Category: Brokers

FXTM, an Exinity Group company, announced the launch of 11 innovative new indices offering clients new ways to trade the FX majors and popular market sectors.

The new products, promoted as new Currency and Stock Baskets, include six FX indices monitoring the performance of EUR, GBP, USD, JPY, AUD and NZD against baskets of other currencies, as well as creative stock indices reflecting the performance of Social, Green, Space, Mobile and Vegan-related companies. 

The company also introduced zero spreads on major FX pairs on its ECN account, with commissions that can go as low as just $0.2 per lot.*

Commenting on the news, Exinity Group’s Chief Dealer Charis Mountis said: “In 2020, the heightened volatility in financial markets have brought renewed interest in the retail trading space. To help our clients seize even more trading opportunities, our trading team has devised these creative currency and stock indices, combined with zero spreads on major FX pairs  — enabling clients to make the most of out every trade with us”.

Many of the new indices are already proving popular among FXTM clients. A full list of the available indices includes:

• EUR Index
• USD Index
• JPY Index
• GBP Index
• AUD Index
• NZD Index
• Social Index
• Green Index
• Mobile Index
• Space War Index
• Vegan Index

*While spreads for EURUSD and GBPUSD will typically be at zero for most of the time on the ECN account, FXTM cannot guarantee spreads will always remain at zero, especially during volatile times. Commission on the ECN account is floating and depends on trading volume and equity. 

New indices are available on ECN MT4, while zero-spreads are available across ECN MT4 and MT5.

For more information on FXTM’s new indices, please visit here.

FXTM is an international online forex broker offering financial services in forex, CFDs on spot metals and CFDs on Commodity Futures, Indices and Shares.

FXTM brand is authorized and regulated in various jurisdictions. ForexTime Limited (www.forextime.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475. Exinity Limited (www.forextime.com) is regulated by the Financial Services Commission of the Republic of Mauritius with an Investment Dealer License bearing license number C113012295. Forextime UK Limited (www.forextime.com/uk) is authorised and regulated by the Financial Conduct Authority, firm reference number 777911.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.”

Australian regulator ASIC has just announced that it has imposed additional conditions on the Australian Financial Services (AFS) license of the company Kaz Capital Pty Ltd (Kaz).
Kaz Capital provides general financial product advice on certain deposit and payment products, derivatives, securities, and managed investment schemes. The company provides specialized financial services to domestic and international high net worth clients, not for profit organizations and institutions. Australian owned, Kaz Capital operates under an Australian Financial Services Licence (“AFSL” 384738).

The regulator is concerned with the adequacy and effectiveness of Kaz’s compliance framework, including how it monitors its advisers and whether it meets its compliance obligations under the Corporations Act. As a result of ASIC's inquiries, Kaz engaged an external consultant to review its compliance framework and provide recommendations for remediation. Kaz has advised ASIC that these recommendations have been implemented.
According to the official statement, the additional license conditions imposed by ASIC will require Kaz to appoint an independent expert to review the effectiveness of Kaz's implementation of the recommendations ensuring they have been implemented in full, are operating effectively and whether any further action is necessary. The independent expert will report to both ASIC and Kaz in June 2019.
Cathie Armour, ASIC Commissioner, has commented on the ASIC's order: "Licensees must have an adequate and appropriate compliance framework to govern the monitoring and supervision of their representatives. We expect all licensees to comply with this and will monitor their compliance closely."

EuropeFX has announced their newest sporting partner, the most successful professional rugby team, the South Sydney Rabbitohs.

Formed in 1908, the South Sydney Rabbitohs are not only one of Australia’s oldest rugby league teams – they are, by any measure, the most successful professional team in the league’s 111-year history with 21 top-tier titles. The Rabbitohs are also the only NRL team to have won the Premiership in their inaugural season.

Everyone at EuropeFX will be rooting for the Rabbitohs as they strive for an unprecedented 22nd Premiership in the 2019 NRL season.

“We are proud to announce that the South Sydney Rabbitohs rugby club chose EuropeFX as their 2019/20 sponsors!

With a fanbase of millions in Australia and around the world, the Rabbitohs are a true powerhouse in the National Rugby League and a serial contender for the top spots all in domestic and international competitions.

Rugby at the top level demands a commitment to excellence and an unwavering dedication to be the best. These are traits that mirror the attitude we bring to the way we conduct our business. Together we will strive for the top honors in our respective fields.”

The Goldenburg Group, owners of TopForex brokerage firm, was fined of 170,000 euros by the Cyprus Securities and Exchange Commission (CySEC) recently. The company’s failure to meet compliance standards led to action by the regulator.

According to a statement released by the regulator, the Goldenburg Group failed to maintain adequate records of the services and transactions it provided to customers. The firm received 50,000 euros fine for this failing.

It also received two separate fines of 40,000 euros each for failing to meet regulatory guidelines on honest dealings with clients. One of the fines was not specific in its scope but referenced a broad piece of legislation that indicates that an investment firm should “act honestly, fairly and professionally in accordance with the best interests of its clients.” The other 40,000 euro fine, however, was more specific. CySEC’s statement indicates that this one was given to the firm as it misled clients via its marketing activities.

It added 30,000 euros fine for failing to ensure that third-party companies used by the broker were meeting compliance guidelines. A smaller 5,000 euros fine was put on the firm for failing to meet compliance standards regarding tied agents. The group received another 5,000 euro fine for failing to properly notify the regulator that it was planning to open a new office in a different jurisdiction.

Australian football team Sydney FC has announced that they would be strengthening their partnership with retail broker AETOS Capital. The broker has been working with the Australian football team since 2017.

AETOS and Sydney FC attended an exclusive interview from a number of influential sports media in China. Councillor Mike Thomas, Senior Vice President of AETOS Capital Group, paid a special visit to Shanghai to give support to Sydney FC. Sydney FC Head Coach Steve Corica and Vice Captain Alex Wilkinson also attended the event and were interviewed by the media.

Councillor Mike Thomas said: “We are driven to meet our social responsibilities. AETOS commenced its connection with football since the 2017 AFC Champions League. 2019 is the second year that we have been the principal AFC Champions League sponsor for Sydney FC. Through AETOS’ support and investment, we help to grow football in Australia and provide the best pre-match preparation for the players to participate in these international competitions.”

Sydney FC Head Coach Steve Corica said: "We are delighted that AETOS Capital Group extended AFC Champions League partnership with us in the 2019 season. Sydney FC always strives to be the best and to win recognition from football fans in the Asia Pacific. Shanghai SIPG is a good team, while we have prepared very well for tomorrow’s game. We are looking to score lots of goals to put us in a very good position to qualify from the group to the last 16 teams.”

In the interview, Sydney FC Head Coach Steve Corica presented the No. 8 jersey to Councillor Mike Thomas, in which his surname was printed on, to express their gratitude to AETOS for its support.

AETOS is a global provider of FX and CFDs that giving its clients access to a wide range of markets including forex, metals, energy, and indices while serving their clients through corporate headquarters in Sydney Australia and serving global presence through London, UK office and customer support office in China. You can read our full AETOS review here.

This Tuesday Plus500 Ltd has reported a record year, with a sharp rise in profit and revenue ahead of expectations. Also the broker has announced its preliminary unaudited results for the year ended 31 December 2018, stating that the company set a new record in terms of financial performance.

Plus500 was founded in 2008 in Israel and now operates numerous entities around the world through Cyprus, UK, Australia, Singapore and more. Plus500 is a trademark, operated under Plus500 Ltd which comes under the jurisdiction of the several regulators and including Cyprus CySEC, UK’s FCA, Australian ASIC and MAS in Singapore. Hence, the broker is eligible to offer Contracts for Difference (CFDs) and various underlying products through the application of strictest guidelines of trading performance set by various regulatory bodies. You can read our full Plus500 review here.

Among the major achievements Plus500 broker mentiones the record revenues and profits in the year driven by cryptocurrency trading volumes. Also, the revenue was up by 65% to $720.4 million (FY 2017: $437.2 million). Although the company did see a drop in performance during the third quarter, with the implementation of regulation from the European Securities and Markets Authority (ESMA) on August 1, 2018, Plus500 remained confident in its ability to recover in the final quarter of the year. The company also grew its EITDA by 70.2% as compared to 2017s 59.3% growth, which was supported by its revenue numbers. Another major achievement for the company was its positive balance sheet, which carried no debt, and its impressive 98% cash conversion ratio. And the last, but not least, are the decent amounts paid out as cash dividends to shareholders as well as the fact that the company continues to generate free cash flow at a fast rate.

Commenting on the results, the Chief Executive of Plus500, Asaf Elimelech said: "We are pleased to report a year of record numbers and performance, well ahead of our original expectations. These results demonstrate both our strong operational performance and differentiation from our industry peers,".

Forex broker FXTM has recently announced that it got a license from the Financial Services Commission (FSC) in Mauritius. The FXTM brand is also regulated through the FCA, CySEC and the FSCA which are amongst the most stringently regulated financial authorities.

FXTM holds the continual offering of excellent trading conditions at the heart of its values and the company is thrilled that this development represents another milestone in its international growth strategy, while also emphasizing the brand’s commitment to operating to the highest regulatory standards.

The brand is focusing on building a wider international presence while maintaining the quality of service available on its platform. FXTM spokesperson has commented on the latest announcement: "Mauritius is fast becoming an internationally recognized financial supervisor with a strong legal framework, providing protection to the public in non-banking financial products."

International customers will now have the opportunity to receive services through Mauritius. Clients will continue to enjoy the same great service they have come to expect from FXTM.

The FXTM or Forex Time company launched in 2011 with its headquarters in Cyprus (Limassol) been named as one of the world’s fastest growing brokers. The broker establishes its core on reliable trading conditions and detailed education and brings trading across the world with its accessible trading around the globe, regardless of the trader’s knowledge. You can check our full FXTM review here.

OctaFX has confirmed that it got licensed by the Cyprus Commodities and Exchange Commission (CySEC). This license will allow the broker to operate an EU-based subsidiary and work with EU residents. According to the regulator's register, OctaFX will be operating in Europe under the domain www.octafx.eu.

OctaFX is currently owned and operated by Octa Markets Incorporated, a company registered in St. Vincent and the Grenadines. Initially an offshore broker, OctaFX had a UK entity with an FCA license, however it was suspended in April 2017. It seems like the brokerage has decided to relaunch EU operations via a Cypriot company (Octa Markets Cyprus Ltd.). You can read our full OctaFX review here.

The new regulatory framework introduced last year in August across the EU forex market has reshaped the whole retail forex industry and as a result, a lot of brokers have switched offshore. Those companies who wish to continue operating in Europe will most probably go through a licensing process in either Cyprus or Malta, as OctaFX already did.

According to the license type, OctaFX will be allowed to offer investment services (including reception and transmission of orders in relation to one or more financial instruments; Execution of Orders on Behalf of Clients; Dealing on Own Account) and ancillary services (including safekeeping and administration of financial instruments and foreign exchange services where these are connected to the provision of investment services).

Cyprus is a jurisdiction with a solid financial services sector. Very much like the UK, Cyprus has strong regulations and more importantly strict customer protection rules. Cypriot Investment Firms (CIFs) are required to report their transactions to the local financial watchdog, the Cyprus Securities and Exchange Commission (CySEC) on a regular basis. Besides, CIFs must hold at least €730 000 as a proof of their financial stability and keep client funds in segregated accounts, separated from company’s operational funds. You can read more about CySEC here.