Author: Adam Smith

TradingView and Spotware Forge Partnership to Boost Broker Integrations

Posted on by Adam Smith

In a significant move that is set to reshape the landscape of online trading, TradingView has announced a strategic partnership with Spotware, an international technology provider. This collaboration is aimed at enhancing the frontend and backend capabilities of both companies, paving the way for increased broker integrations.

Spotware, known for its extensive experience in delivering robust trading solutions, operates globally with over 150 employees across more than ten countries. The company has established a vast network of partners, leveraging its technology to improve credibility and expand market share.

At the heart of Spotware’s offerings is cTrader, a renowned trading platform that supports over 200 brokers worldwide and is trusted by millions of traders. cTrader is celebrated for its user-centric design and commitment to providing premium trading experiences, reflecting Spotware’s dedication to catering to the needs and preferences of traders.

The new partnership will focus on seamlessly integrating the cTrader backend with TradingView’s frontend, streamlining the process for brokers using Spotware’s technologies to connect with TradingView’s extensive trading community. This integration is expected to facilitate growth and expansion for brokers, allowing them to tap into a dynamic and engaged trading audience.

Both TradingView and Spotware have expressed their enthusiasm about the partnership, emphasizing their shared commitment to delivering high-tech, integrated solutions that not only meet the evolving demands of traders but also promote the growth of global broker partners. This collaboration marks a significant step forward in their mission to create a more interconnected and efficient trading ecosystem.

Capital.com Halts Onboarding of UK Clients Amidst Growth Spurt

Posted on by Adam Smith
Capital.com

Capital.com, a prominent Retail FX and CFDs broker headquartered in London, has announced a temporary suspension of new client onboarding in the UK market. The decision, as stated on their website, comes in light of the company's rapid growth trajectory, with a firm commitment to maintaining top-tier standards across all operational facets including systems, controls, products, and services.

This move specifically impacts potential clients of Capital.com's UK arm, Capital Com (UK) Limited, which operates under the regulatory oversight of the Financial Conduct Authority (FCA) with registration number 793714. However, it's worth noting that Capital.com continues to onboard clients through its various entities operating in other regions.

The decision to pause onboarding in the UK raises eyebrows, especially considering the significant expansion efforts undertaken by Capital.com in recent years. The company notably bolstered its workforce, particularly at its London headquarters, with a notable influx of senior professionals, many of whom hail from industry giant IG Group.

This surge in talent acquisition commenced in early 2022, coinciding with the appointment of former IG Group chief, Peter Hetherington, as CEO of Capital.com. However, Hetherington's departure from the company last year saw Kypros Zoumidou stepping in as his successor, bringing with him a wealth of experience from his prior role as Commercial Director International at IG.

Capital.com operates under several licensed subsidiaries across various jurisdictions including the UK, Australia, and Cyprus. The company, along with its sister brand Currency.com, falls under the purview of Victor Prokopenya, a Belarusian legal expert and computer scientist based in London.

While the temporary halt on new client onboarding in the UK may raise questions within the industry, Capital.com continues to reassure existing clients of its unwavering commitment to providing uninterrupted services.

Eightcap Clarifies Misconceptions Around Service to Prop Trading Firms

Posted on by Adam Smith
Eightcap

In a recent development, Eightcap, an Australia-based Retail FX and CFDs broker, has addressed what it calls misleading reports about its brokerage services to proprietary trading firms. The statement comes in response to widespread speculation that the broker was severing ties with all prop trading entities.

In a clarification issued on LinkedIn, Eightcap's CEO, Alex Howard, emphasized the broker's routine practice of evaluating its commercial and operational partnerships, stating that revising or terminating certain agreements is a standard industry practice. Howard's message sought to reassure stakeholders, affirming that for Eightcap, it's "business as usual," and expressed continued enthusiasm for the future of the CFD, Forex, and Prop trading sectors.

The confusion arose after a series of announcements from retail prop trading firms, which have utilized Eightcap for client transactions. These firms shared that they were notified by Eightcap of the termination of their brokerage services, with a deadline set for February 29 to secure alternative brokerage arrangements.

Adding to the controversy, the CEO of Lark Funding, known online as Matt L (@MeetMattL on X, the platform formerly known as Twitter), disclosed in a now-deleted tweet that Eightcap would discontinue offering services to his firm by the end of February. This move by Eightcap seems to indicate a selective termination strategy towards certain prop trading firms, rather than a blanket withdrawal from servicing the prop trading industry.

This clarification from Eightcap arrives amidst growing scrutiny of the retail prop trading market. Several prop trading firms, notably popular among the retail CFD trading community, have paused operations, either temporarily or permanently. This trend is attributed to challenges posed by broker or platform provider decisions, affecting firms like Funding Pips, Funded Engineer, and True Forex Funds.

Eightcap's statement seeks to dispel fears and clarify its position within the evolving landscape of the prop trading industry. As the firm navigates through its partnership strategies, the broader market watches closely, anticipating the implications for traders and firms alike in a sector known for its dynamic and competitive nature.

IC Markets Introduces Zero Brokerage Fees with Launch of IC Shares

Posted on by Adam Smith
IC Markets

In a strategic move set to enhance the investing experience for Australians, IC Markets has unveiled its latest offering, IC Shares, accompanied by an enticing promotion of zero brokerage fees. The announcement, made on January 30, 2024, by Gerald Segal, marks a significant milestone for the Australian share market, already on an upward trajectory.

IC Markets, a frontrunner in the realm of online trading and investing, is extending this promotion to investments in companies listed on the ASX and CBOE (Chi-X). This initiative, part of the IC Shares launch, aims to provide investors with seamless access to these prominent exchanges, underscoring the firm's dedication to enriching the trading landscape.

The introduction of zero brokerage fees presents a golden opportunity for Australian investors to engage with their preferred companies without incurring the typical transaction costs. However, this offer is only available for a limited period and comes with specific terms and conditions.

To facilitate a secure and efficient investment journey, the broker has collaborated with FinClear, a testament to their commitment to delivering a superior user experience. Since its inception in 2007, the broker has played a pivotal role in narrowing the divide between retail and institutional clients, continually evolving its service offerings to cater to a broad spectrum of trading preferences and strategies.

Andrew Budzinski, CEO of IC Markets, emphasized the launch of IC Shares as a pivotal advancement towards fulfilling the company's pledge to its clientele. The move not only expands their product range to include ASX and CBOE Shares but also reaffirms their promise of providing state-of-the-art trading platforms and invaluable tools tailored to various trading styles.

Investors keen on leveraging this unique offer are encouraged to visit the IC Markets website for more details. While the promotion of zero brokerage fees is for a limited time, investors are advised to review the IC Markets Share Trading Account Terms and FSG for comprehensive information on applicable fees.

eToro Stops Support for Long Non-Leveraged CFD Crypto Positions in Australia

Posted on by Adam Smith
etoro

In a significant shift in its service offerings, the online trading platform eToro has announced that it will cease supporting long non-leveraged CFD positions for cryptocurrencies in Australia. This change is set to take effect from February 19, 2024.

Following this date, eToro will automatically close any remaining open long non-leveraged CFD positions in cryptoassets at the prevailing market value. This decision marks a notable transition in the company's approach to crypto trading in the Australian market.

For users who wish to close their non-leveraged long CFD positions in cryptoassets before the February 19 deadline, eToro has offered a pathway. Clients can close their CFD positions and subsequently open equivalent positions in real cryptoassets. An added benefit for those making this switch is the absence of overnight fees, which are typically charged on CFD positions.

  • To ease the transition for its clients, eToro has introduced an incentive. The firm will credit the spread costs incurred when purchasing the real crypto position, up to the amount of the original trade size. This is conditional on the new trade opening within 30 minutes of closing the CFD position. The credited amount will be directly added to the user's account within eight business days.
  • The process for transitioning from CFD to real crypto positions involves several steps. Users must log into their eToro account, identify their non-leveraged long crypto asset positions marked with a red CFD symbol, close these positions, and immediately reopen equivalent trades as long positions with 1x leverage. These will then be considered real crypto positions. Any non-leveraged long cryptoasset positions held as CFDs that remain in an account on February 19 will be automatically closed.

eToro has cautioned that the amount invested in the reopened real crypto position can be changed, but the fee reimbursement will only cover up to the original trade size amount. The company has also reminded its clients that real crypto is a non-regulated product without investor protections.

Lastly, eToro highlighted the potential tax implications of these transactions. They have advised clients to consult with tax advisors for more information on how these changes might affect their tax obligations.

FCA Issues Alert Over Online Brokerage XTB Clone

Posted on by Adam Smith
FCA

The Financial Conduct Authority (FCA) of the United Kingdom has today issued a critical warning to investors and the public regarding a fraudulent XTB clone firm impersonating the well-known online brokerage, XTB. This clone, operating under the name 'XTB Trading World,' is not authorized by the FCA and has been actively engaging in deceptive practices.

Clone firms are illegitimate entities that mimic the identity of authorized firms, utilizing their addresses, licenses, logos, and other identifying details. Their primary aim is to deceive potential victims more easily, capitalizing on the reputation and trust associated with the genuine firms. However, it is crucial to note that these clones have no affiliation with the legitimate businesses they impersonate.

The fraudsters behind this specific clone have been contacting individuals, falsely representing themselves as an authorized entity. The FCA has released the following details of the clone firm to alert the public:

  • Name: XTB Trading World (Clone of FCA Authorised Firm)
  • Telephone: +447424912789
  • Email: tradewithxtb@outlook.com

To provide clarity and prevent any confusion, the FCA has also provided information about the legitimate, authorized firm, XTB Limited, which has no connection whatsoever with the clone firm:

  • Firm Name: XTB Limited
  • Firm Reference Number: 522157
  • Address: Level 9, Office 9.12, One Canada Square, Canary Wharf, London, E14 5AA, UNITED KINGDOM
  • Telephone: +442036953085
  • Email: compliance@xtb.co.uk
  • Website: https://www.xtb.com/en

The FCA warns that interactions with clone firms like 'XTB Trading World' carry significant risks. Those who transact with such entities will not have access to the Financial Ombudsman Service for complaints nor be protected by the Financial Services Compensation Scheme (FSCS). Consequently, in cases of financial loss or firm insolvency, it is unlikely that victims would recover their funds.

The FCA strongly advises individuals to verify the authenticity of any financial service provider before engaging in any form of transaction or investment. This warning serves as a reminder of the persistent threat posed by clone firms in the financial sector and the importance of vigilance among investors and the public.

Prospero Markets Faces Suspension of ASIC AFS License

Posted on by Adam Smith
Prospero Markets

In the wake of a recent crackdown on financial misconduct and money laundering activities, Prospero Markets, an Australian-based Retail FX and CFDs broker, has found itself in hot water. The Australian Securities and Investments Commission (ASIC) has taken decisive action by suspending the company's Australian Financial Services (AFS) license.

This move by ASIC follows a series of events that began with a raid on Prospero Markets' offices by Australian law enforcement authorities. The raid was part of a broader operation targeting a China-based money laundering ring, as revealed in an FNG Exclusive report last month.

Prospero Markets, primarily serving Chinese-speaking clients both in Australia and across the Far East, has been at the center of controversy since the raid. Notably, the company's controlling shareholder and Managing Director, Ding (Dean) Wang, was arrested during the operation.

The suspension of Prospero's AFS license, which took effect on December 20, 2023, will remain in place until February 28, 2024. During this period, Prospero Markets is prohibited from providing financial services.

However, what raises eyebrows is ASIC's stated reason for the license suspension. In its announcement, ASIC did not explicitly mention the police raid or the arrest of Ding (Dean) Wang. Instead, the regulator cited administrative lapses by Prospero Markets, specifically its failure to submit its annual financial statement and audit report for the fiscal year ending on June 30, 2023, within the stipulated timeframe and in accordance with its AFS license conditions.

ASIC has further warned that if Prospero fails to submit these required documents during the suspension period, the regulator may consider prolonging the suspension or even cancelling the license altogether.

This latest development is not the only trouble Prospero Markets is facing. On November 16, 2023, ASIC initiated an investigation into suspected breaches of the Corporations Act 2001 by Prospero, covering the period from March 1, 2021.

In response to ASIC's concerns and as part of ongoing cooperation with the regulatory body, Prospero Markets Pty Ltd voluntarily agreed on December 19, 2023, not to engage in any dealings with client funds without explicit permission from ASIC. This undertaking is expected to remain in effect until at least February 8, 2024, giving ASIC ample time to conduct its investigation. Additionally, Prospero Markets is actively assisting ASIC with its inquiry.

It's worth noting that Prospero Markets retains the option to challenge ASIC's decision to suspend its AFS license by seeking a review through the Administrative Appeals Tribunal.

As the investigation unfolds and the suspension remains in effect, Prospero Markets faces a challenging period of uncertainty, with its reputation and future in the financial industry hanging in the balance.

Coinbase International Exchange Expands Global Reach with Non-US Spot Markets

Posted on by Adam Smith

Coinbase, one of the leading names in the cryptocurrency exchange industry, has unveiled its ambitious plans for further expansion by launching non-US spot markets on its Coinbase International Exchange. This latest development is set to cater to the diverse needs and demands of Coinbase's global user base while simultaneously supporting its strategic mission of increasing international access to reliable cryptocurrency products and services.

At the core of this expansion lies a commitment to establish robust liquidity and build a strong foundation for future growth. Over the next few months, Coinbase International Exchange plans to broaden its offerings to include retail users, incorporate additional digital assets, and introduce new features that facilitate innovative trading strategies and enhance capital efficiency.

One notable aspect of Coinbase's strategic move is its acknowledgment of the reluctance displayed by certain asset issuers and members of the cryptocurrency community to engage with US-based exchanges. This hesitation stems from the evolving and somewhat uncertain regulatory landscape surrounding cryptocurrencies in the United States. Coinbase International Exchange aims to provide a trusted and compliant alternative for these participants by offering a non-US spot market.

The launch of these non-US spot markets underscores Coinbase's determination to stay at the forefront of the cryptocurrency exchange industry, both in terms of innovation and global reach. As the cryptocurrency market continues to evolve and mature, Coinbase appears poised to remain a key player in facilitating crypto trading, offering both experienced and novice traders a secure and reliable platform for their digital asset needs.

In a rapidly evolving crypto landscape, the move towards creating a non-US spot market reflects Coinbase's commitment to adapting to changing market dynamics and catering to the needs of a global user base while ensuring regulatory compliance and user trust. As Coinbase International Exchange moves forward with its phased expansion, it will be interesting to see how these new markets evolve and what opportunities they unlock for cryptocurrency traders around the world.

Saxo Bank Introduces New Funds Offering in the UK

Posted on by Adam Smith
Saxo Bank Logo

Saxo Bank, a leading Copenhagen-based Retail FX and CFDs broker, has announced the launch of a new funds offering in the UK, marking a significant expansion in its financial services.

The innovative offering allows retail investors unprecedented access to a wide range of investment instruments. This includes short-term options such as funds, with Saxo Bank curating an extensive list of over 6,000 global funds from renowned fund managers like Baillie Gifford, BlackRock, Fidelity, Fundsmith, J.P Morgan, and Vanguard.

The array of investment choices is comprehensive, offering more than 500 equity funds, 2,000 fixed income funds, 730 multi-asset, and 160 alternative funds. These cover various sectors including biotech, consumer staples, real estate, energy, gold, mining, healthcare, industrial, natural resources, technology, telecommunications, and utilities.

Saxo Bank has made this offering highly competitive by eliminating commission fees and platform fees. Furthermore, they offer remarkably low annual custody charges, which vary based on account types - 0.4% p.a. for classic accounts, 0.2% p.a. for platinum accounts, and a mere 0.1% for VIP accounts.

This initiative by Saxo Bank is not just about diversifying investment options but also about consolidating client portfolios. The platform allows clients to integrate their entire investment portfolio, including Individual Savings Accounts (ISAs) and Self-Invested Personal Pensions (SIPPs), making Saxo’s platform a comprehensive hub for investment and trading needs.

Charlie White-Thomson, CEO of Saxo Markets UK, expressed his enthusiasm for the launch, especially in the current context of market volatility and geopolitical tensions. He emphasized the importance of active management and mutual funds in diversifying portfolios, especially in a market paradigm shifting away from heavy stimulus and rock-bottom interest rates. White-Thomson believes that tapping into the expertise of top asset managers through funds is crucial for enhancing performance and navigating the complex financial markets of today.

Saxo Bank's new funds offering is poised to be a game-changer in the UK financial market, offering both depth and breadth in investment opportunities for retail investors.