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In thefirst half of this year, Victor Gherbovet, who previously collaborated with theFX/CFD broker Admirals for over a decade, decided to launch his ownsoftware-as-a-service (SaaS) technology company, FirstByt. Now, as FinanceMagnates exclusively learned, the company is introducing a white-labelsolution for firms looking to launch their own decentralized cryptocurrencyexchange (DEX) within a few days.FirstByt Launches DEXWhite Label Solution on Solana, Eyes Multi-Chain ExpansionFirstBytunveiled itsfirst products in April this year, though the company had been indevelopment for the past few years. Now, as Finance Magnates haslearned, the company is introducing one of the first DEX white label solutionson the market, dubbed DexTrader.PRO starting with the Solana blockchain.Theplatform, which can be deployed in just 24 to 48 hours, offers a suite ofcustomizable features including SWAP functionality, limit orders, anddollar-cost averaging (DCA) tools. As Gherbovet stated exclusively for FinanceMagnates, this fast setup time represents an important shift in an industrywhere DEX deployments typically require more extensive timeframes."Whilewe're starting with Solana due to its high-speed and low-cost transactions,we're actively planning to expand to other prominent blockchains like Ethereum,Binance Smart Chain, and Polygon," the FirstByt’s CEO and Co-Founder added.However, themove towards multi-chain compatibility is part of FirstByt's strategy to bridgethe gap between decentralized finance (DeFi) and traditional finance (TradeFi)."We'reaiming to introduce decentralized money management features alongsidetraditional financial instruments like Forex, commodities, and Indices,creating a comprehensive solution for both crypto-native traders and thosetransitioning from traditional markets."🚀 The future of finance is decentralized! 🚀We are on the cusp of a new era of innovation. The future is decentralized, and it’s being built today! If you haven't already, now is the time to start investing in products and services that drive blockchain adoption.At FirstByt,… pic.twitter.com/dODyrMrIFc— FirstByt (@first_byt) September 14, 2024FirstByt'swhite-label solution offers customization options for businesses. These includeuser interface personalization, feature selection, and the ability to setcustom commission and fee structures. "Our goal is to provide businesseswith the flexibility to tailor the platform to their specific needs whileleveraging our robust technology," Gherbovet added.Security alsoremains a priority for FirstByt. The platform incorporates multiple layers ofprotection, including smart contract audits, decentralized custody, andencryption measures to safeguard users and their assets.The launchof FirstByt's DEX solution comes at a time of growing competition betweendecentralized and centralized exchanges. As the crypto industry placesincreasing emphasis on security and transparency, DEXs are emerging as viablealternatives to traditional centralized platforms.Gherbovet is not the only former Admirals executive who decided to go independent this year. Previously, Bartosz Bielec, a market veteran with 20 years of experience, launched a new CFD business named Prime Quotes. Bielec had previously served as a long-time director and Board Member at Admirals and was also the Chief Commercial Officer at Alpari.This article was written by Damian Chmiel at www.financemagnates.com.
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UniCredit has acquired a 4.5% stake in Commerzbank from theGerman government. The purchase was made after discussions between the Italianbank and the German authorities. UniCredit’s CEO, Andrea Orcel, stated in aninterview with the Italian newspaper Il Messaggero that the German governmentviews UniCredit as a reliable and suitable investor.UniCredit Becomes Largest ShareholderOrcel mentioned that he had travelled frequently betweenGermany and his family’s holiday location this summer as part of thenegotiations. He emphasized that the transaction reflects trust in UniCredit'sstability and intentions. The bank had already acquired a similar stake inCommerzbank from the market, making it the largest private shareholder in theGerman bank.Despite UniCredit’s increasing involvement, Orcel ruled outthe possibility of a hostile takeover or unsolicited bid for additional shares.He described such actions as aggressive, saying they are not part ofUniCredit’s current strategy. Instead, the bank will seek regulatory approvalto potentially increase its stake to 29.9%, the maximum threshold beforelaunching a full takeover.It must be said now that the German government made a serious mistake when it sold its shares in Commerzbank to UniCredit, in terms of craftsmanship of course, but above all in terms of the result, the now possible takeover of Commerzbank by UniCredit@Bundeskanzler #Commerzbank pic.twitter.com/BaeApcnvW6— EU Citizen 🇪🇺 🇩🇪 🎼 🎸 (@HeineGiessen) September 16, 2024Sale Sparks Controversy in GermanyThe outcome of the sale has caused some controversy inGermany. Reports suggest that the government did not anticipate UniCredit’sinterest, though the bank ultimately emerged as the highest bidder in thegovernment’s auction for the stake.In a separate interview with the German newspaperFrankfurter Allgemeine Zeitung (FAZ), Orcel confirmed that UniCredit is notunder pressure to raise its stake in Commerzbank. He also noted that the bankmay consider selling its current holdings in the future if conditions change.This article was written by Tareq Sikder at www.financemagnates.com.
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The Securities and Exchange Commission (SEC) has taken action against another decentralised finance lending platform, as the regulator charged Rari Capital and its co-founders, alleging that they operated an unregistered broker, offered unregistered securities, and misled investors.Announced yesterday (Wednesday), the complaint also named the platform’s three co-founders: Jai Bhavnani, Jack Lipstone, and David Lucid. The company and the individuals have already settled the charges with the regulator.Another Crypto Lending Platform BustedRari offered investment products, Earn pools and Fuse pools, which, according to the SEC, functioned as crypto investment funds as they allowed investors to deposit cryptocurrencies in lending pools and receive returns. The regulator alleged that the platform violated federal securities law with both of its offerings and also by selling the Rari Governance Token.Although the platform offered automatic rebalancing of crypto assets into the highest yield-generating opportunities available, in reality, the rebalancing often required manual input and sometimes failed to initiate. The regulator further found that the DeFi platform and its co-founders touted high returns to investors but did not reveal the various fees, which significantly impacted the returns.Additionally, the regulator alleged that Rari’s Fuse platform was an unregistered broker.“We will not be deterred by someone labelling a product as ‘decentralised’ and ‘autonomous,’ but instead will look beyond the labels to the economic realities, as we did here, and hold the individuals behind crypto products and platforms accountable when they harm investors and violate the federal securities laws,” said Monique Winkler, Director of the SEC’s San Francisco Regional Office.Charged and SettledAlthough the platform and its co-founders settled, none of them admitted or denied any allegations. They also consented to “permanent injunctions, conduct-based injunctions, civil penalties, [and] disgorgement with prejudgment interest.” However, the amount has not been revealed yet.The co-founders also agreed not to hold any officer or director roles in any company for the next five years.Earlier, the SEC took action against multiple crypto lending platforms and their executives. Most recently, the regulator alleged that Abra had failed to register its retail crypto lending programme.This article was written by Arnab Shome at www.financemagnates.com.
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The UK unit of Hantec Markets ended 2023 with an annual turnover of over £6.8 million, an increase of almost 24 percent from the previous year. However, the company turned an operating loss of £47,437 compared to a profit of £36,058 in 2022.Expenditure to an InvestmentAccording to the filing with Companies House, the forex and contracts for differences brokerage operator detailed that the operating loss was caused by additional IT expenditure incurred towards the end of the year due to the introduction of a new technology strategy.Due to the IT expenditure, the annual administrative expenses of the company jumped to almost £6.9 million from the previous year’s £5.5 million.“We anticipate that this investment in the development of new technologies will contribute significantly to the future profitability of the business,” the filing stated, adding that “the directors expect that the company's financial results next year will return to profitability.”A Year with a LossConsidering interest expenses, Hantec Markets’ pre-tax profits from its UK business sank to £51,542 from 2022’s profit of £51,084. After taxes, it netted a loss of £55,418 from a profit of £24,824.The loss also reduced the company’s assets, which marginally slipped to £5.39 million from £5.45 million in the previous year.“The company's business developed generally in line with the board's expectations, and the results for the period and the financial position at the period end were considered satisfactory, given the increasing competition and regulation within the sector,” the filing added.The UK unit of Hantec Markets is a subsidiary of its Hong Kong-based parent. It is also regulated in Australia and offshore jurisdictions like Mauritius and Vanuatu. Recently, Hantec introduced a $500,000 client fund insurance underwritten by Lloyd's of London.Meanwhile, Hantec is also expanding and has become one of the first brokers to enter the growing prop trading market.This article was written by Arnab Shome at www.financemagnates.com.
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TheAustralian Securities and Investments Commission (ASIC) has receivedexpanded regulatory powers as part of a reform of the country's financialmarket infrastructure (FMI) laws, aimed at bolstering stability and efficiencyin the Australian financial system. ASIC Gains Enhanced Powersin Australian Financial Market TheTreasury Laws Amendment Bill 2024, which received Royal Assent on September 17,introduces a suite of new measures designed to strengthen oversight of keyentities that facilitate trading in Australia's capital markets. These entitiesinclude financial market operators, benchmark administrators, clearing andsettlement facilities, and derivative trade repositories. "Thenew laws ensure we have a fit-for-purpose regulatory regime for criticalfinancial market infrastructure. These enhanced powers help ASIC ensure theAustralian financial system is supported by resilient, efficient, and stableFMIs,” Simone Constant, the ASIC Commissioner, commented.Keyprovisions of the bill include:Introductionof a crisis management and resolution regimeEnhancementof licensing, supervisory, and enforcement powers for ASIC and the Reserve Bankof Australia (RBA)Streamliningof roles and responsibilities between the Minister, ASIC, and the RBAThelegislation also clarifies the scope of the Australian licensing regime foroverseas markets and clearing and settlement facilities, while empowering ASICto establish rules promoting fair and effective service provision by licensedclearing and settlement facilities. "Weare reviewing our approach to the regulation and supervision of FMIs to ensurethat we make the most effective and efficient use of our expanded powers,"Constant added. "We will work closely with the RBA and industry to developand provide information and guidance on the use of our new powers across thismulti-year program of change." The reformsstem from recommendations made by the Council of Financial Regulators in July2020, addressing regulatory gaps identified in previous government reports andinternational reviews. ASIC has announced plans to update its regulatoryguidance to assist industry compliance with the enhanced framework, signaling aperiod of adjustment as the new regime takes effect.Last month,ASICinitiated a pilot program for a new digital portal designed to facilitatecompanies' applications for Australian Financial Services (AFS) licenses.Impact on FX/CFD BrokersWhile thenew FMI laws primarily focus on broadermarket structures, they may indirectly affect FX/CFD brokers operating inAustralia. The enhanced regulatory powers granted to ASIC and the RBA couldlead to increased scrutiny across the financial services sector, includingover-the-counter derivatives markets where FX and CFD products are traded. FX/CFDbrokers should be aware that the strengthened supervisory and enforcementcapabilities of ASIC may result in more rigorous oversight of their operations,particularly in areas related to market integrity and consumer protection. Whileprimarily aimed at critical market infrastructure, the new crisis managementand resolution regime sets a precedent for stronger intervention powers thatcould extend to other areas of financial services in the future. Clarifyinglicensing regimes for overseas entities may also affect FX/CFD brokers withinternational operations or those considering entering the Australian market.These firms may need to reassess their compliance with the updated regulatoryframework to ensure they meet any new requirements for providing services toAustralian clients. Recently, theAustralian regulator expressedconcerns that some derivative issuers of CFDs may be offering “margindiscounts” to retail clients with opposing long and short contracts incontravention of ASIC laws.This article was written by Damian Chmiel at www.financemagnates.com.
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US Federal Reserve has cut its benchmark interest rate byhalf a percentage point, its first reduction in over four years. Thissubstantial cut, which deviates from the more common quarter-point adjustments,hints at the central bank's growing concerns about its commitment to combatinginflation.Easing After Years of Tightening"The Committee seeks to achieve maximumemployment and inflation at the rate of 2 percent over the longer run,"the Federal Open Market Committee (FOMC) mentioned today (Wednesday). "The Committee has gained greater confidence thatinflation is moving sustainably toward 2 percent and judges that the risks toachieving its employment and inflation goals are roughly in balance."The rate cut brings the federal funds rate down to a range of 4.75% to 5%, marking the start of the first easing cyclesince the onset of the pandemic in 2020. The decision followed over two years of aggressive ratehikes intended to curb inflation, which surged to 7% in 2022 beforemoderating to 2.5% in July 2024. The Fed's statement reflects optimism ininflation's progress toward the 2% target, though inflation remains high, the Financial Times reported.Read Chair Powell's full opening statement from the #FOMC press conference (PDF) (1/2): https://t.co/QI1X4iJk56 pic.twitter.com/iLBwK7gbPG— Federal Reserve (@federalreserve) September 18, 2024Despite this confidence, Fed officials have acknowledged that risks remain. They emphasize the balance between maintaining pricestability and supporting a healthy labor market, particularly as job gains slowand unemployment ticks up. Not everyone on the Fed's board agreed with the aggressive cut. Michelle Bowman, a member of the FOMC, reportedly voted againstthe decision, advocating for a smaller quarter-point reduction, CNN reported. Bowman'sdissent marked the first time a Fed governor has opposed a rate decision since2005.Significant Economic ShiftFed's decision could follow a period of significant economic shifts, Reuters reported. Inflation, drivento a 40-year high by pandemic-related disruptions and subsequent policyresponses, is now showing signs of moderation. The Fed's decision is expected to ripple through international markets as the scale of the rate cut could influence currency valuations and economic conditions globally.A larger cut might weaken the dollar, potentiallybenefiting other currencies, but past trends suggest that initial rate cutsoften strengthen the dollar. Markets in Asia, including South Korea and China,have already reacted to anticipated Fed changes, with significant movements inregional currencies, CNBC reported.The timing of the Fed’s rate cut, coinciding with thebuildup to the U.S. presidential election, adds another layer of complexity.The central bank’s approach could become a talking point in the election,influencing voter perceptions on economic management and cost-of-living issues.This article was written by Jared Kirui at www.financemagnates.com.
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FBS, a leading global broker, presents an overview of financial market trends in the context of the 2024 US presidential elections. FBS financial market analysts particularly underscore the rising investment potential of Bitcoin in the context of Harris-Trump uncertainty.FBS analysts highlight that financial markets are experiencing turbulent times and investors are looking for safe-haven assets like gold and government bonds. According to the FBS experts, cryptocurrencies, particularly Bitcoin, become more appealing. FBS financial market analysts have explored Bitcoin’s historical performance during past US elections and speculated on its potential role in 2024.In previous election cycles, Bitcoin’s price reactions to political events have varied:In 2012, during Barack Obama’s re-election, Bitcoin had little market impact due to its developing status.By 2016, following Donald Trump’s victory, Bitcoin gained institutional recognition, with its price rising as a hedge against economic uncertainty.In 2020, amid the COVID-19 pandemic, Bitcoin surged after Joe Biden’s election, driven by inflation fears and institutional adoption.For the 2024 election, Bitcoin’s potential as a safe haven is under debate. While its correlation with traditional risk assets has weakened, its volatility remains high. With market capitalization reaching $600 billion in 2024 and daily trading volumes up 25% year-on-year, institutional investors increasingly view Bitcoin as a hedge against geopolitical risks and inflation.FBS analysts warn that the 2024 US presidential election could significantly influence Bitcoin’s future:A victory for Kamala Harris may bring balanced regulation that fosters innovation but could also raise compliance costs for US-based exchanges.Donald Trump’s platform includes encouraging Bitcoin mining and lowering capital gains taxes, which could increase demand for cryptocurrencies.Regardless of the 2024 US presidential election outcome, FBS analysts recommend a cautious yet strategic approach to trading. Monitoring political developments closely is critical, as shifts in policies or candidate standings can create significant price swings. Traders are encouraged to consider short-term opportunities in cryptocurrency markets, particularly Bitcoin, which has shown resilience and growth potential during past election cycles. Employing risk management tools, such as stop-loss orders, is also vital to mitigating downside risk during this unpredictable period.FBS analysts believe Bitcoin’s long-term position in the financial markets is solidified. Growing institutional interest points to its potential as a legitimate hedge against macroeconomic risks.Disclaimer: This material does not constitute a call to trade, trading advice, or recommendation and is intended for informational purposes only.This article was written by FM Contributors at www.financemagnates.com.
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The Finance Magnates London Summit (FMLS) is returning for its 13th year, looking to scale up and target new audiences, demographics, and a record attendance. Held on November 18-20 at Old Billingsgate, the landmark event will provide a familiar feel for veteran attendees, in addition to some new and engaging elements that all participants will appreciate. Only 60 days remain to the doors swing open and FMLS:24 is underway, which means the countdown is now officially underway!The excitement and anticipation have already started building for one of the financial industry’s leading events. FMLS:24. With unparalleled opportunities to network, learn, and do business, this is one even you cannot afford to miss this November.Every London Summit has something different, with this year’s event catering to professionals across the online trading, fintech, crypto, and payments sectors. Two full days of exhibition will provide the perfect opportunities for high level networking with key decision-makers, interactive sessions led by industry experts, and exclusive product showcases from cutting-edge companies.As a quick reminder, registration for London Summit 2024 is now live. Have you registered to the biggest show of the Fall in the heart of London? Participants can skip the waits on-site and reserve their seat today for what will be a memorable event for all.Everything to Expect at FMLS:24With 60 days to go until London Summit is underway, attendees can already check out the detailed agenda as it takes shape. This agenda features a robust slate of panels, workshops, seminars, and more, part of a deep dive into various elements of the financial services industry. Covering the four aforementioned verticals, attendees can see what is in store for them this Fall by accessing the following link. The event itself will kick off with the annual Networking Blitz Opening Party, an attendee favorite. This networking event with a twist offering an environment conducive to mingling and connecting with other professionals. Expect to meet potential clients, partners, and collaborators in a focused, results-driven format. Following the Blitz, the summit will feature two full days of exhibition, targeting over 3,500 professionals from 70+ countries.All Eyes on London Summit AwardsEvery year, FMLS concludes with its annual unique ceremony, shining the spotlight on elite brands worthy of the highest-ranking titles in the industry – the London Summit Awards. These awards have emerged as the most reputable and important for branding, visibility, and transparency, with no equal.Since their inception, the London Summit Awards help showcase the most exceptional companies and brands, recognizing achievement and leadership in multiple industries. The eventual winners are determined entirely by industry peers that are registered to London Summit 2024. These awards are special because they arenever bought and constitute key titles across several categories in the institutional space, including the online trading, crypto, fintech, and payments verticals.Nominations are now live and will remain open until October. Do not miss your chance to nominate the brand of your choosing as once this stage is closed it is no longer possible to do so. Participants still have time to nominate their brand and be in the running this November. This process is designed to provide the entire industry with an equal voice in deciding the winners each year, without the interference of judges or third parties.The stakes are higher than ever this year! Participants must be registered to cast their vote, so if you have not already done so, now is your chance. After you have registered, 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.See you in London this November!This article was written by Jeff Patterson at www.fina…
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OnEquity, a leading online trading platform, is pleased to announce that it is licensed by the Financial Sector Conduct Authority (FSCA) of South Africa with registration number 2021/321834/07 and license No. 53187. Additionally, OnEquity is licensed by the Financial Services Authority (FSA) of Seychelles under number SD154, authorized under the Consolidated Securities Act 2007 (registered under number 810588-1).Trade with Confidence: The Advantages of a Regulated BrokerChoosing a regulated broker offers a multitude of advantages for traders of all experience levels. Here's why you should consider OnEquity:● Enhanced Security: Regulation by reputable authorities like the FSCA and FSA ensures OnEquity adheres to strict financial regulations. This includes robust client fund protection measures, such as the segregation of client funds from the company's own capital, keeping your money safe and secure.● Transparency and Fairness: Regulations mandate clear and transparent trading practices. You can expect fair execution of trades, accurate pricing, and adherence to ethical codes of conduct.● Dispute Resolution Framework: Regulated brokers operate under a defined framework for resolving disputes. Should any disagreements arise, you have access to established channels for fair and impartial resolution.● Peace of Mind: Trading with a licensed broker fosters a sense of security and trust. You can focus on your trading strategy knowing your interests are protected.OnEquity: Your Gateway to Secure and Advantageous TradingAt OnEquity, we are committed to providing a secure and advantageous trading environment. Our multiple licenses demonstrate our unwavering dedication to client protection and regulatory compliance. They signify that we adhere to stringent regulatory requirements and industry best practices, ensuring a transparent and fair trading experience.To ensure that every trader can maximize their potential, OnEquity offers a wealth of educational resources, including detailed guides, webinars, video tutorials, and market analysis. These resources are designed to equip you with the skills and insights needed to make informed trading decisions and continually improve your trading strategies.Join the growing community of successful traders who choose OnEquity. Open your account today and experience the benefits of trading with a fully licensed broker!About OnEquityOnEquity is a leading online trading platform offering a comprehensive suite of investment products and services. With a focus on security, transparency, and client satisfaction, OnEquity empowers traders to navigate the financial markets with confidence. Transparency is a cornerstone of OnEquity’s operations, ensuring that traders receive fair execution of trades, accurate pricing, and clear communication regarding trading practices and policies. This transparency extends to the platform's pricing structure, which features competitive spreads and no hidden commissions, enhancing the overall trading experience.This article was written by FM Contributors at www.financemagnates.com.
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Fintech giant Revolut is planning to launch its ownstablecoin, Coindesk reported, citing sources familiar with the matter. Withplans to strengthen its crypto-asset offerings, the London-based firm aims tojoin PayPal, Ripple, and BitGo in the highly profitable stablecoin market. Insiders suggest the firm is positioning itself as akey player in the space, promising both compliance and security for cryptousers. Revolut's ambition to introduce a stablecoin comes as the sectorexperiences an influx of new participants.Stablecoin Market Set for New EntrantsDominated by Tether's USDT, which has a market cap of approximately $119 billion, the stablecoin space is increasingly attracting fintech and blockchain firms. Circle's USDC, the second-largest stablecoin, accountsfor roughly a third of Tether's market size. Revolut's venture into this marketfollows similar moves by PayPal, which launched its stablecoin last year, whileRipple and BitGo have also disclosed plans to issue tokens soon.Stablecoins, which are pegged to real-world assetslike government-issued debt, provide a source of steady returns throughinterest payments, making them particularly attractive to companies. Forinstance, Tether reported a staggering $5.2 billion profit for the first halfof the year.Revolut has long embraced cryptocurrency, havingintroduced crypto trading within its app several years ago. More recently, inMay, the company launched a standalone cryptocurrency exchange targetingexperienced traders, further showcasing its growing footprint in the digitalasset world.Revolut Embraces CryptoRevolut's stablecoin ambitions come at a time whenregulatory frameworks, particularly in Europe, are beginning to take shape. TheMarkets in Crypto Assets framework is expected to provide clearerguidance on crypto-tokens, which could further legitimize and encourage growthwithin the industry.With a UK banking license secured in July and avaluation of $45 billion earlier this year, Revolut aims to scale itsoperations. By entering the stablecoin market, the company seeks to diversifyits offerings and capture a share of the growing demand for reliable andcompliant digital currencies.Stablecoins' profitability, driven by their link toreal-world assets, could be a key revenue stream for the company as itcontinues to expand globally. However, competition could intensify as othermajor players like PayPal and Ripple enter the space.Last month, Revolut integrated Ledger Live, a popularplatform for managing digital assets to facilitate crypto asset purchases. Inthe agreement, the fintech firm promised easier, faster, and more secure cryptoasset purchases. The partnership allows Revolut users to purchasedigital assets directly through the Ledger Live app. Besides that, users canreportedly convert their fiat currency into crypto within the Ledger Live appwithout the need for identity checks and multiple verifications.This article was written by Jared Kirui at www.financemagnates.com.
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Riana Chaili has departed from her role at 26 Degrees afterserving as Chief Executive Officer for the EMEA region. She held this positionfrom June 2022 to July 2024, a tenure of two years and two months. 26 Degrees CEO DepartsPrior to her role as Chief Executive Officer at 26 Degrees, Chailiwas Managing Director at the same firm for three years and seven months. Beforejoining 26 Degrees, she worked at IC Markets, where she was Chief Dealer andHead of RTO, serving there for three years and two months.Earlier in her career, Chaili spent five years and twomonths at TechFinancials, holding positions as Head of Brokerage and Dealer. Chailiworked as a Mathematics Tutor at Laniteio Lykeio, a school under the Ministryof Education, for a duration of one year and ten months.Meanwhile, 26 Degrees Global Markets (formerly InvastGlobal) hasacquired a broker license from the Cyprus Securities and Exchange Commission(CySEC) for its wholly owned subsidiary. This license permits the subsidiary tooperate across the European Economic Area. The company, based in Sydney,Australia, is also regulated by the Australian Securities and InvestmentCommission.A source familiar with the matter indicated that Chaili’sdeparture from 26 Degrees was just due to differing strategic visions for thecompany’s Cyprus office.26 Degrees Launches Pairs CFDs26Degrees has introduced Pairs CFDs, enabling trading of index vs. index,commodity vs. commodity, or equity vs. equity, similar to forex pairs, asreported by Finance Magnates.The company asserted that it is the first to offer such a product. Although theconcept of Pairs CFDs is not new, it has only recently become available throughsome companies.Developed internally by 26 Degrees, these products will beavailable exclusively to broker-dealers, who can then offer them to retailtraders. The launch includes 20 Pair CFDs, with plans to expand based on clientfeedback.The company highlights that Pairs CFDs provide a morestreamlined trading experience compared to traditional instruments. They allowtraders to manage risks with a single trade by combining the price movements oftwo separate instruments. Additionally, these CFDs can be designed to eitherenhance or reduce volatility and offer greater margin efficiency compared totrading the instruments separately.This article was written by Tareq Sikder at www.financemagnates.com.
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The iFX EXPO Asia is concluding today at the Centara Grand& Bangkok Convention Centre, CentralWorld, in Bangkok. The event, whichbegan yesterday morning, focuses on various sectors within the financialservices industry, including retail trading, payments, and cryptocurrencies.Funding Strategies Discussed TodayA wide range of attendees are participating, from regulatorsand C-level executives to marketers, company representatives, and traders. Today’s program highlights include the panel "ExclusiveStartup Guide: The Funding Game," moderated by Vikas Jain, COO of FundingSocieties Thailand. The discussion features contributions from Opal Yang,Founder and CEO of New Direction Solution, and Sittisak Wongpakdee, MarketingManager at Factum Global.This article was written by Finance Magnates Staff at www.financemagnates.com.
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CK Capital,a UK-based prop trading company, has announced its expansion into NorthAmerica, accepting clients from the United States and Canada. This move comesjust months after the firm's initial launch.CK Capital Expands intoNew MarketsFounded inApril 2024 by Daniel Cheung, a financial influencer who runs his own WChampFX investmentschool, CK Capital is joining the prevalent 2024 trend of trader-funded firms(TFFs). Cheung, previously associated with the UK’s branch of IronFX for ayear, has reportedly designed CK Capital to offer a 100% profit split and SPTspreads.The firm,which initially focused on traders from Europe and Asia, is now broadening itsscope to include investors from the US and Canada. This expansion into theAmerican market could be a significant move, considering that, according toindustry experts, approximately one in five prop traders hails from the UnitedStates.Big news! We’re now open to US and Canadian traders! 🇺🇸🇨🇦To celebrate, we’re giving the NEXT 50 ACCOUNTS a 50% discount! 🎉Use code “TRADE50” and get in before we sell out!— ckcapital (@ckcapitaluk) September 17, 2024UKCompanies House records show that the brand operates under CK Capital GroupLtd, incorporated five months ago with a nominal capital of £1. The company isregistered in Harpenden, a small town north of London.FinanceMagnates reportedat the beginning of this week that prop firm QuantTekel introduced brokerservices after rebranding from AscendX Capital. This news highlights theongoing changes and developments in the prop trading industry, with firmsexpanding their services and rebranding to better position themselves in themarket.The Ebb and Flow of PropFirms2024 hasseen the launch of several prop trading firms, though not all have enjoyedlongevity. Karma Prop Traders, for instance, launched at the beginning of theyear but suspended operations in August due to liquidity issues. However, itsclients weren't left stranded as the business was acquired by Sway Funded.Meanwhile,Crypto Fund Trader, a prop trading firm with a cryptocurrency twist, officiallylaunched its services based on a digital assets futures platform on August 1,2024.In otherindustry news, Finance Magnates exclusively reported that former XMveteran Desimir Paskalev decided to launch his own prop firm, FundedBull. After10 years in the CFD industry, Paskalev ventured out on his own, asserting thatprop trading is the future of the retail investment industry.Brokershave long recognized this trend. Currently, over five different CFD firms offerprop trading to their clients, including OANDA, Hantec, IC Markets, and AXI. Acomparison of their offerings is available here.This article was written by Damian Chmiel at www.financemagnates.com.
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Unique Network has announced it will be launching the first developer environment for NFT XCM transfers (Cross-Chain NFTs), starting with two major networks for developers and parachains in the Polkadot ecosystem. Using NFT XCM’s technology at the start of the developer environment, blockchain developers can move NFTs between Asset Hub, and Unique Network. Interested parachains can be added to the developer environment to develop NFT XCM functionality.What is NFT XCM?NFT XCM is a groundbreaking initiative developed by Unique Network, designed to simplify the transfer of NFTs (Non-Fungible Tokens) across parachains. By enabling seamless movement between different chains, NFT XCM is not just expanding accessibility but also unlocking new possibilities for creators, developers, and users alike.NFT XCM extends the limits of Web3 games and NFT collections, supporting greater use cases and making non-fungible tokens available to a larger group of on-chain users. Unique Network invites parachains, and developers to register their interest in the upcoming testing phase of NFT XCM transfers, to demonstrate its efficacy and explore applications for the technology.NFT XCM utilizes Polkadot’s Cross-Chain Messaging, the messaging format and language used to communicate between consensus systems. Developers and parachains interested in testing NFT XCM transfers are encouraged to register their interest via this form. Polkadot parachains will be added to the developer environment to develop and test NFT XCM functionality. EVM teams interested in pioneering EVM implementations of the technology in a development/test environment are also invited to register their interest.Following the development work of NFT XCM, the Unique Network team unveiled the Cross-Chain NFTs Think Tank earlier this year at Polkadot’s Sub0 conference. This initiative is designed to foster collaboration, drive innovation, and explore new use cases for Cross-Chain NFTs within the Polkadot ecosystem. Leading projects, such as Acala Network and Zeitgeist, are already exploring ways to integrate Cross-Chain NFTs into their own projects.Alexander Mitrovich, CEO of Unique Network shared:This milestone represents not just technical progress but the unification of an ecosystem. NFTs are no longer confined to one parachain; we’re building a future where they can flow freely across multiple chains."The importance of cross-chain interoperability for assets such as NFTs was first highlighted in the Polkadot Whitepaper by Polkadot creator, Gavin Wood. The launch of XCM v3 in May of 2022 introduced this capability but was only viable for Fungible Tokens (FTs). NFT XCM is a breakthrough that will enable users to seamlessly transfer digital assets between Polkadot parachains, making NFTs more accessible and versatile than ever.Following this, Chief Marketing Officer at Unique Network, Charu Sethi discussed the company's efforts to foster collaboration and streamline the NFT ecosystem across Polkadot’s various blockchain networks.As we advance NFT XCM technical capabilities, it's critical to address the complexity and fragmentation within the ecosystem. We are now working on organizational bridges and aligning leadership across all NFT blockchains in Polkadot.About Unique NetworkUnique Network (https://unique.network/) is the first NFT chain built on Polkadot and Kusama, offering the most sustainable and green NFTs with advanced features for gaming, art, and fan engagement. Unique Network offers unparalleled customization, scalability, and interoperability, making it the ideal platform for advanced and innovative NFT applications.This article was written by FM Contributors at www.financemagnates.com.
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Figure Markets, a leading decentralized custody marketplace for digital assets, today unveiled its global crypto exchange based out of the Cayman Islands, offering a wide array of new features and yield-earning opportunities. One of the standout offerings is a new yield sweep for eligible global users on cash and stablecoin balances with rates up to 8% annualized. U.S. users may also benefit from earning up to 3% annualized on USD balances held at an FDIC-insured bank.Following its U.S. launch in August, the launch of the Cayman-licensed global crypto exchange is part of Figure Markets’ ongoing mission to democratize finance by providing robust trading options and advanced financial products to users worldwide. The global platform is designed to enhance the trading experience by offering a high cash leverage and a decentralized custody solution and cross-collateralization that keeps users in control of their assets, reducing the risks associated with traditional centralized exchanges.“We’re committed to righting the wrongs of the past and providing users with the tools they need to trade, borrow, and invest on the platform while minimizing exchange risk,” said Mike Cagney, CEO and Co-Founder of Figure Markets. “This global expansion is a major milestone for us in addressing the issues caused by centralized exchanges and leveling the playing field for all traders. We are building a financial ecosystem where everyone has the opportunity to be an owner.”Cash yields on non-USD and stablecoin balances are derived from an innovative fund backed by real-world assets on blockchain. The fund operates with daily liquidity and automatic sweeps to ensure user funds are always working to generate returns.“We are excited to introduce this innovative feature that directly addresses the needs of our members,” said June Ou, President of Figure Markets. “By offering the ability to earn high returns on idle cash while mitigating trading friction, we are empowering our traders to optimize their capital and enhance their overall trading experience.”Along with the new yield offering, the exchange is also offering qualified members up to 5:1 margin. Exchange members can cross-collateralize their positions seamlessly - using BTC balances to buy ETH, for example. This will be complemented by upcoming higher and expanded leverage offerings, including a broad set of perpetuals covering crypto, commodities, FX and equities by year-end.About Figure MarketsFigure Markets (www.figuremarkets.com) is democratizing finance through blockchain. Figure Markets is building the exchange for everything - a decentralized custody marketplace for crypto, stocks, bonds, credit and more. The company is bringing best-in-class leverage, margining, and liquidity to our exchange, while offering our members extensive borrowing options and unique investment opportunities. Figure Markets puts its members in control of their assets and data, disintermediating legacy brokers, exchanges and lenders.Figure Markets is backed by leading venture capital firms and strategic partners, including Jump Crypto, Pantera, Distributed Global, Faction Lightspeed, NewForm Capital and CMT Digital. Figure Markets was founded by a seasoned team of entrepreneurs and operators from TradFi, fintech, and DeFi, including Mike Cagney and June Ou.This article was written by FM Contributors at www.financemagnates.com.
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NAGA Group, which recently merged with CAPEX.com, now allows retail traders to access its platform directly from Telegram’s App Center with the launch of the “NAGA Everything Trading” app.Integrating Trading Directly on TelegramAnnounced today (Thursday), NAGA users can now onboard, complete know-your-customer (KYC) procedures, deposit funds, and trade financial instruments without leaving the Telegram app. According to NAGA, this feature will also assist in its global expansion.“Bringing the first-ever integrated trading app to Telegram is not just a breakthrough for NAGA, it’s a transformational moment for our industry,” said Octavian Patrascu, CEO of The NAGA Group AG.Telegram is indeed a popular app among traders. With over 950 million users globally, it hosts numerous groups of traders as well as signal providers.NAGA pointed out that direct access to its platform from Telegram is “a gateway to a massive, previously untapped audience.” Furthermore, it will allow traders on Telegram to access both web and mobile versions of the NAGA app.“With access to nearly one billion users, we now have an unprecedented opportunity to democratise financial markets on a scale that was once unimaginable,” Patrascu added. “This is a crucial step in our mission to make trading accessible to everyone while accelerating our business growth.”The trading platform has further plans to introduce more features to the new Telegram-based initiative, including the addition of Social Trading with AutoCopy in upcoming monthly updates.However, Telegram also remains one of the hot bed for financial scams. A joint survey by Finance Magnates and FXStreet found that 60.09% of traders who fell victim to scams on Telegram lost funds, making it the platform with the highest “success rate” for scammers.Brokers and Social Media: A Perfect Partnership?However, the integration of brokerages with social media platforms is not new. Earlier, eToro partnered with X (formerly Twitter); however, the scope of that partnership was limited to marketing efforts and did not enable access to trading activities.Meanwhile, NAGA recently completed its merger with CAPEX.com, operated by Key Way Group, a deal that was announced in December 2023. The merger was strategic as the two brokers will benefit from their expertise and market reach, expecting to generate $250 million in revenue over the next three years while saving about $10 million annually.The two platforms already have around 1.5 million registered users across more than 100 countries, and the roadmap of the merged entity aims to add over 5 million registered users by 2025/26.This article was written by Arnab Shome at www.financemagnates.com.
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Largest Gathering with 20000+ Visitors and 200+ Exhibitors marking it as one of the largest Expo in the world with just 2 Weeks remaining the excitement is building to date. Forex Expo Dubai 2024 will bring together Top Industry Leaders, renowned guest speakers, and a myriad of experiences designed to engage and inspire attendees.Forex Expo Dubai 2024 is backed by some of the most influential names in the trading industry. These sponsors are not only industry leaders but pioneers who are driving innovation and setting new standards in online trading. Attendees can look forward to exploring the latest in trading technology, platforms, and services from these esteemed companies.Testimonials from Sponsors:Ammar Bader, Head of Sales at ADSS “Forex Expo Dubai is always a highlight in our calendar. It offers the perfect opportunity to meet with other industry leaders, and most importantly, build connections with our trader audience in person”Pavel Spirin, Chief Executive Officer at Scope Markets “Forex Expo Dubai 2024 is the highlight of our events roadmap this year. We're excited to join fellow industry leaders and showcase our new brand and latest products. The expo is a perfect venue for us to grow our professional network and provide expertise to the wider industry community. We look forward to the wealth of opportunities and the dynamic atmosphere and this event delivers."Commercial Manager Moe Padhani at Infinox “Forex Expo Dubai 2024 is one of our flagship events in the calendar. We have been long-time supporters of the event; it brings together some of the industry-leading professionals as well as our clients and partners from around the world. The speaker's panels come at just the right time, as the year starts to draw to a close and we can reflect on the year that has passed and the opportunities in the next. Not to mention, Dubai is the perfect playground!”Team Kanak Capital Markets “We at Kanak Capital Markets are delighted to participate as an Elite partner at the Forex Expo 2024. This event aligns perfectly with our mission to empower all our retail investors and the associated partners with the right resources to make an informed decision and a seamless experience. We anticipate this opportunity to connect, collaborate, and explore new avenues in the financial markets.”This year’s expo features an extraordinary roster of guest speakers, each offering unique insights and expertise from across the financial spectrum. Attendees will have the opportunity to learn from the best through keynote speeches, and panel discussions.Among the distinguished speakers are:· Javier Hertfelder, Co-Chief Executive Officer, FXStreet · Damian Hitchen, Chief Executive Officer MENA, Saxo Bank· Rauan Khassan, Vice President, International Growth, TradingView · Naeem Aslam, CIO | Columnist, Zaye Capital Markets | Nasdaq· Gerald Perez, Chief Executive Officer, Interactive Brokers (U.K.) Limited · Viktoria S, Chief Executive Officer, PSP Angels Ltd· Evdokia Pitsillidou, Partner | Risk & Compliance Director, Salvus funds.2 Days Packed with Unforgettable ExperiencesThis year’s expo will be a hub of activity, offering something for everyone—from seasoned professionals to those new to the trading world. The event is designed to foster connections, inspire innovation, and provide valuable insights into the future of online trading.What’s New at Forex Expo Dubai?· Celebrating Women in Forex· B2B Zone and Lounge· Bigger Exhibition Floor· Exciting Games and Activities· Giveaway of an F1 Formula TicketUsers can register Here: https://ift.tt/YHAm25kAbout Forex Expo Dubai 2024Forex Expo Dubai 2024 is the premier event for the global trading community, offering a platform for industry leaders, investors, and professionals to connect, learn, and explore the latest trends in online trading. With a focus on innovation, education, and networking, Forex Expo Dubai is where the future of trading comes to life.This article was written by FM Contributors at www.financemagnates.com.
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TheAustralian Securities and Investments Commission (ASIC) announced today(Thursday) it is conducting a global search for a service provider to identifyand remove investment scam and phishing websites, as part of its ongoingefforts to combat online financial fraud. ASICLaunches Global Search for Investment Scam Website Takedown ServiceTheregulator has issued a request for tender (RFT) for a contract that could lastup to five years, with the current agreement set to expire in June 2025. Thenew service will identify, take down, and provide intelligence on fraudulentwebsites targeting Australian investors. Since July2023, ASIChas coordinated the removal of over 7,300 phishing and investment scam websites.This initiative is part of the Australian Government's broader "FightingScams" campaign and supports the work of the National Anti-Scam Centre(NASC). "Combatingand disrupting investment scams is a key priority for ASIC," ASICcommented in a press release. “The service will also provide website takedownintelligence that can be used to warn the public about new investment scamtrends and scams impersonating organisations regulated by ASIC.” The scopeof the service will include targeting websites falsely claiming ASICauthorization, fake investment trading platforms, crypto-asset related scams,and phishing attempts impersonating ASIC-regulated organizations. The providerwill also be expected to furnish intelligence on emerging scam trends to helpwarn the public. This movecomes as financial regulators worldwide grapple with the growing threat ofonline investment fraud. In 2023, Australiansreported losses of $1.3 billion to investment scams, highlighting theurgent need for robust protective measures. How muchcan ASIC pay for the service? The offer does not specify exact amounts, butthere are mentions of additional requirements if the offer exceeds A$4 million.For comparison, at the end of last year, Cyprus's CySEC was seeking experts forregulatory oversight of local investment firms, offering €240,000.New Powersand Comments on “Margin Discounts”ASIC alsoannounced today that it has gained expanded regulatory powers as part ofreforms to the country's financial market infrastructure (FMI) laws, aimed atstrengthening stability and efficiency in Australia’s financial system.ASIC welcomes the new Australian financial market infrastructure laws, which introduce new powers essential to ensuring a stable and efficient Australian financial system https://t.co/dfUFyWUl2Z pic.twitter.com/TeAG1ISsNa— ASIC Media (@asicmedia) September 19, 2024Althoughthe new FMI laws primarily target broader market structures, they could have anindirect impact on FX/CFD brokers operating in Australia. The enhancedregulatory authority given to ASIC and the RBA might result in closer scrutinyof the financial services sector, including over-the-counter derivativesmarkets where FX and CFD products are traded. In addition, ASICraised concerns that some CFD derivative issuers might be offering “margindiscounts” to retail clients holding opposing long and short positions, whichcould violate ASIC regulations.This article was written by Damian Chmiel at www.financemagnates.com.
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Cryptocurrencyexchange Bitget has inked a new partnership with Spain's top-tier footballleague, LALIGA, becoming its official crypto partner for Eastern, SoutheastAsian, and Latin American regions. The collaboration, unveiled at the Token2049event in Singapore, marks Bitget's move into the sports sector across emergingmarkets.Bitget Secures OfficialCrypto Partnership with LALIGA Themulti-million dollar agreement grants Bitget extensive exposure to LALIGA'smassive global fanbase, while the football organization stands to benefit fromcomprehensive Web3 solutions. This partnership aligns with Bitget's "MakeIt Count" philosophy, which emphasizes achieving greatness throughperseverance and positive passion.LALIGA,known for attracting top-tier talent like Mbappé, Vinícius Jr, and Lewandowski,has been at the forefront of technological innovation in sports. The league haspreviously implemented AI, VR, Big Data, and machine learning to enhance gamestrategies and performance analysis."Overthe last decade, digitalization and innovation have been among LALIGA'spriorities,” Javier Tebas, president of LALIGA, commented on the partnership. “Lastseason, we made this a priority under the umbrella of our New Era, whichemphasized technology: we want to be pioneers and we are committed to it."Thepartnership coincides with Bitget celebrating its sixth anniversary andreaching 45 million users worldwide. For comparison, just a year ago, thisfigure was nearly 15 million. The exchange also announced that it has becomeone of the top four in terms of trading volume. In themeantime, theBigget Wallet app surpassed 12 million users, and announced the integrationof Web2 platforms, including Google Pay and Apple Pay."Partneringwith LALIGA allows us to accelerate the growth of crypto in sports, bringingnew opportunities for fans and athletes alike,” Gracy Chen, CEO at Bitget, added. “Webelieve this collaboration will enhance the experience for over a billionpeople as it sets a path for broader adoption of Web3 in emergingmarkets."Bitget Expands SportsCollaborationsBitget, acryptocurrency platform based in Seychelles, is no stranger to sportspartnerships, having teamed up with prominent figures in the past. InOctober 2022, the platform announced soccer legend LionelMessi as one of its ambassadors, marking a significant step in leveragingsports figures to enhance its brand visibility.This year, Bitgetextended its MakeItCount campaign by partnering with Turkish athletes BuseTosun Çavuşoğlu from the wrestling team, Samet Gümüş from the boxing team, andİlkin Aydın from the volleyball team. Originally featuring Messi, the campaignaims to empower the Turkish user base of Bitget, illustrating the exchange'songoing commitment to integrating sports into its promotional activities.This article was written by Damian Chmiel at www.financemagnates.com.
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Zaid Aloul has landed a new role as GTN's ChiefCommercial Officer (CCO) for the Middle East. This appointment now places Aloulat the forefront of the company's expansion strategy and boosts the firm'sefforts to expand its operations in the region.Leading GTN's Middle Eastern ExpansionIn his new role, he will spearhead key commercial initiatives, such as launching new products andexpanding asset classes. According to the official announcement, his leadershipwill focus on increasing market share while strengthening GTN's relationshipswith local partners, brokers, and financial institutions.Aloul brings two decades of experience to theposition, with deep ties in the brokerage and wealth management sectors in theGulf Cooperation Council and Levant. The company mentioned that his extensive network of clientrelationships and his keen understanding of the market make him well-positionedto guide its growth.Speaking about the promotion, Damian Bunce, the CEO ofGTN Middle East, said: "This appointment is well deserved and recognizesZaid's importance to the company as well as his impact in theindustry. Zaid is a veteran in the brokerage and wealth management sectorsin the GCC and the Levant.""Over the last 20 years, he has cultivated a verywide set of client relationships, has excellent commercial acumen and uniquebusiness insights in the region. I wish him ongoing success for thefuture."Expanding Regional Presence Notably, GTN has steadily increased its presence inthe Middle East through new hires that fortify its foothold in the region. Witha focus on innovative trading and investment solutions, GTN aims to serve awide range of financial partners, from fintech firms to wealth managers.GTN offers investment and trading solutions to enablefinancial firms and fintech companies to offer global market access. With apresence in Dubai, Singapore, and London, GTN is supported by major strategicinvestors such as IFC and SBI Ventures.In another executive appointment, GTN onboarded AhmadAbouardini as the new Middle East Relationship Manager last month. Abouardinihas more than eight years of experience from Saxo Bank, where he oversawstrategic relationships and platform sales in the region.This article was written by Jared Kirui at www.financemagnates.com.
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Market data and technology solutions provider Barchart has partnered with SIGMA Financial AI to offer tradersand investors insights and tools to navigate the financial landscape. According to the official statement, thiscollaboration will merge Barchart’s market data with SIGMA’s AItechnology. By integrating SIGMA’s AI-driven analytics with Barchart’s dataresources, the partnership promises to enhance decision-making precision andmarket intelligence.Integration of AI and Market DataAs part of the partnership, SIGMA Financial AI willincorporate Barchart’s market data into its suite of machine learning tools.This integration will also enhance SIGMA’s ability to provide real-time, actionabletrading insights through its advanced AI algorithms. Additionally, SIGMA will collaborate with Barchart togenerate and publish specialized content on Barchart.com. This content willinclude in-depth market analyses, data-driven insights, and emerging trendspowered by SIGMA’s AI technology. The goal is to offer traders and investors valuableknowledge and perspectives that can significantly impact their tradingstrategies and investment decisions.Barchart provides market data and technology solutionsacross the financial, media, and commodity industries. Known for its innovativeapproach, Barchart supports clients with comprehensive data and analyticssolutions.Market Data and Technology SolutionsOn the other hand, SIGMA Financial AI specializes inAI-driven trading tools designed to offer real-time analytics and tradingopportunities. Its machine-learning product suite leverages scalable, ultra-lowlatency technology to deliver advanced insights and enhance trading strategies.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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In the world of prop trading, success is elusive for many. According to FPFX Tech's data, exclusively seen by Finance Magnates, a mere 7% of investors manage to turn a profit. Among those who do succeed, the average earnings are modest: just 4% of their allocated capital.Traders Use 2.2 Prop Firms on AverageProptrading is dominated by men, who make up 78% of all trader-fundedfirms (TFFs) clients. This type of investment is most popular among Gen Z and Millennials,who together account for over 60% of all clients.The datacomes from FPFX Tech, a fintech that specializes in providing technologysolutions for prop trading firms, offering software-as-a-service (SaaS)solutions. It covered a total of over 300,000 accounts belonging to 100,000 traders from 10 different prop trading companies.“Accordingto the data in the survey, 14% of traders passed the challenge and obtained afunded account. Of those, about 45% achieved a payout (7% of all traders) intheir funded account, with the average payout being 4% of the plan size (oraccount value),” Justin Hertzberg, one of the founders and CEO of FPFXTech, commented for Finance Magnates.How muchcan traders earn? Most often, these amounts oscillate around 4% of the fundedaccounts' size. If a prop investor gained access to an account worth $100,000,which is relatively large, they would typically earn $4,000.Consideringthat a single account spends an average of $800 on challenge purchasesthroughout its entire activity cycle, typically taking three different challenges,the average profits are not high at all. What is more, according to FPFX data, one in ten traders uses more than one prop firm. Information from 100,000 investors indicates that on average, they trade with 2.2 companies.The US Still Dominates theProp Trading MarketAlthoughmany prop trading firms do not offer their services to US clients, especiallyafter the MetaQuotes crackdown in February this year, American investors stillform the backbone of the industry.Accordingto FPFX Tech data, they account for 20% of all traders active in the industry.The UK ranks second (10%), followed by India (4%). The rest of the rankingconsists of several countries, including many from the Old Continent, whichhave a 2–3% market share.However, asHertzberg admits, there is currently dynamic growth in the number of investorsfrom Asia, Africa (mainly Kenya and Nigeria), LATAM, and Eastern Europeancountries. “Over the next 90–180 days, we expect to see significant growthrates out of the Middle East,” adds the CEO of FPFX Tech.He bases the forecasts on the planned launch of new operations in the company's pipeline, which are set to start later this year. As Hertzberg emphasizes, these operations focus on several countries in the Middle East that have not been targeted by other firms from the industry so far.Prop is the Futureof Retail TradingAsked forhis opinion on whether prop trading could be the direction in which the retailindustry will develop, Hertzberg predicts that it is its future.“Itshifts leverage concerns and risk management to the institution and away fromthe individual trader,” said Hertzberg. “This gives the trader agreater opportunity to achieve outsized results when compared to their ownpersonal buying power.”He predictsthat prop trading's popularity will grow, as will the technologies behind it, andFPFX Tech wants to “lead the charge” by developing new features forthe industry. Hertzbergis also convinced that the TFFs should be regulated, ensuring that operatorshave sufficient experience, net capital, compliance controls, defensiblemarketing, and appropriate disclosures in terms of how they operate. Regulatory actions this year already suggest the industry is heading in that direction. As exclusively reported by Finance Magnates, ESMA started discussions a few months ago on regulating prop trading. A similar view was expressed by CySEC Chair, Dr. George Theocharides, who stated that “prop trading will fall under robust regulation at some point.” At the same time, the Czech market watchdog…
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The UAE is quickly growing into a global technologyhub, capturing the attention of Asian tech professionals. A recent survey byCapital.com reveals that 81% of Asian tech experts view the UAEas an increasingly important tech destination. With nearly half expressing a willingness torelocate there, the UAE is surpassing traditional favorites like Germany andHong Kong in appeal.UAE's Growing Tech AppealThe survey, conducted across Singapore, Hong Kong,Vietnam, and India, highlights the UAE's attractive status in the techindustry. This emerging reputation is driving a noticeable shift in tech talentpreferences. The UAE's supportive government policies and favorablebusiness environment are key factors contributing to its growing appeal. 76% of respondents believe the UAE offers a conduciveenvironment for tech development.The region is now a prime relocation destination fortech professionals, competing closely with traditional tech hotspots such asSingapore and the UK. While 46% of respondents are eyeing Singapore and 57% theUK, the UAE's 45% is a noteworthy figure, indicating a significant rise in itsattractiveness.Commenting about the findings, Tarik Chebib, the CEOof Capital.com, Middle East, mentioned: "With 8 in 10 respondents from ourrecent survey recognizing the UAE as a competitive tech hub, it's clear thatthe region is gaining momentum as a favorable destination for techtalent.""Asia's tech professionals have traditionallygravitated to cities in the UK, the US, and Singapore to further their careers,so it's encouraging to see the UAE stand shoulder-to-shoulder with this cohortand get the recognition it deserves as an attractive location to live andwork." Government SupportThe survey also emphasized the critical role ofgovernment support in enhancing the UAE's tech industry profile. A staggering93% of respondents highlighted the importance of having a supportivegovernment, which aligns with the UAE's focused efforts to nurture its techecosystem. Key aspects such as advanced banking systems, visaprovisions, and high-quality healthcare are viewed positively by techprofessionals, further solidifying the UAE's position as a desirable relocationchoice.The potential for the UAE to attract and retain toptech talent is substantial. With 47% of respondents actively seekingrelocation, the UAE could be well-positioned to harness this interest and continueits trajectory as a leading tech destination.Early this year, Capital.com opened a new regional headquarters in the UAE. This initiative aligned with the firm's participationin the country's NextGenFDI initiative to attract digital businesses to the region.This article was written by Jared Kirui at www.financemagnates.com.
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Finalto is proud to announce that it has won in two categories at the UF Awards APAC 2024. The awards were presented at the UF Awards APAC 2024 ceremony which took place on 18 September in Bangkok. Finalto took home Best Multi-Asset Institutional Broker and Best CFD Liquidity Provider.The awards recognise ‘the institutional broker with the best multi-asset offering’ and a ‘provider that excels in offering exceptional liquidity services for CFD trading’, respectively.“We’re delighted to accept these awards, which recognise both Finalto’s role as a leading provider of liquidity and the quality and range of our products and services,’ Finalto Asia Regional CEO Alex MacKinnon says. “These awards are also a testament to the hard work we have put into establishing and growing our footprint in Asia, providing world-class support and liquidity to our clients in the APAC region.”Setting an industry benchmark The UF AWARDS, which recognise top in the online trading and fintech space, is designed to “provide traders and businesses with an industry benchmark of the best companies to trade and do business with.”This year’s UF Awards achievement continues Finalto’s run of recognition globally. The company was awarded Best B2B Liquidity Provider at last year’s UF Awards APAC. And in 2022, Finalto was named Best B2B Liquidity Provider (Prime of Prime) at the Finance Magnates London Summit Awards.“Rather than resting on our laurels, these awards motivate us to keep innovating, continually improving our technology and ensuring our offering meets our clients’ evolving needs, in the the markets in which we operate,” MacKinnon added.About FinaltoFinalto is an innovative prime brokerage that provides bespoke fintech and liquidity solutions. Our award-winning technology and expertise enable us to deliver effective, flexible service to a wide range of institutional clients globally, personalised to suit their needs. We deliver best-in-class pricing, execution and prime broker solutions across multiple assets, including CFDs and rolling spot FX, Equities, Precious and Base Metals, Commodities, Cryptos and bespoke products such as NDFs.This article was written by FM Contributors at www.financemagnates.com.
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XYO, a decentralized infrastructure and data sovereignty leader, and Upland, the premier immersive Web3 gaming platform, are excited to announce a strategic partnership to develop groundbreaking use cases for gamified virtual and real-world locations.As brands increasingly explore innovative Web3 models, they seek solutions offering seamlessly integrated physical presence with their digital ventures. XYO and Upland, both trailblazers in the Web3 space with extensive communities, are uniquely positioned to deliver these solutions.XYO's COIN app leverages crowd-sourced geospatial data verified by the XYO Network to reward users worldwide with digital assets. Meanwhile, Upland offers an expansive Web3 platform where users can own, trade, and develop virtual properties mapped to real-world addresses. Its recently launched utility token, SPARKLET, supports a broad range of creators in their world-building activities. This collaboration allows for a new level of interaction between physical and virtual spaces.Both companies will introduce the first features in their respective apps starting in October 2024. Users can participate in Learn & Earn campaigns in XYO’s COIN app, which will reward them in the app and Upland upon completion. “XYO’s upcoming 'Learn & Earn' initiative within the COIN App is a seamless extension of our mission to harness the power of location and other forms of data in the real world,” says Markus Levin, Co-founder of XYO. “With a network that has engaged over 8 million nodes, our partnership with Upland expands XYO’s ability to incentivize users to take control of and benefit from their data. Upland’s vast virtual property ecosystem aligns perfectly with XYO’s geospatial technology, empowering users to earn rewards as they explore and interact within digital and real-world environments. Together, we are bridging the gap between the physical and virtual world, unlocking new opportunities for participation and rewards through validated, location-based data and beyond.”“We’re thrilled to join forces with XYO to pioneer new ways for users to experience the convergence of the physical and virtual worlds,” says Dirk Lueth, Co-founder & Co-CEO of Uplandme, Inc. “This partnership will unlock powerful synergies between Upland’s expansive virtual ecosystem and XYO’s expertise in geospatial technology, empowering users to engage with real-world locations in innovative and meaningful ways.”Founded in 2018 and 2019 respectively, XYO and Upland have been pioneers in blending web2 and web3 technologies, adopting a “web5” approach with mobile-first solutions and streamlined user experiences. Their collaboration will introduce innovative cross-gamified experiences, starting with Upland being featured in COIN App’s upcoming “Learn & Earn” initiative, which rewards users for learning about and engaging with partners like Upland.About XYOXYO is a Decentralized Physical Infrastructure Network (DePIN) offering a comprehensive ecosystem of consumer software, developer tools, a decentralized network, and digital assets. XYO facilitates data aggregation, validation, and use, empowering participants with data sovereignty and rewarding them with the XYO token. The ecosystem supports applications in AI, metaverse environments, and data analytics with immutable blockchain data.About UplandUpland is an immersive Web3 gaming platform that maps virtual properties to real-world addresses, enabling true ownership and dynamic interaction within its digital economy. Through its utility token, $SPARKLET, Upland supports a vibrant entrepreneurial and creator ecosystem where users can buy, sell, trade, and develop assets. Available on iOS, Android, and the web, Upland is dedicated to creating one of the largest digital open economies for the metaverse.This article was written by FM Contributors at www.financemagnates.com.
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The DLT Science Foundation (DSF) has announced its supportfor the launch of the MiCA Crypto Alliance, which includes Hedera, Ripple, andAptos Foundation as founding members. This new association aims to facilitate compliance with theEuropean Union's Markets in Crypto-Assets (MiCA) regulation, set to take fulleffect by the end of this year.MiCA Demands Climate DisclosuresMiCA is designed to create a comprehensive regulatoryframework for the cryptocurrency market. It seeks to ensure transparency,consumer protection, and market integrity. The regulation includes strictdisclosure requirements, particularly concerning the climate impact of cryptooperations, which must be detailed in publicly accessible white papers andwebsite descriptions.Commenting on the launch of the Alliance, Paolo Tasca,Founder & Chairman of the DSF, said: " The sustainability disclosurerequirements contained within the regulation are designed to drive climateaccountability from projects operating within this space and encourage theresponsible development of these powerful technologies."However, MiCA does not provide a standard template for thesedisclosures, potentially leading to compliance issues for Crypto-Asset ServiceProviders (CASPs). The MiCA Crypto Alliance aims to address this bycoordinating compliance among blockchain projects and CASPs. The alliance willwork to standardize white paper content and sustainability metrics, aiming tosimplify regulatory adherence."In addition to delivering exceptional data andboosting interoperability across ecosystems, we believe that coordinatedefforts in standardising disclosure obligations are crucial for the long-termsuccess and credibility of Web3," added Bashar Lazaar, Head of Grants &Ecosystem at Aptos Foundation.Hedera, Ripple, Aptos SupportAs regulatory costs are expected to rise, with over a thirdof crypto hedge funds anticipating increased legal and compliance expenses, theMiCA Crypto Alliance provides resources to help mitigate these costs. Memberswill have access to compliance tools, expert advice, and networkingopportunities.Hedera will contribute expertise in sustainability metrics,Ripple will focus on regulatory compliance through transparency, and AptosFoundation will support blockchain security and scalability. The DSF will offerexclusive tools and resources to assist members in meeting MiCA requirementsand promoting high standards of compliance and sustainability within theindustry.Lauren Weymouth, Director, University Partnerships atRipple, said: "This is a unique opportunity to promote collaborationbetween the academic community and leaders in the digital assets space,supporting sustainability best practices and regulatory compliance."This article was written by Tareq Sikder at www.financemagnates.com.
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TradersWithEdge, a proprietary trading firm, has announcedthe return of the MetaTrader 5 (MT5) platform to its lineup of trading tools.The firm made this announcement through a social media post on X, stating,"MetaTrader 5 is Back at TradersWithEdge."TradersWithEdge Launches MT5MT5, known for its advanced features and user-friendlyinterface, is a popular trading platform. It offers a range of tools includingcomprehensive charting options, automated trading functions, and extensivemarket analysis capabilities. The reintroduction of MT5 is expected to improvethe trading experience for users of TradersWithEdge, catering to both beginnersand experienced traders.🚀 Metatrader 5 is Back at Traders With Edge! Get a 2-for-1 deal: Buy one challenge account and get another free! Offer valid on $25K-$100K accounts for both 1 and 2 Phase challenges. Limited time only! Use code MT5ISBACK or click here: https://t.co/22ViLGEMkI 🎉 pic.twitter.com/JXeIX7lGIr— Traders With Edge - Get Funded (@traderswithedge) September 16, 2024In addition to the platform's return, TradersWithEdge isoffering a limited-time promotion. The firm is providing a 2-for-1 deal onchallenge accounts for both 1 and 2 Phase challenges. This article was written by Tareq Sikder at www.financemagnates.com.
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Quarter 2 2024 Report: Key Takeaways and Market InsightsThe second quarter of 2024 has been a dynamic period for the forex and CFD trading industry. Our latest Quarter2 2024 Intelligence Report offers key insights into the performance of the market, regulatory shifts, and emerging trends. Here's a breakdown of the highlights:Retail FX/CFD Market PerformanceThe FX/CFD industry saw a substantial boost in activity. Average monthly volumes for all brokers surged from $13.14 trillion in Quarter 1 2024 to $15.73 trillion in Quarter 2 2024. This growth was largely driven by Exness, which reported record-breaking average monthly volumes of $5.01 trillion, and IC Markets posted a notable increase in volume, rising by over 30% to $1.38 trillion.Rise in Active AccountsThe total number of active accounts in the retail FX market reached 4.82 million in Quarter 2 2024, up from 4.59 million in the previous quarter. Exness continued to dominate, maintaining over 1.22 million active accounts. IC Markets followed closely, with 188,000 active accounts. This growth reflects increasing retail interest despite regulatory challenges.MT4/MT5 Platforms Dominate TradingMT4 and MT5 platforms remain integral to retail trading, accounting for over 83% of total retail FX volumes. Exness led with $5.01 trillion in monthly trading volumes exclusively through MT4/MT5 platforms, followed by IC Markets at $1.27 trillion. The rising preference for these platforms highlights their robust infrastructure and versatility in supporting retail and institutional clients.Geopolitical and regulatory shiftsNotably, the Financial Markets Authority (FMA) in New Zealand proposed leverage restrictions of 30:1 on CFDs, aligning with similar measures in Australia. This move aims to protect retail investors from excessive risk. Meanwhile, in the UAE, retail FX and CFD trading showed resilience, driven by the crypto boom and strong social recommendations.Industry sentiment and media coverageThe Finance Magnates Media Sentiment Index revealed a shift in focus from cryptocurrencies to commodities and forex. In Quarter 2 2024, media coverage of cryptocurrencies dropped to an all-time low of 54.5%, reflecting the fading excitement around Bitcoin. Meanwhile, coverage of commodities increased to 27.8%, with oil and gold attracting more attention.Top brokers and market leadersThe Quarter 2 2024 report revealed the top-performing brokers in the FX/CFD space. Exness once again led the charge, dominating both volumes and active accounts. IC Markets and IG Group also posted strong results, with IG Group surpassing the $1 trillion mark in monthly volumes for the first time. Meanwhile, the Finance Magnates FX/CFD Industry Performance Index rose by 15% during the quarter, led by CMC Markets, which saw a 50% jump in its share price.Technological Advancements in TradingThe report also highlighted the growing role of AI in enhancing trading platforms and compliance processes. For instance, the launch of FirstradeGPT, an AI-driven research tool, showcased the potential for AI to provide real-time insights and improve decision-making in retail trading.Unlock the full report for in-depth analysis.Want to dive deeper into these trends, uncover detailed performance metrics, and gain exclusive insights into the FX/CFD industry? Get the Finance Magnates Intelligence Report for Quarter 2 2024.This article was written by Finance Magnates Staff at www.financemagnates.com.
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AlexanderRoyle, a long-time expert in financial market regulations, announced today(Wednesday) that he is joining Cor Prime, a new crypto project he co-founded. The firmis part of the $1 billion investment company Deus X Capital and aims to provideprime brokerage services for the digital asset industry.Royleto Provide Regulatory Support for Cor PrimeFor thepast three years, Royle has been associated with the cryptocurrency firm GalaxyDigital, where he served as a Regulatory Advisor. Previously, he worked forMontis Digital and Archax, where he also shared his expertise in financialmarket law.Earlier inhis career, Royle spent over five years with two prominent European regulatorycommissions, the UK's Financial Conduct Authority (FCA) and the EuropeanSecurities and Markets Authority (ESMA). His experience gained from workingboth on the regulatory side and in the private sector will undoubtedly bevaluable in the newly established firm providing services in the rapidlydeveloping digital asset market."I'mhappy to share that I'm starting a new position as Co-founder and Chief RegulatoryOfficer at Cor Prime," Royle commented on his social media.The list of former regulators joining crypto companies is getting longer. At the same time, the US SEC is struggling to compete with the private sector and find experts for cryptocurrency positions within its organization.CorPrime by Deus X CapitalCor Primeis a newly launched digital assets prime broker unit, backed by the $1 billioninvestment company Deus X Capital. Tim Grant, the current head of Deus X, hasbeen appointed as CEO of the new project.The firm'slaunch was officially announced after Deus X successfully closed its first equity funding round. Moreover, the company has committed up to $100 millionof risk capital to the business.“Digitalasset markets are starved of the risk capital and we see a major opportunity tooxygenate this market by unlocking new sources of capital. Institutional investorsneed a safe, sensible investment opportunity backed by a next-generation risk paradigmthat they understand before they can enter new markets and help them grow, andthat is exactly what we will be launching with in 2025,” commented Grant.Cor Primewill offer principal and prime lending for institutional investors in thedigital asset space, pending regulatory approval. The company aims to attracthigh-quality institutional risk capital from various sources, includingsovereign wealth funds, pension funds, insurance companies, hedge funds, familyoffices, and crypto asset pools from foundations and miners.This article was written by Damian Chmiel at www.financemagnates.com.
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· Expansion includes Burkina Faso, Cameroon, Kenya, Ivory Coast, Ghana, Senegal, South Africa, Nigeria· Leveraging success in Latin America to provide underbanked populations in Africa with efficient payment functionsPayRetailers, the leading payment processor for Latin America, has today announced further expansion into Africa. With coverage now across 12 countries, the company offers a unified simple payment solution that will be a game changer for cross-border online merchants looking at Africa as their next move for strategic growth.PayRetailers offer a simple, user-friendly, and scalable experience to businesses looking to grow their regional operations and give them access to major local payment methods like MPESA, Airtel, and MTN. The further expansion includes Burkina Faso, Cameroon, Kenya, Ivory Coast, Ghana, Senegal, South Africa and Nigeria, having recently launched in Rwanda, Zambia, Uganda, and Tanzania three months ago. This expansion effort further solidifies PayRetailers’ ability to unlock new growth opportunities for their clients, giving them easyaccess to additional emerging markets. For existing clients, in fact, this process requires zero integration efforts, as it is all handled via the same API.With many populations across Africa being underbanked, PayRetailers accelerates financial inclusion across the region by supporting businesses with their growth journey. The market is increasingly mobile and connected, with global businesses seeking to tap into the strong growth opportunities across Africa.The expansion marks a significant milestone in PayRetailers’ ambitious growth plans, with further expansion planned into more African countries as well as Europe. Leveraging its extensive experience in Latin America, the company is well equipped to address the unique needs of African consumers and businesses.Jonathan Vintner, Global Head of Sales at PayRetailers, said: “Expanding into eight new markets marks a significant milestone for PayRetailers as we continue our mission to bring tailored payment solutions to diverse regions. Africa is a vibrant and varied continent, with payment preferences that differ from region to region. For example, our launch in Kenya enables merchants to access M-Pesa, the country's leading mobile money provider, while in South Africa, we're offering a blend of card and cash solutions to meet local demands. All of this is seamlessly integrated into our existing API, allowing merchants to access the top payment methods across Latin America and now Africa through a single connection—with more countries on the horizon”.About PayRetailersFounded in 2017, PayRetailers is a global payment processing solution for secure and efficient transactions in Latin America and Africa. The company is a trusted partner for businesses seeking customized payment solutions. With a flexible platform supported by a direct API and commercial agreements, PayRetailers provides access to 300+ local payment methods, adapting rapidly to market demands. Its own technological architecture is highly flexible and scalable, allowing rapid innovation to meet the demands of constantly evolving markets. For more information about PayRetailers, visit https://www.payretailers.comThis article was written by FM Contributors at www.financemagnates.com.
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