Category: News

MyFundedFX Partners with Purple Trading to Launch cTrader Platform

Posted on by Adam Smith
MyFundedFX

In a significant move within the proprietary trading sector, Dallas-based MyFundedFX has officially launched its services on the cTrader trading platform, in partnership with Purple Trading Seychelles. This strategic pivot comes in response to the firm's recent termination by its former broker, Blueberry Markets, and marks a new chapter for the retail prop trading firm with the Cyprus-based broker Purple Trading’s offshore division.

The shift to cTrader, facilitated by CFDs broker Purple Trading Seychelles, emerges amidst a broader industry trend where prop trading firms are actively seeking alternatives to MetaQuotes' MT4 and MT5 platforms. These platforms have been the cornerstone of retail trading activity for numerous firms, including Blueberry Markets. However, MetaQuotes has pressured brokers to discontinue their prop trading services on these platforms, threatening the withdrawal of MT4/MT5 licenses.

MyFundedFX's transition to cTrader is part of a larger movement among prop firms to adapt to these market changes. Competing platforms like Devexperts’ DXtrade and Match-Trade Technologies’ Match-Trader have also been considered by firms seeking new trading solutions. The firm also announced that all accounts previously under Blueberry Markets would be migrated to a new platform by Friday, March 8, away from the traditional MT4 and MT5 systems. MyFundedFX has indicated Match-Trader as the default migration platform, praising its performance in tests and its user-friendly interface, while also offering traders the option to switch to DXtrade or cTrader.

Established in June 2022 and led by CEO Matthew Leech, MyFundedFX stands out in the prop trading industry not only for its quick adaptation to regulatory and market shifts but also for its broad vision. Leech, who also helms MyFundedFutures and co-owns Swift Funding, has been proactive in ensuring that the firm remains at the forefront of trading technology and brokerage partnerships.

This move signals a significant realignment within the retail and proprietary trading spaces, as firms navigate the challenges and opportunities presented by regulatory pressures and platform limitations. MyFundedFX's adoption of cTrader with Purple Trading Seychelles highlights the firm's commitment to providing its traders with robust, versatile trading platforms that cater to their evolving needs in a dynamic market environment.

ThinkMarkets Expands Global Reach with New DFSA License in Dubai

Posted on by Adam Smith
ThinkMarkets

In a strategic move to broaden its market presence, Melbourne-based brokerage firm ThinkMarkets has successfully acquired a license from the Dubai Financial Services Authority (DFSA). This significant milestone, announced on March 1, 2024, marks the company's latest expansion, positioning it within the prestigious Dubai International Financial Center (DIFC).

The newly obtained DFSA license paves the way for ThinkMarkets to offer its comprehensive suite of FX and CFDs products not only to clients in the UAE but also across the GCC states—including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia—and extend its services to North Africa. The DIFC, known for its independent legal system and financial autonomy within the UAE, provides an ideal backdrop for ThinkMarkets to extend its reach.

The move comes when the DFSA has reported a surge in interest from global brokers and authorized firms looking to cater to retail FX trading within the DIFC. ThinkMarkets co-founder Faizan Anees expressed enthusiasm about the acquisition, highlighting the UAE and wider MENA region's potential for growth. Anees emphasized the company's commitment to offering a secure, regulated trading environment, powered by its proprietary platform, ThinkTrader, and a vast selection of trading instruments.

Obtaining the DFSA license was no small feat, given the stringent guidelines set by the regulatory authority, especially concerning AML compliance and the prohibition of transactions in UAE Dirhams within the center. ThinkMarkets had to navigate through a complex legal framework, demonstrating its adherence to high standards of risk management and operational integrity.

This expansion follows ThinkMarkets' recent decision to terminate its merger plans with Canada-listed FG Acquisition Corp, a move that had previously caught the industry's attention. Despite this, ThinkMarkets continues to demonstrate robust financial health, with a reported revenue of $62 million in 2022.

As a globally recognized online forex brokerage, ThinkMarkets holds licenses from the UK's Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC), among others. The firm has been on an expansion spree, extending its services to South Africa and Japan, further solidifying its position as a leading player in the forex trading industry.

The new DFSA license not only enables ThinkMarkets to enhance its service offerings in the MENA region but also sets a precedent for its continued growth and dedication to providing a premier trading experience to its clients worldwide.

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.

Hantec Group Expands its Reach with the Launch of Hantec Trader, an Offshore Prop Trading Unit

Posted on by Adam Smith
Hantec Group

Hantec Group, a London and Hong Kong-based financial services provider, has entered the thriving world of proprietary trading with the introduction of Hantec Trader, a proprietary trading firm. Read our article about Prop Trading Firms

Hantec Trader, operating through Hantec Markets, a Mauritius-based brokerage firm, offers traders a unique opportunity. It provides proprietary trading accounts with initial capital, allowing traders to explore various asset classes without risking their funds.

The company is set to offer two certification courses: the "Enhanced Challenge" and the "Express Challenge." Successful completion of either challenge grants traders access to a live trading account with up to $200,000 in balance.

Once certified, traders can enjoy trading with ultra-low commissions and spreads using MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, retaining up to 90% of their profits. They will also access a comprehensive dashboard for data and actionable insights to enhance their trading strategies.

Andrew Speakman, Sales Director at Hantec Trader, expressed the company's goal of offering financial freedom: "Our launch of Hantec Trader aims to provide a low-risk, low-cost way for individuals to participate in global financial markets."

Hantec Markets, the parent company, is led by Bashir Nurmohamed, an industry veteran with a track record at ODL Securities and Rosenthal Collins. Founded in 2010 with backing from Hantec Group founder Tang Yu Lap in Hong Kong, this partnership has allowed Hantec Group to expand into proprietary trading.

Hantec Trader's introduction marks a significant development in prop trading, offering traders a platform for skill development and profitable trading strategies. With its strong reputation and regulatory commitment, Hantec Group is poised for success in this dynamic sector.

MultiBank Group Launches MultiBank-Plus Trading Platform

Posted on by Adam Smith
MultiBank-Plus

In a groundbreaking move to start 2024, MultiBank Group, a renowned online financial derivatives company, has unveiled its state-of-the-art mobile application, MultiBank-Plus, along with a newly redesigned website. These launches are part of a comprehensive rebranding initiative, underscoring MultiBank Group's dedication to enhancing customer experience.

The MultiBank-Plus app is a pivotal innovation in the world of online trading. Designed with a user-friendly interface, the app simplifies the trading process, enabling users to open an account in just three minutes. This all-encompassing platform is crafted to provide users with the necessary tools for making informed financial decisions, all from the convenience of their mobile devices.

Presently, MultiBank-Plus is exclusively available in selected countries, including Mexico, Colombia, Germany, Switzerland, the UK, Italy, and the Kingdom of Saudi Arabia.

In parallel with the app launch, MultiBank Group has also transformed its website, showcasing its commitment to a seamless, user-friendly online experience. The revamped website features modern design elements and enhanced navigation, allowing clients to effortlessly access a wide array of financial services and products offered by the company.

Marc Aspinall, the Chief Commercial Officer of MultiBank Group, expressed his excitement about the new offerings. "The introduction of MultiBank-Plus and our website's transformation is a testament to our continuous effort to excel in the finance sector. We are confident that these advancements will significantly improve user experience and herald a new chapter for MultiBank Group in 2024," he stated.

Significantly, MultiBank Group and its subsidiaries adhere to stringent regulatory standards, being regulated by over 14 authorities worldwide, including notable ones like SCA, MAS, CySEC, ASIC, CIMA, and more. This highlights the company's dedication to maintaining the highest levels of security, transparency, and compliance in its global operations.

About MultiBank Group

Established in California, USA, in 2005, MultiBank Group has emerged as a leader in the online trading industry. It boasts a remarkable daily trading volume of over US $12.1 billion and serves a diverse clientele of more than 1,000,000 customers across 100 countries. MultiBank Group offers award-winning trading platforms, providing up to 500:1 leverage on products including Forex, Metals, Shares, Commodities, Indices, and Digital Assets. For further information, visit MultiBank Group's website.

Interactive Brokers Launches New Tools to Enhance Trading Experience for Retail Traders

Posted on by Adam Smith

Interactive Brokers, a leading player in electronic trading, has announced the introduction of the Tax Loss Harvest (TLH) tool for its retail traders. This innovative feature aims to simplify the process of realizing tax benefits from both long- and short-term capital losses.

The TLH tool is seamlessly integrated into the trading platform. To activate it, traders need to right-click on a position and select 'Tax Loss Harvest.' For those interested in Multi-Stock harvesting, it's accessible through the Classic Layout of the TWS (Trader Workstation) platform. Simply navigate to the Portfolio page and click on 'Tax Loss Harvesting' located at the top right corner. It's important to note that Multi-Stock TLH is currently only available in the Beta version of TWS.

Furthermore, Interactive Brokers has introduced the Feature Suggestion tool within the TWS platform. This tool allows users to directly communicate their desired features to the developers and vote on suggestions made by other users. Accessing this tool is straightforward; users can click on the Feedback icon in the TWS title bar and select “I have a suggestion.”

In a move to enhance futures trading, the brokerage has also streamlined the process of rolling a futures position. This typically complex procedure, which involves closing one position and opening a new one in the same contract with a more distant expiration date, has been simplified into an easy-to-follow flow using the new Futures Roll feature.

These new tools and features reflect Interactive Brokers' commitment to providing its users with a more efficient and user-friendly trading experience. By continually evolving its platform and incorporating feedback from its community, Interactive Brokers is setting a new standard in the world of electronic trading for retail investors.

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.