ledger Bitcoin wallet is simple to set up and use, even for beginners.Trusted worldwide. Millions trust Ledger for securely storing their Bitcoin.For these reasons, Ledgerself-custody Bitcoin wallet is clearly one of the bestBitcoin wallets—it protects your BTC and ensures it’s fully yours.5 Simple Steps to Buy Bitcoin TodayBuying BTC is simple when you follow these five easy steps.1) Set up your Ledger Bitcoin wallet.Start by buying a Ledger Bitcoin wallet andsetting it up to store your BTC securely.2) Decide how much Bitcoin (BTC) to purchase.Determine how much Bitcoin you want to buy—remember, youcan purchase just a fraction.3) Pick your preferred payment method.Select your preferred payment method: a credit card, banktransfer, or PayPal.4) Choose your OnRamp provider for a smooth transactionPick an OnRamp provider to help you convert your money intoBitcoin easily.5) Make the payment and receive your Bitcoin (BTC)Complete the payment, and your Bitcoin (BTC) will be sentdirectly to your Ledger wallet.And that’s it! You’ve successfully purchased your ownBitcoin.Smart Alternative Ways To Buy Bitcoin (BTC)If you’re exploring different ways to purchase Bitcoin,here are some easy options.Bitcoin ATMsThese ATMs let you buy Bitcoin using cash, making theprocess quick and simple.How it works: Insert cash into a Bitcoin ATM, and it will send the crypto directly to your wallet.Peer-to-Peer (P2P) exchangesThese exchanges allow you to purchase BTC directly fromother people, giving you more flexibility in payment.How it works: Buy Bitcoin directly from another person by agreeing on the price and payment method.Traditional stockbrokersSome stockbrokers…
Читать полностью…
While TheFunded Trader (TFT) has made many promises to its investors over the past fewmonths, for most, the only important issue remains recovering their frozenfunds. The prop firm has been grappling with regular payout problems since lateMarch. However, this week it presented a solution aimed at expediting theresolution.TFT to Inform Traders ifThey're "Eligible" for PayoutThe propfirm announced through its official Discord that it has sent emails to userswaiting for funds since March 28, when payouts were suspended, informing themif their withdrawal qualifies.Moreover,TFT is launching a new type of challenge, with part of the profits earmarkedfor clearing backlogged payouts."Allpayouts, revenue, and funds available will be publicly displayed so you cantrack the progress in real-time," commented a Discord user named TheFunded Trader Admin, likely CEO Angelo Ciaramello. "We know the wait hasbeen too long, but we are committed to honoring every payout."Users on X(formerly Twitter) widely confirmed receiving emails containing similarinformation, along with the amount due for payout.I received it too . But i didn t received the payout yet . I will come with an update if i receive it . pic.twitter.com/80sjXMZULs— 1aru (@1ruuuu1) September 10, 2024Whetherthis update will actually speed up the payout process or is merely asmokescreen to appease increasingly irritated traders remains unknown.In anupdate from a few weeks ago, the prop firm reported that it had managed torepay 30% of its outstanding debts to traders and 55% to affiliates.Additionally, The Funded Trader informed users that it's addressing issuesrelated to traders whose accounts were breached in March and those on DXTradewho were "wrongfully breached" due to server errors.New Company, New Platform,and New ClientsIn July,the controversial prop trading firm announced plans to launch a new entitycalled The Futures Traders, which would focus on the futures market. However,as with many other TFT announcements, clients haven't received any additionaldetails, and the project's status remains unknown. The idea was met withsignificant outrage from traders who are still struggling to recover theirfunds.Exciting news!We’re launching The Futures Traders, a new futures firm focused on smooth operations and sustainability.Stay tuned for more details, including our website and dashboard preview!#FuturesTrading #TFTUpdates pic.twitter.com/FBmFmbbMsb— The Funded Trader (@thefundedtrader) July 26, 2024However, TFT occasionally manages to deliver. This was the case with the equally hypedlaunch of the Match-Trader platform. Although the premiere faced considerabledelays and took nearly three months, prop firm clients have been able to usethe platform since the end of last month.Last week,TFT also announced that it had opened its new platform and the existing one, DXtrade,to users from additional parts of the world, including the United States.Since theMetaQuotes crackdown in the prop trading industry in February, many firmssuspended services for US clients but have gradually found ways to offer theirproducts to them again.This article was written by Damian Chmiel at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/5LemjiY
As the EMIR REFIT comes into effect in the UK, it is likely to consume compliance departments and staff involved in the firm’s trade reporting for long days in the coming weeks. Ultimately, we expect to see a successful ‘Go Live’ on 30 September 2024 (UK Go Live), noting the EU version already commenced on 21 April 2024 (EU Go Live). Most firms will be able to submit reports in the first week, with any internal teething issues and trade reporting bugs being ironed out in the first month or two.Background to EMIR and REFITThe European Markets Infrastructure Regulation (EMIR) governs (amongst other things) the reporting of derivative transactions to a Trade Repository.REFIT (the European Commission’s Regulatory Fitness and Performance Programme) was launched in 2012. It is a mandatory regulatory update to EMIR and applies to other regulations. In 2017, ESMA rolled out the first EMIR REFIT, which added additional collateral fields and the country of counterparties. After this point, things started getting interesting and active.What is UK EMIR REFIT?After Brexit, EU EMIR was transcribed into UK law. This means that subsequent edits made by the EU through REFIT processes are not automatically updated in the UK but rather require a separate update process (which so far has largely been the same but is expected to diverge further as time goes on).In February 2022, in a UK EMIR consultation paper, the FCA indicated that it proposed to harmonise UK EMIR REFIT with EU EMIR REFIT, as well as with global CPMI-IOSCO reporting data components.What Are EMIR REFIT’s Main Objectives?EMIR REFIT primarily has two main objectives:Harmonisation across similar global derivative reporting legislation.Improved data quality and scope, achieved by the addition of several fields and the adoption of XML and its associated validationsHow Is It Looking So Far?Going live in the month of September has created a resourcing issue for many firms due to staff taking their usual summer holidays (and the general slowdown) in July and August.The UK Trade Repositories appear to have learned from the EU rollout of EMIR REFIT and decided to copy and migrate some real trades to the User Acceptance Testing (UAT) environment for full lifecycle testing.The Unique Product Identifier (UPI) System by ANNA-DSB also seems to be working smoothly. This is mainly due to the phased global implementation dates, with the US and the EU preceding the UK Go Live. As all these regimes are using the same methodology, it means that 95% of the UPIs are already registered.Pairing and matching is great when it works, as it allows a firm to see what values their counterparty has reported. This provides a kind of real-time audit and reconciliation between the two parties, so if one party gets a value wrong, hopefully their counterparty will get it right! The parties will then engage in dialogue on their conflicting data values and both improve their processes in near real time.What Are the Biggest Challenges Likely To Be?Although the regulatory frameworks are clear, the reporting might be tricky at times. Some areas where companies might face challenges include:Unique Trade Identifiers (UTIs) are still a major source of problems. The “waterfall” approach is not a great solution as it usually relies on sharing the UTI after the trade. This means it has to be created, sent, re-ingested, and attached to the original trade. It is usually done manually, which seems contrary to ISDA and IOSCO’s concept of “digital trade reporting.”Due to the difficulty of real-time UTI sharing, many investment firms are delegating reporting to their counterparties—leading to both sides of the trade being reported the same and eliminating any checks and balances from pairing and matching.XML and TR validations are still extremely tight and cumbersome compared to the predecessor system based on CSV files. Firms hoping to fulfil their trade reporting by manually filling in some of the supplied XML templates may be sorely disappointed. We saw this play out in the…
Читать полностью…
Kuady, the leading payments serviceprocessor, for Latin America, has today announced the launch of the Kuady Card,an innovative virtual prepaid Mastercard now available to users in Peru. Thenew card is designed to provide a secure, flexible, and convenient way for usersin the region to make payments.Online merchants will be able to pay outdirectly to Kuady accounts, enabling them to build stronger relationships withtheir customers by providing a faster, more efficient payment method.The Kuady Card, integrated into the Kuadyapp, allows users to make secure online purchases with any merchant acceptingMastercard using their Kuady wallet balance. With this integration, consumerswill benefit from instant access to their payouts, allowing them to spend theirmoney immediately without delays. This seamless experience means they can usetheir Kuady card to make purchases directly from their account, simplifyingtransactions and offering greater spending flexibility. Users will also have the option to request aphysical card for in-store purchases.The launch marks the first step in Kuady’sbroader strategy to expand its services and provide users with more versatile andsecurer payment options. By leveraging Mastercard’s robust and secure paymentinfrastructure, Kuady aims to deliver a seamless and reliable paymentexperience.Lorenzo Pellegrino, CEO at Kuadysaid: “We are thrilled to introduce the Kuady card to our users in Peru, wherethe demand for flexible and secure payment solutions is rapidly growing. Thelaunch of our virtual prepaid Mastercard is a significant milestone for us. Itnot only expands our service offerings but gives our customers greater controland convenience in managing their financial transactions. We understand thatour customers value both security and flexibility when managing their finances.The Kuady card offers our customers a new way to shop online securely, with theadded benefit of future integration into mobile wallets for seamlesscontactless payments.”About KuadyKuady is theregistered business name of Open Payment Technologies Ltd a companyincorporated in the Isle of Man under company number 136352C with its registered office atSecond Floor, The OldCourt House, Athol Street, Douglas, Isle of Man, IM1 1LD. Open PaymentTechnologies Ltd is licensedand regulated by the Isle of Man Financial Services Authority to carry onElectronic MoneyTransmission Services and is managed on a day-to-day basis by MarioRicciardi – Managing Director who is located in the Isle of Man.Launched in July2024, Kuady is a digital wallet app that aims to revolutionize financialmanagementfor merchants and users worldwide. With a focus on innovation,user-friendliness, and financialinclusion, Kuady provides diverse payment methods and a range of benefits formerchants and usersalike.To learn more about Kuady, visit https://www.kuady.com.This article was written by FM Contributors at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/5vmxHlG
Cyprus-headquartered BDSwiss has recently witnessed the departure of at least nine employees, including several top executives, in the past few days, Finance Magnates has learned. Additionally, dozens of traders on the platform have raised concerns about withdrawal issues.Out of the 36 reviews of BDSwiss on Trustpilot in the last 30 days, 31 were negative and related to withdrawal issues.BDSwiss Discontinuing Operations in "Certain" RegionsMeanwhile, BDSwiss has confirmed to Finance Magnates that they are restructuring their business and will discontinue operations in “certain geographical regions,” without specifying any jurisdiction.“BDSwiss has made the decision to refocus and restructure its current business,” the broker wrote in a statement shared with Finance Magnates. “After assessing its global operations, management has decided not to continue operating in certain geographical regions. This decision has also impacted the staff at the headquarters.”The departed employees from the Cyprus offices of the broker include Achilleas Achilleos, the Chief Marketing Officer at BDSwiss; Nicole Heinrich, the former Chief Sales Officer; Marios Morfakis, the ex-Global Head of Sales; Nita Georgiadou, the former Head of Account Opening; and Vanessa Joyce, the former Country Manager. Hassan Ibrahim, the former Head of Business Development, left the Dubai office of the broker. Finance Magnates confirmed that at least nine people left the broker from its Cyprus and other offices.There were also some departures among the remote teams of BDSwiss, which include Richard Jones, the broker’s Country Manager for Ghana, and two Market Analysts, Assumang Da-costa and Adnan Rehman, one based in Ghana and the other in Pakistan, according to their LinkedIn profiles.Finance Magnates confirmed the exit of at least 9 employees, but a source informed the publication that the actual figure is much higher.Departure of Top ExecutivesAchilleos was BDSwiss’ Chief Marketing Officer for the past couple of years. His other industry experience includes being the Marketing Executive of Skilling, another CFDs broker, and the Creative Director of ForexTime (FXTM). He also headed the marketing efforts of AGP Law Firm, Impact Tech, and a few other companies.While Achilleos worked for BDSwiss for just over two years, Heinrich separated from the broker after more than eight years. She joined BDSwiss in mid-2016 as the German Account Manager and then climbed the corporate ladder to hold the position of Chief Sales Officer before her departure.Georgiadou was another long-time BDSwiss employee who separated after almost six years. Morfakis also exited from BDSwiss’ Cyprus office and was the Global Head of Sales for about two years.BDSwiss Is Facing Withdrawal IssuesAnother interesting development is that the Trustpilot page of BDSwiss has received a wave of negative reviews in the last few days. All the complaints are about withdrawal issues traders were facing on the brokerage platform."It's been more than a week that I've been waiting for a withdrawal. The only thing that support says is, 'Sorry for the inconvenience, we are processing your withdrawal, we are having technical difficulties,'" one trader from Bolivia wrote on Trustpilot. "You are not a serious broker."Another trader from Nigeria wrote: "I think BDSwiss is about to fold up anytime soon because most of the affiliate managers that work with them no longer pick up their calls nor respond to messages."BDSwiss continued in its statement: "The industry has been facing challenges in recent months and only the most competitive brokers will survive. As part of its restructuring process, BDSwiss has experienced difficulties with delayed payments and withdrawals. However, all issues are being reviewed and will be resolved. We expect to share further positive news in the near future. We will reach out to you with updates."This article was written by Arnab Shome at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/RIqgBth