eToro Updates on Distribution of Spark Token

Online broker eToro has issued an update on the distribution of Spark tokens. The broker is supporting the distribution of the Spark tokens by the Flare network to all eligible users.

eToro
eToro

According to Flare’s latest announcement, there is now a somewhat definite distribution window: the period between October 24 and November 6, 2022. Flare also added that “The exact date will be dependent on feedback from exchanges.”

eToro reminds its clients about the eligibility requirements that users of the investment platform must meet in order to receive Spark tokens or the USD equivalent value:

  • Users must have held the XRP tokens consecutively between 00:00 on 11.12.2020 GMT, and 00:00 on 13.12.2020 GMT. XRP tokens that were pending deposit or withdrawal at the time of the snapshot were not counted towards a user’s XRP balance. The broker records at the moment of the snapshot are regarded as conclusive evidence.
  • The snapshot did not include leveraged positions, CFD positions, short positions, CopyTrade positions or Smart Portfolio positions in XRP, or any cross transactions of XRP with other crypto assets and/or with currencies or such transactions otherwise classified as CFD on the platform.
  • Holders of XRP in the eToro Money crypto wallet (formerly “eToro Wallet”) were not included in the snapshot and therefore are NOT eligible for the Spark distribution.
  • Users must be fully verified at the time that the snapshot was taken, and must still be fully verified at the time of each Spark or USD distribution.

The Spark token distribution program supported by the broker is subject to regulatory requirements, is not guaranteed to happen, and could be accompanied by further terms, as applicable to eligible users and the mechanics of the distribution. The eligibility criteria and the manner and timing of such distributions are therefore subject to change.

Eligible users have received emails from us in the past, informing them of their eligibility.

The broker notes that its clients in the US who held XRP at the time of the snapshot are still eligible to receive Spark tokens, despite XRP no longer being available on the US platform.

About eToro

Etoro is an Israeli multinational social trading and multi-asset investment company that focuses on providing financial services. The headquarters are located in Central Israel, with registered offices across Cyprus, the UK, the US, and Australia.

eToro provides a wide selection of stocks, currencies, commodities, crypto assets, ETFs and indices through its own innovative investment platform. Using professional tools and analyses on eToro, eToro clients can track and invest in a variety of financial instruments.

For more information read our detailed review on eToro.

EU Passes Crypto Regulation Bill

The European Union has passed a landmark piece of legislation aimed at regulating the digital asset market. The 28 to 1 member-state lawmakers voted to pass the Markets in Crypto Assets Regulation (MiCA) bill, which will come into effect in 2024.

crypto

The Markets in Crypto Assets regulation (MiCA) lets providers of wallets and other crypto services market themselves across the bloc if they register with national authorities and meet minimum guarantees intended to protect investors and maintain stability.

The European crypto industry has broadly welcomed the regulatory recognition, even if there are some qualms over the restrictions it places on the use of stablecoins, crypto assets that seek to maintain their value with respect to fiat currencies, as well over uncertainties about whether the rules will apply to non-fungible tokens (NFT).

The law will enter into force between 12 and 18 months after being published in the bloc’s official journal, which is likely to happen next spring.

The European Union Commission is also looking to supervise the decentralized market (DeFi) market more closely. The authority said that it wanted to consider embedded supervision of the niche.4

The effort would involve a pilot that uses built-in technology to monitor the DeFi market. It indicates that the EU is not done as far as crypto regulations are considered.

The EU’s decision to take the MiCA bill to the last stage of voting signals its intent to regulate the crypto market. There may be more regulation on the horizon as it puts the DeFi under the microscope next. The bill could prompt other countries, such as India and the UK, which have been working on crypto regulation for a long time. 

INFINOX Launches IX Exchange Platform

INFINOX has announced the launch of a proprietary trading platform IX Exchange platform, giving clients access to over 20,000 investments – including equities, ETFs and bonds on all major global exchanges – from one account.

INFINOX launches new platform
INFINOX launches new platform

The platform allows investors to diversify their portfolios and hedge them against the market’s fluctuations, making both long-term investments as well as quick trades.

IX Exchange runs alongside INFINOX’s existing MetaTrader-powered platform and offers desktop, mobile, and web platforms designed by traders, for traders. This comes in good timing as the MetaTrader platforms are increasingly under fire within the industry, having recently been suspended from the Apple Store.

INFINOX clients can switch between IX Exchange and MetaTrader

IX Exchange targets both new and existing UK investors by providing access to a huge array of exchange-traded investments, from equities and bonds to options and funds, and is interchangeable with the MetaTrader platform.

INFINOX clients can switch seamlessly between the two platforms, giving them the opportunity to diversify their portfolio. Users can buy and hold on-exchange assets as long-term investments, while also making lightning-quick, real-time speculative trades in derivatives.

The platform can be used by IFAs, hedge funds, proprietary desks and other financial institutions to manage and monitor their clients’ investments. Clients can transfer their portfolios from other brokers and use IX Exchange to invest tax efficiently by holding their assets in a SIPP or SSAS pension.

Robert Berkeley, CEO of INFINOX Capital Limited, said: “In the last few years INFINOX has embraced significant changes, from Brexit and the creation of the UK MiFID framework to the volatility of a global economy in the grip of the Covid pandemic. But two things have not changed; our values as a business and our commitment to offering all investors, whether they’re seasoned professionals or just starting out, the tools and support they need to get trading faster and better.

“That’s why we’re broadening our product range to meet the evolving needs of the marketplace. The launch of IX Exchange is a statement of intent for our growth strategy and a game-changer for our clients’ trading potential. Our integrated offering works together seamlessly, enabling both new and existing clients to use their INFINOX account to build a diverse and balanced portfolio – all with the world-class trading power and one-to-one support they expect from INFINOX.”

About INFINOX

INFINOX Capital Ltd provides a safe and simple way to trade worldwide by providing access to all major markets. The London-based platform has been approved for funding from the Financial Conduct Authority making them fully compliant with regulatory standards across Europe as well as internationally. The broker offers auto trader features where users can automate their trades using computer algorithms without ever having anyone there monitoring what they’re doing.

For further information read our INFINOX review article.

Ethereum Drops To $1,300 Amid Bear Assault

The crypto market is currently reacting to new economic data published in the United States. Ethereum, like many other cryptocurrencies, has been following trends and giving back its profit from this past week as it moves along with Bitcoin and other large digital currencies.

Ethereum
Ethereum

Ethereum trades at $1,300 with a 2% loss and sideways movement in the last week. Other cryptocurrencies in the top 10 by market capitalization record similar price action with the exception of XRP. This token is showing strength against the trend and continues to knock on profits over the same period.

The Ethereum price has reacted relatively well to the recent price action with bid (buy) liquidity coming in at today’s low. This has supported the price of ETH allowing it to bounce into the area of around $1,340.

The second cryptocurrency by market cap was experiencing a spike in selling from all investors, from retail to whales. However, the selling has been mitigated in recent hours with large players with bid orders of as much as $100,000 buying into Ethereum’s price action.

These players bought over $800 million in ETH on short timeframes and might be able to sustain ETH for a while. Nevertheless, ETH’s price action might be in jeopardy as the market heads into the weekend.

For Ethereum and Bitcoin, $1,200 and $18,500 are key levels to prevent a fresh leg down into the yearly lows. According to a pseudonym trader, as long as these levels hold, the cryptocurrency will hold the line with more days of sideways movement.

EU imposes Crypto Ban on Russia

The European Union has imposed a sweeping ban on providing cryptocurrency services to Russians as part of its eighth round of sanctions. The move comes just days after Russia announced they would let the industry accept bitcoin and cryptocurrencies for international trade without restriction.

crypto ban
Crypto ban

The new measure steps up restrictions that had been in place since April.

“The existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet (previously up to €10,000 [$9,900] was allowed),” reads a press release published on the European Commission’s website.

The increased measures are intended as punishment for “Russia’s continued escalation and illegal war against Ukraine,” including its mobilization of additional troops and open issuance of nuclear threats.

Forbes Russia notes that after Visa and Mastercard left the Russian market earlier this year and some banks were disconnected from SWIFT, cryptocurrencies, in particular stablecoin USDT, became one of the most popular ways for Russians to move money abroad.

However, even with sanctions from the EU, decentralized exchanges will remain available for Russian users, which do not have a centralized intermediary between the seller and the buyer, and crypto assets are traded using smart contracts.

Such exchanges cannot control transactions between their users – they also do not store their clients’ funds and passwords from their crypto wallets.

In the event of a ban, traders from Russia can switch to such crypto exchanges as FTX, Huobi, Bybit. But if the site is interested in the European market, then it will most likely have to choose – either to keep the audience in Russia, or to support sanctions and not have problems in the European Union,” Sergey Mendeleev, CEO of InDeFi Smart Bank, says.

He advises investors not to hold large amounts on centralized exchanges, especially if the account is verified with a Russian passport.

Saxo Bank Considers Amsterdam Listing with SPAC

Saxo Bank
Saxo Bank

Denmark-headquartered broker, Saxo Bank announced its intentions on Thursday to become a public company by merging with the blank check company DCAC. The merger will allow for increased access and opportunity in both Europe as well as other parts of the world while still maintaining the quality customer service that has been known throughout this industry all along

Broker’s SPAC partner, DCAC, is listed on Euronext Amsterdam since last October. If the deal is materialised, the Saxo Bank shares will be distributed to DCAC shareholders with the subsequent delisting and liquidation of DCAC, putting Saxo Bank on the Euronext Amsterdam listing. The blank-check company is now seeking approval from its investors and shareholders on the offer.

The broker has detailed that the main purpose of the potential listing is to diversify its shareholders’ base resulting in an increased company profile to accelerate future growth strategy.

“We have a strong ownership, which we hope to strengthen and diversify even further, with full confidence that Saxo Bank is heading in the right strategic direction,” said Kim Fournais, the Founder and CEO of Saxo Bank.

Broker’s current shareholders, Geely Financials Denmark and Sampo Plc are intending to liquidate a limited proportion of their holdings. While some board members of the company and some senior management, including CEO Kim Fournais, are planning to raise their stake in the company.

The potential transaction values the shares of the broker at a pro forma aggregate amount of at least €2 billion.

Saxo Bank is a Danish investment bank specialising in trading and investment. The company operates as a broker with a bank license. The broker is trusted by more than 185,000 clients across the globe with 85+ billion EUR in client assets. For more information visit their official website

Apple Banned MetaTrader Trading Platforms on App Store

Popular Forex and CFD trading platform MetaTrader (MT4, MT5) developed by MetaQuotes got silently removed by Apple from the App Store.

MetaTrader banned by Apple
MetaTrader

iPhone and iPad users will no longer be able to download the platforms, however, those who have already installed the platforms on their devices can still use them, although they will not get access to updates, upgrades, and fixes. Also, traders can access the MetaTrader web platform through their browsers.

Although the reasons why Apple pulled down the platforms are not clear yet, it is allegedly due to the recent accusations against MetaTrader. It is believed that the platform was used by fake brokers to commit cryptocurrency scams, known as pig butchering, where scammers build long-term trustful relationships with victims before eventually convincing them to deposit more of their digital assets into fake crypto wallets or websites run by scammers.

The surprise removal of Cypriot-based MetaQuotes caused considerable turmoil in forex and contract for differences (CFD) markets. The tech giant’s move was unexpected since it affects not only MetaQuotes but dozens of brokers who use the platform. Collectively, MT4 and MT5 hold 83.4% of the total market share by the end of Q2 2022.

With such dominance, it comes as no surprise that the market reacted strongly to the news about removal.

Since its inception, MetaQuotes has grown into a giant forex and CFD trading provider. The software provider has been around for decades and it’s still one of the most popular online retail forex trading platforms. For further information visit the official website MetaQuotes.

FP Markets Claims a Hat-trick of Awards at the 2022 Global Forex Awards

September 22, 2022
For the unprecedented 4th consecutive year FP Markets has won the “Best Global Value Broker 2022” award. To top it off, FP Markets was also awarded another two awards – “Best Forex Partners Programme” in Asia 2022, and “Best Forex Broker” in Europe 2022.

On 22 September, the 5th ceremony of the Global Forex Awards 2022 took place at the luxurious Marina in Limassol, Cyprus. The ceremony was a good chance for many global businesses with cutting-edge technology, comprehensive market research tools, superior educational programs, and world-class customer service to come together.

Craig Allison, FP Markets’ Head of Europe, Middle East, and Africa expressed his excitement for being awarded the “Best Global Value Broker” for the 4th consecutive year. He stated that this fact emphasizes their persistent and unfaltering devotion to providing the clients with the best trading experience. He also added that receiving the awards for the “Best Forex Partners Program” in Asia and “Best Forex Broker” in Europe for 2022 for the first time is an honor, which proves that their efforts of expanding globally have given positive results. According to his words, these prestigious awards are the best indication that FP Market’s team always strives to provide their clients with the ultimate trading experience.

Traders appreciate the fact that FP Markets offers over 10,000 trading instruments, enabling access to CFDs across Forex, Indices, Commodities, Stocks, and Cryptocurrencies. Besides, FP Markets offers its traders eight platforms, including MT4, MT5 & Iress. FP Markets knows that serious clients look for tight spreads and fast executions, coupled with cutting-edge platforms, a wide product range, and first-rate customer support. Thus, since the year of its establishment, 2005, FP Markets has done its best to satisfy its clients’ expectations. Australia’s Best Forex Broker 2020 never ceases to expand its product offering, giving traders the ability to trade under some of the best trading conditions in the industry.