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LMAX Group, a leading independent operator of institutionalFX trading venues, has announced the launch of FX Non-Deliverable Forwards(NDFs) trading on its central limit order book. The initiative aims to cater to the growing demand for FXNDF trading in the Asia Pacific region, where institutional liquidity isdeepening, and market structure enhancements are underway.Asia's NDF Trading DominanceAccording to LMAX Group, Singapore holds significantimportance in their expansion strategy, considering Asia's prominence in NDFtrading. Three out of the top four NDF currencies globally are from the AsiaPacific region.Globally, the trading volume in NDFs has witnessed a notablesurge, nearly doubling between 2016 and 2022, reaching $266 billion. Thisgrowth is attributed to the increased electronification of NDF markets and therising number of market participants.David Mercer, CEO, LMAX Group, said: “As demand forinstitutional liquidity for Asian currencies continues to grow, adding NDFs toour global FX offering is a logical next step following the launch of ourmatching engine in SG1 in 2022.""We recognise the significant potential thatremains untapped in the Asian FX market and will continue to broaden ourproduct suite, expand our distribution capabilities globally, and build theleading institutional FX marketplace.”LMAX Group goes live with FX NDF trading in Singapore and Londonhttps://t.co/TSRWntf7sd— The TRADE News (@theTRADEnews) June 5, 2024NDF Trading via Singapore and London PlatformsInitially, FX NDF trading on LMAX Exchange will focus on topAsian USD crosses, including Indian Rupee South Korean Won, NewTaiwan Dollar, Chinese Yuan, Indonesian Rupiah, PhilippinePeso, and Malaysian Ringgit. Additionally, Latin Americancrosses are expected to be included in the offering in subsequent phases.Trading will be facilitated via LMAX Exchange's platforms in Singapore andLondon.Matt DellaRocca, Head of Liquidity and Analytics, APAC, LMAXExchange, added: “We are delighted to go live with this offering, which willprovide local FX market participants with access to an expanded pool of NDFliquidity through a regulated exchange venue and a CLOB model that deliversefficient market structure and transparent, precise, consistent execution.”This article was written by Tareq Sikder at www.financemagnates.com.
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Sumsub, a global verification platform, has recently becomea technological partner in the Mastercard Engage Partner Program, focusing onDigital First solutions. The partnership aims to enhance security andstreamline customer onboarding processes.As part of the collaboration, Sumsub will offer its suite ofverification and anti-fraud solutions to ensure secure onboarding and ongoingcompliance for customers. These solutions aim to expedite onboarding, mitigatefraud risks, and build trust among users, thereby enhancing the digitalexperience.Offering Enhanced Onboarding SolutionsThrough the Engage Program, partners like Sumsub can develop,launch, and expand payment solutions for Mastercard's global customer base.This collaboration also facilitates faster product innovation and seamlesspayment experiences for users.Sumsub's Know-Your-Customer (KYC) products will be availableto Mastercard customers adopting Digital First solutions. These products enablequick, secure, and compliant onboarding processes, along with capabilities fortracking and monitoring user activities to detect and prevent illicit behaviour.Sumsub Joins Mastercard Engage Partner Program to Enhance User Verification and Fraud Prevention https://t.co/yGCT65VV74— Stock Market News (@Stock_Market_Pr) June 5, 2024Demand for Reliable Monitoring ToolsThe urgency for reliable transaction monitoring and paymentscreening tools is highlighted by the rising trend of payment fraud, whichcaused significant losses in the US in 2022, according to Statista. Sumsub'splatform integrates features like chargeback prevention and fraud detection tohelp companies effectively mitigate risks associated with fraudulent activitiesand unauthorized transactions."We are thrilled to be joining the Mastercard EngagePartner Program. It is essential for companies – particularly businessesresponsible for high transaction volumes – to provide their partners with thetools needed to protect themselves and their customers, and enhance userexperiences. They require continuous fraud prevention measures that extendbeyond just the user onboarding phase," said Martin ten Houten, VP ofBusiness Development, Europe at Sumsub. This article was written by Tareq Sikder at www.financemagnates.com.
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Talisman, the ultra-secure multi-chain crypto wallet, has today announced the launch of Talisman Quests, a gamified experience designed to drive user engagement and education in the Polkadot ecosystem.Having recently operated in beta, Quests compels crypto users to create a profile and progress through different levels by accumulating experience points (XP) and unlocking rewards. This progression is gamified with twists, turns, and a hidden story that gradually unfolds as users amass more XP.“One of the biggest barriers to blockchain adoption is understanding where to start and how to go about navigating the sometimes dizzying world of web3,” said Jonathan Dunne, Co-Founder & Head of Technology at Talisman.“With our new Quests app, we are making onboarding fun as well as rewarding, incentivizing users to explore all of the interesting projects and apps this space has to offer.”Users can earn XP through a variety of means, including:· Wallet Mining: Simply holding tokens in your wallet generates rewards that correspond to the token type (staking activities also provide XP multipliers). Rewards can be claimed every four hours· Quests: Completing cross-ecosystem missions helps users earn XP, boosted points and rewards · Referrals: Earning 5% of any friend’s total XP when they sign up using your referral linkEach month, Talisman will also release a new top rank, continually pushing the “frontier” as users find and seize The Sceptre, follow it to The Tower, and ultimately claim the Ultimate Power of Talisman.“We built Quests to be engageng and memorable, while also serving as an educational journey for users venturing into the Polkadot ecosystem,” added Dunne. “Interacting with real apps and assets accelerates the learning curve in a meaningful way.”An ultra-secure crypto wallet that makes it simple to store, send, receive, stake and swap Polkadot and Ethereum-based digital assets, Talisman was founded in 2021. Notable for its speed, security, and UX, Dunne says all the team’s work so far has led to this moment.To get started with Talisman Quests, users can download the wallet at talisman.xyz and create their profile. There is also an option to import your account or recovery phrase from existing wallets such as Metamask, Rabby and Trust.About TalismanTalisman (http://talisman.xyz/) is an ultra-secure multi-chain wallet that makes web3 simple for beginners and unlocks superpowers for pros. With Talisman users can safely store, send, receive Polkadot and Ethereum assets, and connect to decentralized applications (dApps).This article was written by FM Contributors at www.financemagnates.com.
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The UK entity of GMI Markets, a forex and contracts for differences (CFDs) broker, ended 2023 with a revenue of £616,570 and a pre-tax profit of £29,528, according to the latest Companies House filing. The company closed the year with a net profit of £23,676.The broker's latest annual revenue, which operates through a straight-through processing (STP) model, declined by 37.2 percent from the previous year’s £981,141. The pre-tax profit also dropped by over 93.9 percent.A Stressful Year for the BrokerGlobal Market Index Limited provides professional and ECP clients access to online trading for financial products, including FX and CFDs. The London-based company pointed out that “following the success in increasing the ECP and professional clients’ trading volume in 2022, [it] continued to maintain existing relationships and onboard professional clients during 2023.”The company elaborated that it expects its 2024 revenue to be driven by liquidity and white-label solutions for institutional clients targeting MT4, MT5, and FIX brokers, along with the continued focus on professional traders.It is also recruiting sales teams and increasing local and global geographical reach to attract and convert more clients.Interestingly, the administrative expenses of the company increased last year to £632,317 from the previous year’s £506,199. Meanwhile, it earned £51,413 from interest income, compared to £7,275 in 2022.Trading Remains Strong in Volatile MarketsApart from the UK entity, GMI also offers retail trading services with its entities registered in Saint Lucia, St. Vincent and the Grenadines, and Mauritius. However, the figures showcase the performance of only the UK-registered entity.Meanwhile, pointing out the impact of the geopolitical tensions, the company noted: “Despite the negative impact on many businesses by such events, the FX trading market has witnessed remarkable growth… creating trading opportunities as markets remained volatile.”“The company services institutional brokers who have benefited from the market volatility and trading opportunities during and after the pandemic, and as such, the Company benefits from the trading volume generated by this volatility and client trading activities.”This article was written by Arnab Shome at www.financemagnates.com.
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Are you looking for the next big B2B and B2C event in the Asia-Pacific region in 2024? Look no further than the Finance Magnates Pacific Summit (FMPS:24), coming to Sydney Australia on August 27-29. As a premium summit organized by FMevents, attendees can expect the industry’s top talent, speakers, and names, complete with networking opportunities and plenty of entertainment!FMPS:24 will be taking place at the International Convention Centre (ICC) in Sydney, Australia, one of the country’s leading venues for conventions, exhibitions, and entertainment. The summit will aim to bring together businesses and individuals, offering priceless networking opportunities for emerging and established businesses in financial services to build meaningful connections, explore innovative possibilities, and showcase their products and services.In addition, the event will retain a heavy focus on the B2C trading space, providing an informative hub for traders and financial markets enthusiasts to connect with leading online brokers, and experts for insights into online trading.What’s On OfferFMPS:24 will cover a total of four industry verticals: online trading, crypto, payments, and fintech. A curated content agenda and immersive experience was tailored for businesses and individuals with the goal to provide a platform for new business opportunities and knowledge sharing. No matter if you're a company looking for partnerships or an individual seeking to advance your trading journey, this event offers valuable insights and the chance to become part of a growing global community.Prospective attendees can expect to engage, network, and connect face-to-face with the following participants: Forex/CFD Brokers Institutional Brokers Affiliates & IBs Traders & Investors Educators & Market Experts Fintech & Payments Brands Crypto & Digital Assets Businesses Technology & Liquidity Providers Press/Media Regulators Start-ups Investors/VCsHave you booked your ticket for FMPS:24 yet? Head on over to the registration page today and reserve your seat.This is one event you cannot afford to miss with plenty of local partners and regional providers, top industry talent and speakers, as well as the industry’s most reputable brands. Stay tuned over the next month for the rollout of the official agenda for FMPS:24.Prospective attendees can expect to hear from the top decision-makers, C-suite executives, and plenty of specialists as they explore key industry trends and the most pertinent topics. See you in Sydney this August!This article was written by Jeff Patterson at www.financemagnates.com.
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<a href="https://b2broker.com/">B2Broker</a>, the leading Prime of Prime (PoP) liquidity and technology provider, has expanded its crypto liquidity offerings by launching <a href="https://b2broker.com/news/b2broker-expands-crypto-liquidity-offering-with-6-new-crypto-cfds-pairs/">six new crypto CFDs pairs</a>, each chosen for their massive trading volume and strong market demand. This decision was influenced by the consistent growth in crypto adoption, the recent green light for Bitcoin and Ethereum spot ETFs, and the escalating interest in crypto CFD trading.With this latest addition, B2Broker’s portfolio now includes a total of <a href="https://docs.google.com/spreadsheets/d/1kxdxtEBTGwtAiOqCIociDM9T_ZWMRSuGvDVtCzkqrTc/edit?roistat_visit=2641554#gid=721757110">140 crypto CFD pairs</a>, which cover Solana, Avalanche, Polkadot, Polygon, Uniswap, Algorand, and all the other leading coins and blockchains.Starting Monday, June 3rd at 6 AM GMT, the following new pairs are available for trading:TON/USDFET/USDRNDR/USDCAKE/USDICP/USDAPT/USDB2Broker was the first liquidity provider to roll out spot and perpetual futures-based <a href="https://b2broker.com/products/crypto-cfd-liquidity/">crypto CFDs</a>. The firm has also been at the forefront of introducing <a href="https://b2broker.com/ndf/">NDFs as CFDs</a> in the market.Today, B2Broker's crypto CFD liquidity is favoured by over 250 institutional clients and 30 professional funds worldwide because of its stability, consistency, and wide connectivity options (cTrader, oneZero, Prime XM, Centroid, TFB, TradeLocker, Your Bourse, FX Cubic, MT4/MT5, B2Trader, or any other system via FIX API).A Look at the Newly Added CFD PairsTON/USD - Launched in 2018 as "Telegram Open Network" (TON), Toncoin today is a powerful, decentralised layer one blockchain which supports multiple other blockchains, DNS, and storage, serving 650+ dApps, including Notcoin. Toncoin enables staking, payments, large-scale transactions, and smart contracts. Its value surged 280% last year, making it a top 10 cryptocurrency by market cap.24-Hour Trading Volume: $500MMarket Cap: $17BTotal Supply: 5.1B TONFET/USD - Fetch.ai (FET) is a decentralised network enabling autonomous agents to learn and collaborate via AI and machine learning. Launched by experts in AI and blockchain in 2017, Fetch.ai unveiled the FET token with Binance in 2019. The token's value has surged by 700% in the past year, driven by AI advancements and growing interest in the industry.24-Hour Trading Volume: $190MMarket Cap: $1.8BTotal Supply: 2.6B FETRNDR/USD - The Render Network, introduced in 2017, revolutionises computation services for demanding tasks like AI learning through a swift, fail-safe, blockchain-based peer-to-peer network. The protocol connects GPU power seekers with render resources, guaranteeing secure and error-free processing. RNDR's value has rocketed by 280% over the past year.24-Hour Trading Volume: $250MMarket Cap: $4.0BTotal Supply: 530M RNDRCAKE/USD - CAKE is the native token of PancakeSwap, a leading multi-chain DEX. Boasting $711B trading volume, 1.8M users, and $2.24B value locked across nine blockchains, CAKE's uses include staking in Syrup Pools, farming rewards, lotteries, team battles, IFOs, and NFTs, making it popular among traders and DeFi enthusiasts.24-Hour Trading Volume: $230MMarket cap: $800MTotal Supply: 385M CAKEICP/USD - Launched by the DFINITY Foundation in May 2021, the Internet Computer acts as a "World Computer," capable of running almost any online service, bypassing the need for conventional IT infrastructure. The platform's ICP token serves governance functions, compensates computational nodes, and rewards engaged community members, contributing to its recent value growth.24-Hour Trading Volume: $80MMarket Cap: $5.7B Total Supply: 520M ICPAPT/USD - Aptos is a PoS blockchain platform, inaugurated in 2022 by ex-Facebook employees, dedicated to popularising web3 applications and fostering a healthy DApp environment. APT holders can delegate to on-chain…
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Web3 Foundation, the entity supporting the growth of the Polkadot ecosystem, has awarded a grant to PolkaPort East. The Decentralized Futures (DF) grant is designed to help further decentralize Polkadot while spearheading technical, community, and broader ecosystem adoption.PolkaPort East is an independent entity leading investor relations and growth initiatives for Polkadot centered on Hong Kong and the Greater Bay Area. The DF grant from the Web3 Foundation is the first such award to be received by an organization working in Asia.The grant will support PolkaPort East’s goals of leading investor relations and growth for Polkadot in the region. Its mandate also includes promoting Polkadot and its technology, and acting as a key regional driver of capital into the ecosystem.Max Rebol, co-founder of PolkaPort East and CEO of Harbour Industrial Capital, a Polkadot-focused VC fund, said: “The launch of PolkaPort East comes at a crucial moment for Polkadot. It represents a critical step towards increasing the network’s decentralization while strengthening the ecosystem’s strategic position in Hong Kong. Thibault Perréard, also a co-founder who heads up strategy for Bifrost, a leading Polkadot parachain added: “With the support of the DF grant, PolkaPort East will be tapping into the thriving innovation hubs of Hong Kong and the Greater Bay Area while engaging and fostering relationships with local governments, global enterprises and capital allocators of the region.” Vincent Chan, the third co-founder of PolkaPort East who formerly led growth initiatives at Parity Technologies, explained that following the receipt of the DF grant, the initiative will seek to attract participants to the Polkadot ecosystem across Asia. These include projects and developers looking to build on Polkadot, Polkadot-native VCs, funds, and capital allocators, as well as general web3 investors. It will also target Asian university blockchain collectives and associations, fintechs seeking to enter web3, and local government exploring the use of blockchain technology.Speaking on behalf of the Web3 Foundation, David Hawig, the Director of Ecosystem, stated “The Web3 Foundation is thrilled to support the Polkaport East initiative through a Decentralized Futures grant. This project exemplifies our commitment to fostering decentralized access and innovation within the Polkadot ecosystem. We believe Polkaport East will play a pivotal role in enhancing connectivity and empowering the community in Hong Kong, driving forward the vision of a truly decentralized internet.”About Decentralized Futures The DF initiative developed by Web3 Foundation is designed to kickstart independent teams and initiative that will drive Polkadot’s success. It was established in 2023 following the restructuring of Parity Technologies which offloaded responsibilities for investor relations, growth and marketing to focus solely on technical development.Through the DF program, funding is available for Polkadot-focused organizations that aim to generate profit, as well as for non-profits that have a strategy to secure ongoing financing through Polkadot's onchain treasury system. An initial $20M plus 5M DOT tokens have been allocated to Decentralized Futures to expand the Polkadot ecosystem.About PolkaPort EastBased in Hong Kong, PolkaPort East (http://polkaporteast.xyz/) is an organization tasked with spurring adoption of the Polkadot ecosystem in Asia with a focus on Hong Kong and the Greater Bay Area. By working with different entities ranging from developers to investors, PolkaPort East will help to fuel adoption of web3 technology and onboard new users to Polkadot.This article was written by FM Contributors at www.financemagnates.com.
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UP Fintech Holding Limited (NASDAQ: TIGR) disclosed itsunaudited financial results for Q1 2024, ending on March 31. Wu Tianhua, Chairman and CEO, reported a 19.0%year-over-year increase in total revenues, reaching US$78.9 million. Strong Q1 Performance with Surge in Net IncomeNotably, net income attributable to ordinary shareholders ofUP Fintech surged to US$12.3 million, indicating a robust performance in Q1.Additionally, the company's non-GAAP net income reached US$14.7 million,underscoring its strong financial standing and operational efficiency.During the quarter, UP Fintech added 28,800 new fundedaccounts, totalling 933,400 funded accounts by the quarter's end, reflecting a15% increase year-over-year. Moreover, asset inflow stood strong at US$5.3billion, contributing to a notable 103.8% year-over-year increase in totalaccount balance to US$32.9 billion.2024-06-05 pre-market gainer:$TIGR -1.4599% :UP Fintech saw its stock rise after reporting better than expected Q1 results with revenue growing nearly 19% year over year and client assets hitting a record high.— Market Mover (@mkt_mover) June 5, 2024Earlier, UP Fintech Holding Limited, operator of Tiger Tradeonline brokerage, securedapproval from Hong Kong's Securities and Futures Commission to expand itslicense for virtual assets trading, as reported by Finance Magnates. Among the first in Hong Kong, UP Fintech now offers cryptotrading services, including Bitcoin and Ethereum, to qualified investors. Thismove aligns with UP Fintech's goal of providing a comprehensive tradingexperience, integrating cryptocurrencies with stocks, options, futures, andfunds on its Tiger Trade platform.Operating Costs Increase in Line with Revenue GrowthFinancially, total revenues surged to US$78.9 million,marking a 19.0% increase year-over-year. Commissions increased by 9.2% toUS$27.8 million due to heightened trading volume. Meanwhile, interest incomesaw a significant rise to US$43.8 million, attributed to increased marginfinancing and securities lending activities. Operating costs and expenses totalled US$50.8 million, withnotable increases in employee compensation and benefits, communication andmarket data expenses, and general and administrative expenses.This article was written by Tareq Sikder at www.financemagnates.com.
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Dozens of Israelis were extradited to Germany in connection with crypto and binary options scams that siphoned about 1 billion euros from victims over five years, according to two local Israeli news outlets, Mako and Posta.The fraud also involved former Israeli footballer Liron Basis, who was arrested last week in Moscow at the request of German authorities. He is now in a detention centre in Moscow and is expected to be extradited to Germany. The reports outlined that Basis is a suspect in a fraud of about 30 million euros.Basis has hired a local lawyer and denied the acquisitions against him. Many other Israeli arrested and extradited to Germany were represented by Nir Rotenberg and Gib Rotenberg, who successfully obtained lighter sentences for many, while some were released to house arrest until the end of the trial.Busting the Gang OperationsThe local police revealed that the Israeli criminal organisations operated from offices in Ramat Gan and Bnei Brak. They also ran operations from cities in Eastern European countries, like Sofia, Belgrade, Budapest, Prague, Bucharest, Tbilisi, and others, employing dozens of German, Spanish, and Italian-speaking staff.The modus operandi of the gangs involved connecting with pensioners in high-income European countries and persuading them to invest in binary options with promises of high returns. They mostly targeted German nationals, which alerted the German authorities."They establish cover companies, employ local young people and Israelis who supervise them, and operate without a trading license from those countries," an Israeli police officer told Mako.Binary options are banned in many countries, including Israel. Instead, many criminal groups lure victims by offering instruments that are very simple to understand—the payout is based simply on the up or down movement of an asset in a short period of time. These criminal gangs, however, usually do not invest the proceeds they collect from the victims.Germans Are High Value TargetIn another similar forex fraud case, the German authorities filed a case last month, naming two Israelis, Timor Rukhlin and Tal Aharon, both of whom were extradited to Germany.According to the indictment, published in Posta, Rukhlin headed a financial criminal organisation that operated trading platforms under more than five different names and also targeted victims, mostly German, by telephone. According to the indictment, the organisation swindled 27 million euros, out of which 10 million euros came from German speakers. Aharon, on the other hand, was part of a Bulgaria-based criminal gang, other members of which are also being chased by the German police.The previous indictment by the German authorities also connected Rukhlin and Aharon to Airsoft, the Israeli company that provided the malicious technology to conduct the fraud. Last September, the Israeli police raided the Ramat Gan offices of Airsoft, Finance Magnates reported. However, the mastermind behind Airsoft, Jeremy Katlan, also known as Roni Hajjaj, fled Israel and is still at large.Rotenberg lawyers also represented Aharon and has managed to obtain a release order for him while the trial is ongoing. The lawyers also softened the charges against Aharon, only for his involvement in fraud. Rukhlin, on the other hand, is under house arrest.This article was written by Arnab Shome at www.financemagnates.com.
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In the inaugural years of this Millennium, there was a sudden and seemingly unstoppable increase in the number of new electronic trading companies being established, and along with it came the rise to prominence of an island in the eastern Mediterranean which had previously been associated with relaxing tourism and renowned hospitality.That island is Cyprus, and now two decades on, it is one of the world's most important and developed regions in retail electronic trading.Cyprus is therefore the natural home of iFX EXPO International, which is the annual event that attracts all participants in the fintech and global brokerage business and is rapidly approaching. At this year's iFX EXPO International which will be held on June 19 and 20 at the Mediterranean City of Dreams resort in Limassol, Senior FX industry executives will share their views on current important topics.On June 20, between 16:00 - 16:45, Andrew Saks, Chief Product Officer at <a href="https://traderevolution.com/">TraderEvolution Global</a>, a back end-first, multi-market, multi-asset trading platform technology provider, will engage in a poignant discussion alongside esteemed professionals from various components of the electronic trading industry in a panel discussion relating to whether there is strategic value in an established retail brokerage establishing a prop trading division.The rise of proprietary trading stands out as a prominent current trend in the retail trading sector, with numerous brokerage firms utilizing their own capital to engage in direct trading of various assets such as stocks, bonds, and commodities as well as firms diversifying away from the core business of onboarding and retaining retail FX and CFD trading customers toward offering 'funded trader'-style trading competitions on demo accounts.Whilst these ‘funded trader’ style enterprises are a current trend, it is important to consider the method by which brokers can adapt their operations or expand their business toward any new direction that becomes popular.During the discussion which will be moderated by Anton Sokolov, Marketing Manager at Brokeree Solutions, TraderEvolution Global’s Andrew Saks will look closely at the effect that having business operations or a growth strategy curtailed by an external service provider can have, and how such a circumstance has brought to the surface an important issue that TraderEvolution has been actively resolving for brokerage companies, that being ensuring that TraderEvolution’s clients have full control over their operations and the direction of their business by having their own trading infrastructure.Many technology providers which have forged long term relationships with brokerage companies and whose core business activity has grown around firms which are now large enough to expand their services have in some cases started restricting services for companies offering services such as prop trading, therefore for companies wanting to look toward expanding into that area should look toward investing in their infrastructure to avoid having their growth plans curtailed by their technology.Taking a wider view is also vital because the restriction of service by technology vendors is not limited to prop trading. Over recent months, there have been many examples of a whole host of other services which are less radical and more the result of organic growth by brokerages having been suspended or canceled by technology companies, meaning that existing customers using those services can no longer be supported.This is especially damaging when brokers have expanded their services toward a business to business (B2B) audience and have contracts to offer products or services to those firms, and suddenly have to stop doing so due to an external company dictating its sudden change of terms.TraderEvolution Global’s Andrew Saks considers that it is not just the current array of new prop firms and brokerages entering the prop trading segment to whom consideration toward how their technology is structured should…
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IUX, a prominent CFD brokerage, has kicked off 2024 with remarkable growth across all key performance indicators. The company’s first-quarter results highlight a significant uptick in trading volume, active users, and IB commissions, underscoring IUX's robust market presence and commitment to excellence.Surging Trading VolumeIn Q1 2024, IUX reported a trading volume of 920.21 billion USD, marking a staggering 70% increase from the 541.30 billion USD recorded in Q4 2023. This substantial rise in trading activity showcases the trust and confidence that traders place in IUX’s platform. The company’s advanced trading infrastructure and wide range of financial instruments continue to attract high volumes of trading.Growing Active User BaseIUX’s active user base has seen impressive growth, with the number of active users soaring to 219,482 in Q1 2024, up from 142,521 in Q4 2023. This represents an increase of more than 50%. The surge in user numbers reflects IUX's dedication to enhancing the trading experience, offering user-friendly tools, and providing exceptional customer service. The significant rise in active users highlights the platform's increasing popularity and user satisfaction.Exceptional Increase in IB CommissionsThe brokerage also reported a significant jump in Introducing Broker (IB) commissions, which surged by over 120% in Q1 2024. The total IB commission reached 16,405,776 USD, compared to 7,457,170.94 USD in Q4 2023. This remarkable growth is a testament to IUX's successful partnerships with IBs, who play a crucial role in expanding the company’s reach and attracting new clients.A Commitment to Continuous ImprovementThe stellar performance in the first quarter of 2024 underscores IUX's commitment to continuous improvement and excellence. The company has focused on providing superior trading conditions, leveraging advanced technology, and delivering top-notch customer service. These efforts have paid off, as evidenced by the significant growth in trading volume, active users, and IB commissions.Future OutlookLooking ahead, IUX is well-positioned to sustain its growth trajectory throughout 2024. With a strong foundation and a rapidly growing community of traders and partners, the company is poised for continued success. IUX remains dedicated to enhancing its platform and services to meet the evolving needs of its clients and maintain its competitive edge in the CFD brokerage industry.As IUX continues to deliver exceptional results, the company thanks its clients, partners, and team members for their ongoing support and contributions. The impressive growth in Q1 2024 is just the beginning, and IUX is excited to build on this momentum in the coming quarters.For more detailed information about IUX's performance and future plans, visit their official website or reach out to their customer support team.This article was written by FM Contributors at www.financemagnates.com.
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Open banking, a relatively new concept in finance, is rapidly gaining momentum. Previously, traditional banks held an exclusive monopoly over customer data. In Europe, this was ended in 2018 with the PSD2 regulation. It mandated banks to share information with licensed third-party providers, strictly with customer consent, of course. The data sharing happens via secure APIs, which act as a bridge between different software.Open banking payments increase in adoptionThe key benefit of open banking is its potential to improve online payment processing for customers and merchants. Open banking enabled the new payment method referred to at <a href="https://noda.live/?utm_source=media&utm_medium=article&utm_campaign=ifx">Noda</a> as “pay-by-bank.” It’s an account-to-account (A2A) transaction without the involvement of card networks. Customers are redirected to their trusted bank’s interface and complete authorisation there. Only licensed PISP providers like Noda can offer this service. Pay-by-bank is superior to traditional card payments in many ways. First, it offers a much quicker and smoother user experience (UX). Customers don’t need to manually enter their payment details, as they’re redirected to their bank’s app or website, depending on the device they use. This results in frictionless checkout and less cart abandonment.Secondly, pay-by-bank payments are secure. Measures such as strong customer authentication (SCA), which requires verification by multiple factors, are a legal requirement. Plus, data sharing happens via regulated APIs rather than screen scraping.Customers value convenience and safety, so this type of payment is becoming their favourite. According to <a href="https://www.openbanking.org.uk/news/open-banking-impact-report-october-2023/">Open Banking UK</a>, 9.7 million payments were made in June 2023, a surge of 88% from 2022. There were further 10.8 million payments in August. Over 11% of British consumers are active users of open banking, and 17% of small businesses also adopt this innovative tool. And this trend is likely to accelerate. Statista <a href="https://www.statista.com/statistics/1448586/a2a-payments-in-online-shopping/#:~:text=Account%2Dto%2Daccount%20(A2A,the%20need%20for%20an%20intermediary">forecasts</a> A2A payments to grow by 14% annually between 2023 and 2027. Currently classified as an alternative payment method, this will place pay-by-bank into the mainstream. Meanwhile, <a href="https://www.juniperresearch.com/research/fintech-payments/banking/open-banking-market-research-report/">Juniper Research</a> predicts open banking transactions to reach $330bn in value by 2027. That’s from $57bn in 2023, a total of 479% market growth. Innovative potential of open banking data productsYet payments are just the tip of the iceberg of open banking potential. There is a whole other field related to open banking data. In PSD2, third-party providers can also obtain an AISP license, which allows them to gather customer data from different sources and put it into a single interface. Think of budgeting apps that allow users to connect different bank accounts. For businesses, this offers numerous opportunities and data products. For example, at <a href="https://noda.live/?utm_source=media&utm_medium=article&utm_campaign=ifx">Noda</a>, we offer Know Your Whales (KYW), which is an analytics tool that provides customer insights. Merchants can use KYW to target clients of high lifetime value (LTV), improve client engagement, build re-marketing campaigns and develop personalised products. Open banking tools can also be used for onboarding and compliance processes such as Know Your Clients (KYC). They enable instant data retrieval for client verification. At Noda, for example, we offer Pay & Go, which allows businesses to onboard their clients with non-ID upload and liveness detection. The solution covers onboarding, verification and the first deposit. Open banking tools offer value in lending, too, allowing companies to quickly verify income, wealth and affordability.…
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Foreign exchange volume on Saxo Bank took a hit again in May, as the monthly volume dropped to $79.6 billion. The figure is the lowest since the platform started publishing its trading metrics in 2016.FX Volume Is at the BottomMay’s forex trading volume on Saxo dropped by more than 19.8 percent from the previous month. This is even lower than the previous low in March, when the volume tanked to $85.1 billion. Although demand recovered in April, the drop last month confirmed that it was not sustainable.The daily average of forex instruments also dropped to $3.5 billion, compared to $4.5 billion in April and $5.7 billion in May 2023. The latest monthly volume also dropped by 39 percent year over year.Along with forex, the demand for equities instruments also dropped on Saxo last month. The total monthly volume for equities touched $241.5 billion, dropping from the $303.7 billion peak of the previous month. Year-over-year, demand for equities jumped by 57 percent.Commodities instruments offered by Saxo also followed the broader trend, with a monthly volume dropping to $56.8 billion in May from $70.7 billion the previous month. A year earlier, the monthly commodities volume was $40.7 billion.However, only the monthly demand for fixed-income instruments managed to grow last month, as it jumped to $10.3 billion, compared to the previous month’s $9 billion. Saxo also offers cryptocurrency contracts for differences in some Asia-Pacific markets but does not publish volumes for those instruments regularly.Other Metrics at Record HighMeanwhile, clients’ assets held by Saxo recently touched DKK 800 billion (about $116.1 billion), a record for the Danish broker. The figure was achieved with the deposits of more than 1.2 million clients globally.The broker is making some further changes in its top management. It recently named Andrew Bresler the UK CEO and Casper Solbakken the Global Head of Commercial Offering and Experience. It also promoted Stig Christensen to the role of Chief Commercial Officer after merging its global sales and SXO units.This article was written by Arnab Shome at www.financemagnates.com.
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Dukascopy Bank SA has integrated MetaTrader 5 (MT5)into its suite of trading platforms. This move followed the completion of testing and aims to provide clients with access to better trading services.With this offering, the Swiss online trading platform aims to enhance user trading experience with analytical tools, technical indicators, and a range of trading activities.Expanded Set of Technical IndicatorsMT5 offers a set of technicalindicators and timeframes, allowing for a more comprehensive market analysis.Users can access integrated economic calendars about crucial financial eventson the platform. Additionally, the Depth of Market view provides deeperinsights into market dynamics, offering traders a detailed perspective onmarket conditions.According to the press release, the online bankbelieves that MT5 will complement its existing platforms, such as JForex 4 andMT4, and offer traders unmatched flexibility and analytical capabilities. Byadding MT5 to its offerings, the bank seeks to provide a secure andefficient trading environment.Dukascopy Welcomes MetaTrader 5: A New Dimension in Trading https://t.co/VeKlCCAXSi— Jared Kirui (@JaredLopta79285) June 4, 2024Dukascopy offers trading services across a wide rangeof financial instruments, including currencies, commodities, precious metals,indices, stocks, bonds, and cryptocurrencies. The bank's global clientele cannow leverage MT5 features to enhance their trading strategiesand achieve better outcomes, the firm said. Entry into Crypto Space Last year, Dukascopy launched a crypto lending service toenable users to borrow cash, leveraging their crypto holdings. This move aimsto address the growing demand for financial flexibility within the cryptocommunity. By allowing customers to access up to 50% of their crypto assetvalue without the burden of repayment commitments, Dukascopy seeks to cater tothe evolving needs of digital asset traders and investors.To access this service, users must hold a multi-currencyaccount with Dukascopy, which serves as the central hub for crypto lending.Upon finding their multi-currency account, users can choose to retain theircrypto investments while accessing a portion of their value in cash. Forinstance, if a client deposits 0.1 Bitcoin valued at $20,000 per Bitcoin, theycan access $1,000 in their multi-currency account, with the remaining amountdeposited into a trading sub-account. While Dukascopy's entry into crypto lending marks asignificant development, regulatory scrutiny surrounds such services, particularly in the United States, where several crypto companies face regulatory pressure.This article was written by Jared Kirui at www.financemagnates.com.
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Dukascopy Bank SA has integrated MetaTrader 5 (MT5)into its suite of trading platforms. This move followed the completion of Betatesting and aims to provide clients with access to better trading services.With this offering, the Swiss online trading platform aims to enhance users' trading experience with analytical tools, technical indicators, and a range of trading activities.Expanded Set of Technical IndicatorsMT5 offers a set of technicalindicators and timeframes, allowing for a more comprehensive market analysis.Users can access integrated economic calendars about crucial financial eventson the platform. Additionally, the Depth of Market view provides deeperinsights into market dynamics, offering traders a detailed perspective onmarket conditions.According to the press release, the online bankbelieves that MT5 will complement its existing platforms, such as JForex 4 andMT4, and offer traders unmatched flexibility and analytical capabilities. Byadding MT5 to its offerings, the bank seeks to provide a secure andefficient trading environment.Dukascopy Welcomes MetaTrader 5: A New Dimension in Trading https://t.co/VeKlCCAXSi— Jared Kirui (@JaredLopta79285) June 4, 2024Dukascopy offers trading services across a wide rangeof financial instruments, including currencies, commodities, precious metals,indices, stocks, bonds, and cryptocurrencies. The bank's global clientele cannow leverage MT5 features to enhance their trading strategiesand achieve better outcomes.Entry into Crypto Space Last year, Dukascopy launched a crypto lending service toenable users to borrow cash, leveraging their crypto holdings. This move aimsto address the growing demand for financial flexibility within the cryptocommunity. By allowing customers to access up to 50% of their crypto assetvalue without the burden of repayment commitments, Dukascopy seeks to cater tothe evolving needs of digital asset traders and investors.To access this service, users must hold a multi-currencyaccount with Dukascopy, which serves as the central hub for crypto lending.Upon finding their multi-currency account, users can choose to retain theircrypto investments while accessing a portion of their value in cash. Forinstance, if a client deposits 0.1 Bitcoin valued at $20,000 per Bitcoin, theycan access $1,000 in their multi-currency account, with the remaining amountdeposited into a trading sub-account. While Dukascopy's entry into crypto lending marks asignificant development, regulatory scrutiny surrounds such services, particularly in the United States, where several crypto companies face regulatory pressure.This article was written by Jared Kirui at www.financemagnates.com.
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In the inaugural years of this Millennium, there was a sudden and seemingly unstoppable increase in the number of new electronic trading companies being established, and along with it came the rise to prominence of an island in the eastern Mediterranean which had previously been associated with relaxing tourism and renowned hospitality.That island is Cyprus, and now two decades on, it is one of the world's most important and developed regions in retail electronic trading.Cyprus is therefore the natural home of iFX EXPO International, which is the annual event that attracts all participants in the fintech and global brokerage business and is rapidly approaching. At this year's iFX EXPO International which will be held on June 19 and 20 at the Mediterranean City of Dreams resort in Limassol, Senior FX industry executives will share their views on current important topics.On June 20, between 16:00 - 16:45, Andrew Saks, Chief Product Officer at <a href="https://traderevolution.com/">TraderEvolution Global</a>, a back end-first, multi-market, multi-asset trading platform technology provider, will engage in a poignant discussion alongside esteemed professionals from various components of the electronic trading industry in a panel discussion relating to whether there is strategic value in an established retail brokerage establishing a prop trading division.The rise of proprietary trading stands out as a prominent current trend in the retail trading sector, with numerous brokerage firms utilizing their own capital to engage in direct trading of various assets such as stocks, bonds, and commodities as well as firms diversifying away from the core business of onboarding and retaining retail FX and CFD trading customers toward offering 'funded trader'-style trading competitions on demo accounts.Whilst these ‘funded trader’ style enterprises are a current trend, it is important to consider the method by which brokers can adapt their operations or expand their business toward any new direction that becomes popular.During the discussion which will be moderated by Anton Sokolov, Marketing Manager at Brokeree Solutions, TraderEvolution Global’s Andrew Saks will look closely at the effect that having business operations or a growth strategy curtailed by an external service provider can have, and how such a circumstance has brought to the surface an important issue that TraderEvolution has been actively resolving for brokerage companies, that being ensuring that TraderEvolution’s clients have full control over their operations and the direction of their business by having their own trading infrastructure.Many technology providers which have forged long term relationships with brokerage companies and whose core business activity has grown around firms which are now large enough to expand their services have in some cases started restricting services for companies offering services such as prop trading, therefore for companies wanting to look toward expanding into that area should look toward investing in their infrastructure to avoid having their growth plans curtailed by their technology.Taking a wider view is also vital because the restriction of service by technology vendors is not limited to prop trading. Over recent months, there have been many examples of a whole host of other services which are less radical and more the result of organic growth by brokerages having been suspended or canceled by technology companies, meaning that existing customers using those services can no longer be supported.This is especially damaging when brokers have expanded their services toward a business to business (B2B) audience and have contracts to offer products or services to those firms, and suddenly have to stop doing so due to an external company dictating its sudden change of terms.TraderEvolution Global’s Andrew Saks considers that it is not just the current array of new prop firms and brokerages entering the prop trading segment to whom consideration toward how their technology is structured should…
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IUX, a prominent CFD brokerage, has kicked off 2024 with remarkable growth across all key performance indicators. The company’s first-quarter results highlight a significant uptick in trading volume, active users, and IB commissions, underscoring IUX's robust market presence and commitment to excellence.Surging Trading VolumeIn Q1 2024, IUX reported a trading volume of 920.21 billion USD, marking a staggering 70% increase from the 541.30 billion USD recorded in Q4 2023. This substantial rise in trading activity showcases the trust and confidence that traders place in IUX’s platform. The company’s advanced trading infrastructure and wide range of financial instruments continue to attract high volumes of trading.Growing Active User BaseIUX’s active user base has seen impressive growth, with the number of active users soaring to 219,482 in Q1 2024, up from 142,521 in Q4 2023. This represents an increase of more than 50%. The surge in user numbers reflects IUX's dedication to enhancing the trading experience, offering user-friendly tools, and providing exceptional customer service. The significant rise in active users highlights the platform's increasing popularity and user satisfaction.Exceptional Increase in IB CommissionsThe brokerage also reported a significant jump in Introducing Broker (IB) commissions, which surged by over 120% in Q1 2024. The total IB commission reached 16,405,776 USD, compared to 7,457,170.94 USD in Q4 2023. This remarkable growth is a testament to IUX's successful partnerships with IBs, who play a crucial role in expanding the company’s reach and attracting new clients.A Commitment to Continuous ImprovementThe stellar performance in the first quarter of 2024 underscores IUX's commitment to continuous improvement and excellence. The company has focused on providing superior trading conditions, leveraging advanced technology, and delivering top-notch customer service. These efforts have paid off, as evidenced by the significant growth in trading volume, active users, and IB commissions.Future OutlookLooking ahead, IUX is well-positioned to sustain its growth trajectory throughout 2024. With a strong foundation and a rapidly growing community of traders and partners, the company is poised for continued success. IUX remains dedicated to enhancing its platform and services to meet the evolving needs of its clients and maintain its competitive edge in the CFD brokerage industry.As IUX continues to deliver exceptional results, the company thanks its clients, partners, and team members for their ongoing support and contributions. The impressive growth in Q1 2024 is just the beginning, and IUX is excited to build on this momentum in the coming quarters.For more detailed information about IUX's performance and future plans, visit their official website or reach out to their customer support team.This article was written by FM Contributors at www.financemagnates.com.
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Open banking, a relatively new concept in finance, is rapidly gaining momentum. Previously, traditional banks held an exclusive monopoly over customer data. In Europe, this was ended in 2018 with the PSD2 regulation. It mandated banks to share information with licensed third-party providers, strictly with customer consent, of course. The data sharing happens via secure APIs, which act as a bridge between different software.Open banking payments increase in adoptionThe key benefit of open banking is its potential to improve online payment processing for customers and merchants. Open banking enabled the new payment method referred to at <a href="https://noda.live/?utm_source=media&utm_medium=article&utm_campaign=ifx">Noda</a> as “pay-by-bank.” It’s an account-to-account (A2A) transaction without the involvement of card networks. Customers are redirected to their trusted bank’s interface and complete authorisation there. Only licensed PISP providers like Noda can offer this service. Pay-by-bank is superior to traditional card payments in many ways. First, it offers a much quicker and smoother user experience (UX). Customers don’t need to manually enter their payment details, as they’re redirected to their bank’s app or website, depending on the device they use. This results in frictionless checkout and less cart abandonment.Secondly, pay-by-bank payments are secure. Measures such as strong customer authentication (SCA), which requires verification by multiple factors, are a legal requirement. Plus, data sharing happens via regulated APIs rather than screen scraping.Customers value convenience and safety, so this type of payment is becoming their favourite. According to <a href="https://www.openbanking.org.uk/news/open-banking-impact-report-october-2023/">Open Banking UK</a>, 9.7 million payments were made in June 2023, a surge of 88% from 2022. There were further 10.8 million payments in August. Over 11% of British consumers are active users of open banking, and 17% of small businesses also adopt this innovative tool. And this trend is likely to accelerate. Statista <a href="https://www.statista.com/statistics/1448586/a2a-payments-in-online-shopping/#:~:text=Account%2Dto%2Daccount%20(A2A,the%20need%20for%20an%20intermediary">forecasts</a> A2A payments to grow by 14% annually between 2023 and 2027. Currently classified as an alternative payment method, this will place pay-by-bank into the mainstream. Meanwhile, <a href="https://www.juniperresearch.com/research/fintech-payments/banking/open-banking-market-research-report/">Juniper Research</a> predicts open banking transactions to reach $330bn in value by 2027. That’s from $57bn in 2023, a total of 479% market growth. Innovative potential of open banking data productsYet payments are just the tip of the iceberg of open banking potential. There is a whole other field related to open banking data. In PSD2, third-party providers can also obtain an AISP license, which allows them to gather customer data from different sources and put it into a single interface. Think of budgeting apps that allow users to connect different bank accounts. For businesses, this offers numerous opportunities and data products. For example, at <a href="https://noda.live/?utm_source=media&utm_medium=article&utm_campaign=ifx">Noda</a>, we offer Know Your Whales (KYW), which is an analytics tool that provides customer insights. Merchants can use KYW to target clients of high lifetime value (LTV), improve client engagement, build re-marketing campaigns and develop personalised products. Open banking tools can also be used for onboarding and compliance processes such as Know Your Clients (KYC). They enable instant data retrieval for client verification. At Noda, for example, we offer Pay & Go, which allows businesses to onboard their clients with non-ID upload and liveness detection. The solution covers onboarding, verification and the first deposit. Open banking tools offer value in lending, too, allowing companies to quickly verify income, wealth and affordability.…
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Ouinex, a digital assets trading platform, has raised $5million through a series of private funding rounds. The most recent Private 2token sales round raised $1 million, bringing the total funds raised to $5.2million.Ouinex's user base exceeds 50,000 members. The recentfundraising round was limited to the Ouinex community and received significantinterest from investors. This indicates strong confidence in the platform'sfuture.Engaging Community in FundraisingOuinex involves its community in the fundraising process byengaging with active traders. This approach ensures that the user base is partof the platform's development.Last month, Ouinex held a conference in Paris. The event wasbacked by Interactiv Trading and attended by over 500 people, mainly highnet-worth traders. Many attendees confirmed they had invested in Ouinex duringits presale rounds.Ouinex is a trading platform for crypto and derivatives. Itoffers low latency, competitive trading fees, and advanced tradinginfrastructure. The platform features innovative universal cross margining,allowing users to trade traditional financial instruments using their cryptoholdings as margin.Meanwhile, Ouinexis solidifying its regulatory standing having recently obtained a Virtual AssetService Provider registration from the Polish Financial Supervision Authority,according to sources at FinanceMagnates.This marks Ouinex's first regulatory approval and comes justdays before its initial coin offering. The acquisition of the Polish licensealigns with the company's roadmap, which anticipated obtaining registrationfrom Poland by the fourth quarter of 2023. Additionally, securing registrationin Poland is a strategic move as Ouinex looks to expand into European markets.Enhancing Trading PlatformThe $5 million raised will be used to enhance the platformand obtain additional regulatory licenses. Ouinex expressed gratitude to itscommunity for their support."Our Private 2 token sales round is a testament to thestrength and dedication of our community," said Ilies Larbi, CEO ofOuinex. "We are thrilled to have raised over $5 million without spending asingle marketing dollar, showcasing the power of our user-driven approach andthe value our platform delivers to investors."This article was written by Tareq Sikder at www.financemagnates.com.
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Alipay+ has partnered with Khan Bank to enable digitalpayments for users of 12 international e-wallets, a move that aimsto boost tourism and businesses across Mongolia.Supporting Payments in MongoliaAccording to the press release, the collaborationbetween Alipay+ and Khan Bank enables tourists from eight countries and regionsto use their preferred e-wallets to make payments across Mongolia. Thisinitiative covers a wide array of e-wallets, including Alipay, GCash, Kakao Pay,and TrueMoney. These digital payment methods can be used at various locations,from luxury hotels to local shops, by scanning a QR code.Merchants across Mongolia are expected to benefit from Alipay+'sintegrated payment solutions. The system supports transactions usinga single QR code for a simplified payment process. Additionally, Alipay+marketing solutions enable merchants to create promotions, distribute digitalcoupons, and offer discounts directly to e-wallet users.To mark this partnership, Khan Bank and Alipay+ aimto launch promotional activities through October 2024. Users of selectede-wallets, such as AlipayHK and Kakao Pay, will reportedly receive a 10%instant discount when making purchases at Khan Bank's POS terminals. Moree-wallet services are expected to join in the coming months, further expandingthe digital payment landscape in Mongolia.Khan Bank is Mongolia's top financial institution,serving 82% of the population through its network of branches anddigital channels. The bank focuses on sustainable development by supportingMSMEs and offering environmentally responsible products. Expanding Global ReachSince its introduction in 2020, Alipay+ has reportedly connectedover 88 million merchants in more than 50 countries. This expansion intoMongolia is part of an effort to facilitate cross-border payments andenhance consumer experiences worldwide. By linking local merchants with globaltravelers, Alipay+ seeks to boost tourism and economic growth.Most recently, Alipay+ collaborated with DNA Payments to enable over 50,000 UK merchants, especially in the hospitality sector, to accept payments through popular Asian e-wallets like Alipay, GrabPay, and Kakao Pay. This integration allows tourists to make instant payments by scanning a QR code with their mobile devices, eliminating concerns about currency exchange rates or carrying physical cash. Businesses can now cater to the payment preferences of Asian tourists, who are accustomed to using mobile payment solutions in their home countries. This change aims to boost customer engagement and satisfaction, encouraging tourists to choose establishments that offer their preferred payment methods.This article was written by Jared Kirui at www.financemagnates.com.
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Cyprus-based Traders Trust has become the latest forex and contracts for differences (CFDs) broker to join the prop trading trend. Finance Magnates has learned that the retail broker launched prop trading services under the brand TradingCult.Another Broker Enters Prop TradingAccording to the TradingCult website, the prop trading brand is operated by Seychelles-based Cultpedia and Cyprus-based Cultedge, two separate entities from those running the FX and CFDs brokerage brand. Interestingly, the entities operating TradingCult and Traders Trust are based in the same Cyprus office.Furthermore, Nicola Berardi, the Chief Executive of Traders Trust, is the founder and CEO of the new prop trading brand, as shown on the TradingCult website. Berardi is the former Chief Financial Officer of Saxo Bank and Synthesis Bank, who founded the Traders Trust brand in 2009 and has been heading it as the CEO since.“At TradingCult, I’m dedicated to providing the funding, education, and support that traders need to succeed,” a message from Berardi on the TradingCult website notes. “My mission is to empower traders by breaking down barriers and ensuring everyone can thrive in the financial markets, and I am committed to helping them reach their full potential.”Finance Magnates approached Traders Trust for official confirmation but has not received any reply as of press time.Brace yourselves! The wait is over! The moment has arrived! We are thrilled to announce the launch of Trading Cult, our innovative proprietary trading firm! Our mission? To fund your trading journey.https://t.co/HW1uakbFhQ#TradingCult #NewBeginnings #Trading #forex pic.twitter.com/peLajrCUCE— Trading Cult Official (@trading_cult) May 21, 2024Brokers’ Interest in Prop TradingBefore Traders Trust, established FX and CFDs brokerage brands like OANDA, Axi, Hantec Market, and IC Markets have already launched their prop trading services. The popularity of prop trading is also pushing other brokerage brands to take an interest in the new industry.Interestingly, TradingCult approached the industry with a very aggressive offering. The newly launched prop trading platform offers traders a 95 percent profit split. Prospective traders can buy any of the four offered challenges, which cost between $99 and $999. The lowest-tier account offers a funded account with a balance of $10,000, while the top-tier one offers $200,000.TradingCult also uses the brokerage service of Traders Trust to offer trading on MetaTrader 4.This article was written by Arnab Shome at www.financemagnates.com.
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The purpose of this article is not to review the differentproprietary trading firms and their programs proliferating the OTC/Futures market but to examine the merits of the latest craze from the perspective of someone who has worked inall segments of the trading industry.I have been a professional money manager for more than 20years, having worked as a proprietary trader for an investment bank and HNWI, a hedgefund manager, and for the last 12 years as an incubator of emerging traders. The Real WorldThe <a href="https://www.financemagnates.com/tag/hedge-fund/">hedge fund</a> industry comprises roughly 15,000 hedge fundsmanaging an estimated $5 trillion dollars, this includes CTA/Managed Futuresmanagers. It is reported that about 6% of these funds close each year, with an overall average return of around 8% per annum if you take a long-term view of the industry. Most importantly for our discussion, the fee structure is around 1%per annum management fee and a 20% performance fee above a high-water mark. Ishould add that managers' fees have been under pressure for years. Establishing a hedge fund or a regulated managed account is onerous from a regulatory point of view, as are the costs for establishing and maintaining compliance, along with auditing and administration fees.Institutional investors have grown tired of paying fees to hedge funds for what they see as “skill-less returns” <a href="https://t.co/j6eXqDumek">https://t.co/j6eXqDumek</a>— Bloomberg Asia (@BloombergAsia) <a href="https://twitter.com/BloombergAsia/status/1796511672820998431?ref_src=twsrc%5Etfw">May 31, 2024</a>To have any chance of raising sufficient money, the fund manager normally needs, at the very minimum, a 2-year track record, but more like 5-years, attractive risk-adjusted returns, and some previous firm and education pedigree.The above is the formula required to play in the moneymanagement game with a reasonable amount of money under management. However,nothing is guaranteed. Many talented traders meeting the above criteria stillstruggle to attract enough attention or interest to raise sufficient funds torun a viable fund.There are other forms of professional trading opportunities.This is where you formally become an employee of a bank or a <a href="https://www.financemagnates.com/tag/hedge-fund/">proprietary trading</a> firmmanaging the firm’s own capital. These are often highly sought-after positionsthat pay well, around 10% of profits.In short, getting the opportunity to trade with sizeablecapital is very tough. It is very similar to making a good living as aprofessional sportsman. The competition is fierce, and only a very small portion of people are trying to make it into the big leagues. Of course, we mainly see the successful ones as they are what the marketers focus on, exploiting the way our brains are wired to extrapolate the success of a small number into what wethink is a much larger number.<a href="https://twitter.com/hashtag/ESMA?src=hash&ref_src=twsrc%5Etfw">#ESMA</a> is conducting preliminary reviews on potential regulations for proprietary trading.— Finance Magnates (@financemagnates) <a href="https://twitter.com/financemagnates/status/1796632958754861245?ref_src=twsrc%5Etfw">May 31, 2024</a>Filling the GapThe <a href="https://www.financemagnates.com/terms/o/online-trading/">online trading</a> craze that started in the 1990s with the burgeoning internet accelerated in the 2000s with the growth of the OTC market, which Finance Magnates readers are extremely familiar with and well-informed about. This growth has continued to date and spawned a massive industry. Idon’t have the space to describe the growth of this industry in detail, but oneof the catalysts for the growth in the industry has been the incredible successof MetaQuotes (MT4 & MT5). The technology package this firm developedenabled companies with very limited technology and industry experience to set up a broker very easily and relatively cheaply. The prop firm concept for retail-type traders has beenaround for many decades…
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In an age whereevery click, swipe, and like can be monitored, Google’s latest data leak isless of a surprise and more of a confirmation of our worst fears. This time,the leak didn’t just spill the beans—it tore the lid off, slathered itself in sugarytomato sauce and ran naked down the road.Google - The Latest LeakAccording to atip given to <a href="https://www.404media.co/">404 Media</a> by Googleemployees, sensitive user information, the kind you wouldn’t even share withyour closest friends, was exposed in Google's latest leak. We’re talking recordings of children’s voices, car license plates and users’ home addresses, toname just a few problems. This incident not only underscores Google'saggressive data collection tactics but also throws light on a much darker,often overlooked issue: <a href="https://www.financemagnates.com/terms/a/artificial-intelligence-ai/">Artificial Intelligence (AI</a>) systems like OpenAI, Siri from Apple and the onemade by Google, like data like a dragon likes gold.Remember whendata breaches were all about stolen credit card numbers? Those were the goodold days. Now, it's about personal chats, your favorite cat videos, and thoseembarrassing late-night searches. Now … the question is … does Google have any firewallsbetween its AI devs and its search/data people…? We’ll never know.Interested in the Google data leak? Of course you are. This is pretty cool. Search and filter the data based on several criteria. Just started testing it out but could be helpful for those wanting to dig in further -> The Google Search API Leak: A Comprehensive Database of… <a href="https://t.co/EFHAixUIrc">pic.twitter.com/EFHAixUIrc</a>— Glenn Gabe (@glenngabe) <a href="https://twitter.com/glenngabe/status/1796882460434719067?ref_src=twsrc%5Etfw">June 1, 2024</a>AI - The All-Knowing Oracle or the Creepy Stalker?Let's take adetour into the realm of AI, both the supposed savior and potential destroyerof modern civilization, depending on who you believe. A recent open letter endorsedby AI luminaries Yoshua Bengio and Geoffrey Hinton, and 13 former and current employees of OpenAI,GoogleDeepMind, and Anthropic, ringsalarm bells about the unchecked development of AI systems. These aren’t yourrun-of-the-mill warnings about robots taking our jobs. No, these are hardcoreconcerns about AI posing "serious risks” if left unchecked. To be clearthe letter says, “These risks range from thefurther entrenchment of existing inequalities, to manipulation andmisinformation, to the loss of control of autonomous AI systems potentiallyresulting in human extinction.”OK, then. That's not worrying at all.The letteressentially says, “Hey, we might be building Skynet, and maybe we should hitpause before it decides we're obsolete.” The fact that these warnings arecoming from within the industry should make us all sit up and pay attention.When the creators start worrying about their creations, it's probably time toget worried too. And if you don’t know what Skynet is, go watch any of theTerminator movies, but preferably the first as it’s the best.In any case, youcan read the letter <a href="https://righttowarn.ai/">here</a>.A group of current, and former, OpenAI employees - some of them anonymous - along with Yoshua Bengio, Geoffrey Hinton, and Stuart Russell have released an open letter this morning entitled 'A Right to Warn about Advanced Artificial Intelligence'.<a href="https://t.co/uQ3otSQyDA">https://t.co/uQ3otSQyDA</a> <a href="https://t.co/QnhbUg8WsU">pic.twitter.com/QnhbUg8WsU</a>— Andrew Curran (@AndrewCurran_) <a href="https://twitter.com/AndrewCurran_/status/1798008084444721278?ref_src=twsrc%5Etfw">June 4, 2024</a>WhenAI Knows Your SecretsHere's where itgets even more interesting (or terrifying, depending on your perspective). Google’sAI systems, like the much-hyped <a href="https://ai.google/">Gemini and itscousins</a>, aren’t just generating quirky poems or beating you at chess.They’re using massive datasets—datasets that include your personalinformation—to become smarter, faster, and…
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LMAX Group, a leading independent operator of institutionalFX trading venues, has announced the launch of FX Non-Deliverable Forwards(NDFs) trading on its central limit order book. The initiative aims to cater to the growing demand for FXNDF trading in the Asia Pacific region, where institutional liquidity isdeepening, and market structure enhancements are underway.Asia's NDF Trading DominanceAccording to LMAX Group, Singapore holds significantimportance in their expansion strategy, considering Asia's prominence in NDFtrading. Three out of the top four NDF currencies globally are from the AsiaPacific region.Globally, the trading volume in NDFs has witnessed a notablesurge, nearly doubling between 2016 and 2022, reaching $266 billion. Thisgrowth is attributed to the increased electronification of NDF markets and therising number of market participants.David Mercer, CEO, LMAX Group, said: “As demand forinstitutional liquidity for Asian currencies continues to grow, adding NDFs toour global FX offering is a logical next step following the launch of ourmatching engine in SG1 in 2022.""We recognise the significant potential thatremains untapped in the Asian FX market and will continue to broaden ourproduct suite, expand our distribution capabilities globally, and build theleading institutional FX marketplace.”LMAX Group goes live with FX NDF trading in Singapore and Londonhttps://t.co/TSRWntf7sd— The TRADE News (@theTRADEnews) June 5, 2024NDF Trading via Singapore and London PlatformsInitially, FX NDF trading on LMAX Exchange will focus on topAsian USD crosses, including Indian Rupee South Korean Won, NewTaiwan Dollar, Chinese Yuan, Indonesian Rupiah, PhilippinePeso, and Malaysian Ringgit. Additionally, Latin Americancrosses are expected to be included in the offering in subsequent phases.Trading will be facilitated via LMAX Exchange's platforms in Singapore andLondon.Matt DellaRocca, Head of Liquidity and Analytics, APAC, LMAXExchange, added: “We are delighted to go live with this offering, which willprovide local FX market participants with access to an expanded pool of NDFliquidity through a regulated exchange venue and a CLOB model that deliversefficient market structure and transparent, precise, consistent execution.”This article was written by Tareq Sikder at www.financemagnates.com.
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Sumsub, a global verification platform, has recently becomea technological partner in the Mastercard Engage Partner Program, focusing onDigital First solutions. The partnership aims to enhance security andstreamline customer onboarding processes.As part of the collaboration, Sumsub will offer its suite ofverification and anti-fraud solutions to ensure secure onboarding and ongoingcompliance for customers. These solutions aim to expedite onboarding, mitigatefraud risks, and build trust among users, thereby enhancing the digitalexperience.Offering Enhanced Onboarding SolutionsThrough the Engage Program, partners like Sumsub can develop,launch, and expand payment solutions for Mastercard's global customer base.This collaboration also facilitates faster product innovation and seamlesspayment experiences for users.Sumsub's Know-Your-Customer (KYC) products will be availableto Mastercard customers adopting Digital First solutions. These products enablequick, secure, and compliant onboarding processes, along with capabilities fortracking and monitoring user activities to detect and prevent illicit behaviour.Sumsub Joins Mastercard Engage Partner Program to Enhance User Verification and Fraud Prevention https://t.co/yGCT65VV74— Stock Market News (@Stock_Market_Pr) June 5, 2024Demand for Reliable Monitoring ToolsThe urgency for reliable transaction monitoring and paymentscreening tools is highlighted by the rising trend of payment fraud, whichcaused significant losses in the US in 2022, according to Statista. Sumsub'splatform integrates features like chargeback prevention and fraud detection tohelp companies effectively mitigate risks associated with fraudulent activitiesand unauthorized transactions."We are thrilled to be joining the Mastercard EngagePartner Program. It is essential for companies – particularly businessesresponsible for high transaction volumes – to provide their partners with thetools needed to protect themselves and their customers, and enhance userexperiences. They require continuous fraud prevention measures that extendbeyond just the user onboarding phase," said Martin ten Houten, VP ofBusiness Development, Europe at Sumsub. This article was written by Tareq Sikder at www.financemagnates.com.
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Talisman, the ultra-secure multi-chain crypto wallet, has today announced the launch of Talisman Quests, a gamified experience designed to drive user engagement and education in the Polkadot ecosystem.Having recently operated in beta, Quests compels crypto users to create a profile and progress through different levels by accumulating experience points (XP) and unlocking rewards. This progression is gamified with twists, turns, and a hidden story that gradually unfolds as users amass more XP.“One of the biggest barriers to blockchain adoption is understanding where to start and how to go about navigating the sometimes dizzying world of web3,” said Jonathan Dunne, Co-Founder & Head of Technology at Talisman.“With our new Quests app, we are making onboarding fun as well as rewarding, incentivizing users to explore all of the interesting projects and apps this space has to offer.”Users can earn XP through a variety of means, including:· Wallet Mining: Simply holding tokens in your wallet generates rewards that correspond to the token type (staking activities also provide XP multipliers). Rewards can be claimed every four hours· Quests: Completing cross-ecosystem missions helps users earn XP, boosted points and rewards · Referrals: Earning 5% of any friend’s total XP when they sign up using your referral linkEach month, Talisman will also release a new top rank, continually pushing the “frontier” as users find and seize The Sceptre, follow it to The Tower, and ultimately claim the Ultimate Power of Talisman.“We built Quests to be engageng and memorable, while also serving as an educational journey for users venturing into the Polkadot ecosystem,” added Dunne. “Interacting with real apps and assets accelerates the learning curve in a meaningful way.”An ultra-secure crypto wallet that makes it simple to store, send, receive, stake and swap Polkadot and Ethereum-based digital assets, Talisman was founded in 2021. Notable for its speed, security, and UX, Dunne says all the team’s work so far has led to this moment.To get started with Talisman Quests, users can download the wallet at talisman.xyz and create their profile. There is also an option to import your account or recovery phrase from existing wallets such as Metamask, Rabby and Trust.About TalismanTalisman (http://talisman.xyz/) is an ultra-secure multi-chain wallet that makes web3 simple for beginners and unlocks superpowers for pros. With Talisman users can safely store, send, receive Polkadot and Ethereum assets, and connect to decentralized applications (dApps).This article was written by FM Contributors at www.financemagnates.com.
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The UK entity of GMI Markets, a forex and contracts for differences (CFDs) broker, ended 2023 with a revenue of £616,570 and a pre-tax profit of £29,528, according to the latest Companies House filing. The company closed the year with a net profit of £23,676.The broker's latest annual revenue, which operates through a straight-through processing (STP) model, declined by 37.2 percent from the previous year’s £981,141. The pre-tax profit also dropped by over 93.9 percent.A Stressful Year for the BrokerGlobal Market Index Limited provides professional and ECP clients access to online trading for financial products, including FX and CFDs. The London-based company pointed out that “following the success in increasing the ECP and professional clients’ trading volume in 2022, [it] continued to maintain existing relationships and onboard professional clients during 2023.”The company elaborated that it expects its 2024 revenue to be driven by liquidity and white-label solutions for institutional clients targeting MT4, MT5, and FIX brokers, along with the continued focus on professional traders.It is also recruiting sales teams and increasing local and global geographical reach to attract and convert more clients.Interestingly, the administrative expenses of the company increased last year to £632,317 from the previous year’s £506,199. Meanwhile, it earned £51,413 from interest income, compared to £7,275 in 2022.Trading Remains Strong in Volatile MarketsApart from the UK entity, GMI also offers retail trading services with its entities registered in Saint Lucia, St. Vincent and the Grenadines, and Mauritius. However, the figures showcase the performance of only the UK-registered entity.Meanwhile, pointing out the impact of the geopolitical tensions, the company noted: “Despite the negative impact on many businesses by such events, the FX trading market has witnessed remarkable growth… creating trading opportunities as markets remained volatile.”“The company services institutional brokers who have benefited from the market volatility and trading opportunities during and after the pandemic, and as such, the Company benefits from the trading volume generated by this volatility and client trading activities.”This article was written by Arnab Shome at www.financemagnates.com.
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Foreign exchange volume on Saxo Bank took a hit again in May, as the monthly volume dropped to $79.6 billion. The figure is the lowest since the platform started publishing its trading metrics in 2016.FX Volume Is at the BottomMay’s forex trading volume on Saxo dropped by more than 19.8 percent from the previous month. This is even lower than the previous low in March, when the volume tanked to $85.1 billion. Although demand recovered in April, the drop last month confirmed that it was not sustainable.The daily average of forex instruments also dropped to $3.5 billion, compared to $4.5 billion in April and $5.7 billion in May 2023. The latest monthly volume also dropped by 39 percent year over year.Along with forex, the demand for equities instruments also dropped on Saxo last month. The total monthly volume for equities touched $241.5 billion, dropping from the $303.7 billion peak of the previous month. Year-over-year, demand for equities jumped by 57 percent.Commodities instruments offered by Saxo also followed the broader trend, with a monthly volume dropping to $56.8 billion in May from $70.7 billion the previous month. A year earlier, the monthly commodities volume was $40.7 billion.However, only the monthly demand for fixed-income instruments managed to grow last month, as it jumped to $10.3 billion, compared to the previous month’s $9 billion. Saxo also offers cryptocurrency contracts for differences in some Asia-Pacific markets but does not publish volumes for those instruments regularly.Other Metrics at Record HighMeanwhile, clients’ assets held by Saxo recently touched DKK 800 billion (about $116.1 billion), a record for the Danish broker. The figure was achieved with the deposits of more than 1.2 million clients globally.The broker is making some further changes in its top management. It recently named Andrew Bresler the UK CEO and Casper Solbakken the Global Head of Commercial Offering and Experience. It also promoted Stig Christensen to the role of Chief Commercial Officer after merging its global sales and SXO units.This article was written by Arnab Shome at www.financemagnates.com.
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FTX has reached a settlement with its largestcreditor, the Internal Revenue Service (IRS). This agreement resolves a significant $24 billion tax disputethat has been looming over the exchange's restructuring process. Initially, theIRS claimed FTX owed over $44 billion in taxes, but this amount has beensubstantially reduced as part of the settlement.Implications and CertaintyUnder the terms of the settlement, FTX will pay the tax agency $200 million as a priority tax claim within 60 days of the court's approvalof the exchange's reorganization plan, as highlighted in a filing presentedyesterday (Monday). Additionally, the IRS will collect $685 million, which willbe paid after other creditors and customers have been compensated.The settlement provides much-needed certainty forFTX's creditors and customers regarding the recovery process. By resolving thetax dispute, FTX can now focus on implementing its reorganization plan anddistributing assets to stakeholders. The agreement also mitigates the risk ofprolonged litigation, which could have further complicated the exchange'sbankruptcy proceedings.While FTX acknowledged its tax obligations, itdisagreed with the IRS regarding the amount and specific reasons for the taxliability. The exchange argued that it should not be held responsible for fundsmisappropriated by its former CEO, Sam Bankman-Fried, and disputed the IRS'calculations for employment taxes related to executive salaries, Cointelegraphreported.Tax Claims against FTXAdditionally, FTX contended that it has validdeductions and losses that the IRS is unfairly disallowing due to documentationissues. Last year, the US Department of Treasury and the IRS filed claims totaling $44 billion against FTX and its affiliates. This tax claim highlightedthe complexities and consequences of the FTX bankruptcy, Finance Magnatesreported.These claims targeted multiple FTX entities, includingthe Bahamas-registered FTX Trading Alameda Research, West Realm Shires, LedgerHoldings, and Blockfolio, among others. The largest tax claims were directed atAlameda Research LLC, with staggering individual claims of $20.4 billion and$7.9 billion and additional claims against Alameda Research Holdings Inc.totaling $9.5 billion. The $20.4 billion claim related to partnershipand payroll taxes, which were marked as a priority over other unsecured creditors. Despite operating outside the US, key FTX executives,including Bankman-Fried and CEO Caroline Ellison, were liable forworldwide income taxes.This article was written by Jared Kirui at www.financemagnates.com.
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FTX has reached a settlement with its largestcreditor, the Internal Revenue Service (IRS). This agreement resolves a significant $24 billion tax disputethat has been looming over the exchange's restructuring process. Initially, theIRS claimed FTX owed over $44 billion in taxes, but this amount has beensubstantially reduced as part of the settlement.Implications and CertaintyUnder the terms of the settlement, FTX will pay the tax agency $200 million as a priority tax claim within 60 days of the court's approvalof the exchange's reorganization plan, as highlighted in a filing presentedyesterday (Monday). Additionally, the IRS will collect $685 million, which willbe paid after other creditors and customers have been compensated.The settlement provides much-needed certainty forFTX's creditors and customers regarding the recovery process. By resolving thetax dispute, FTX can now focus on implementing its reorganization plan anddistributing assets to stakeholders. The agreement also mitigates the risk ofprolonged litigation, which could have further complicated the exchange'sbankruptcy proceedings.While FTX acknowledged its tax obligations, itdisagreed with the IRS regarding the amount and specific reasons for the taxliability. The exchange argued that it should not be held responsible for fundsmisappropriated by its former CEO, Sam Bankman-Fried, and disputed the IRS'calculations for employment taxes related to executive salaries, Cointelegraphreported.Tax Claims against FTXAdditionally, FTX contended that it has validdeductions and losses that the IRS is unfairly disallowing due to documentationissues. Last year, the US Department of Treasury and the IRS filed claims totaling $44 billion against FTX and its affiliates. This tax claim highlightedthe complexities and consequences of the FTX bankruptcy, Finance Magnatesreported.These claims targeted multiple FTX entities, includingthe Bahamas-registered FTX Trading Alameda Research, West Realm Shires, LedgerHoldings, and Blockfolio, among others. The largest tax claims were directed atAlameda Research LLC, with staggering individual claims of $20.4 billion and$7.9 billion and additional claims against Alameda Research Holdings Inc.totaling $9.5 billion. The $20.4 billion claim related to partnershipand payroll taxes, which were marked as a priority over other unsecured creditors. Despite operating outside the US, key FTX executives,including founder Sam Bankman-Fried and CEO Caroline Ellison, were liable forworldwide income taxes. This article was written by Jared Kirui at www.financemagnates.com.
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