GCEX and PrimeXM launch a new liquidity distribution partnership

Posted on by bar

GCEX, a leading provider of digital technology solutions in crypto-assets and multi-segment currencies, has announced integration with PrimeXM’s XCore. PrimeXM is one of the leading technology B2B providers to the retail and institutional electronic e-trading industry, delivering cutting-edge aggregation and execution management software – XCore.

GCEX (GC Exchange Limited) was established in 2018 as a part of the GC Group. There was a demand for regulated and compliant exposure to the Cryptoasset market. GCEX is an FCA-regulated and authorized provider of the funds, brokers, asset managers, professional traders and banks with an advanced suite of integrated financial technology products. It includes AI applications, allowing clients to automate on-boarding, offer and trade Cryptoassets and Currencies with tight spreads, deep liquidity from Tier 1 sources and solutions for clearing.

PrimeXM logo

The PrimeXM partnership now allows participants of the XCore community to access GCEX liquidity which includes digital assets and FX. The XCore system is an ultra low latency order routing pricing and execution engine which provides institutions the opportunity to connect to a wide range of liquidity providers. Furthermore, XCore is installed and managed by PrimeXM’s infrastructure in Equinix data centers (LD4, NY4, TY3), allowing for the efficient management of the entire brokerage business in a centralized low-latency environment.

GCEX CEO and Founder, Lars Holst commented, “We are excited to enter into this partnership with PrimeXM and integrate GCEX’s digital asset and FX liquidity within the XCore trading infrastructure and community. XCore has proved to be an extremely popular venue amongst GCEX’s institutional client base and we are confident that PrimeXM’s market-leading technology will complement our extremely competitive pricing to provide GCEX’s clients with a first-class trading experience”.

PrimeXM COO, Galin Georgiev commented, “We are excited to have this integration with GCEX and welcome them as a liquidity provider into our growing XCore trading community. Our Clients will be able to benefit from such partnership and enjoy cost-efficient and low-latency connectivity to execute in digital assets and FX, supported by the experienced team behind GCEX”.

GCEX has previously partnered with the institutional liquidity provider Gold-i.

A UK Brokerage ThinkMarkets acquires license from the FSCA

Posted on by bar

FSCA logo

ThinkMarkets has been awarded a licence by the Financial Sector Conduct Authority (FSCA) to offer electronic financial trading services to South African investors.

2010 saw the launch of ThinkForex in New Zealand with an aim to improve the forex trading experience by delivering leading technology to the community. Further, due to the company’s rapid expansion program and to meet growing demand the broker took a brand name ThinkMarkets to improve client security under ASIC and FCA, the company relocated global headquarters to London and Melbourne. You can read our full ThinkMarkets review.

former ThinkForex review

South Africans will be able to begin trading on the ThinkMarkets platform from 1 April 2019 with the confidence of a locally regulated firm. The local business will cater to the needs of South African traders and offer ThinkMarkets’ wide product range. An office will also be set up in Johannesburg.

ThinkMarkets plans to offer a range of South African products including Rand based currency pairs such as USD ZAR, GBP ZAR and EUR ZAR as well as CFD indices and equity derivatives that are actively traded by investors on the Johannesburg Stock Exchange.

“We are delighted with our newly approved licence which is a testament to our commitment to offering contracts for difference (CFDs) and forex to global traders with the confidence of a regulated and safe trading environment,” Faizan Anees, managing director and co-founder of ThinkMarkets said.

ThinkMarkets is not the only brokerage, or the first one, who decided to expand its business in South Africa. Some of the largest brokerages have already expanded their footprints there and are already providing their service to SA residents. Many of the international brokers in South Africa are now in the process of obtaining the license from the  FSCA.

CNMV has blacklsted Forex brokers Capital4Bank and IMMFX

Posted on by bar

Spain’s financial markets and services regulator CNMV has issued warnings against two forex brokers Capital4Bank and IMMFX. According to the public warning notices, these entities are not authorized to provide investment services or investment advice and auxiliary services, including foreign currency transactions in Spain.

The National Securities Market Commission (often abbreviated as CNMV) is the Spanish government agency responsible for the financial regulation of the securities markets in Spain. It is an independent agency that falls under the Ministry of Economy, Industry, and Competitiveness. The regulator maintains a register with investment companies that are authorized to operate in Spain.

IMMFX logo

IMMFX claims to be a global STP Broker, registered and licensed for online forex and commodities broker. IMMFX is a trading name of IMM GROUP LTD, the parent company of IMM Group GmbH. According to the website, the company holds two offshore licenses, from Vanuatu and St. Vincent and the Grenadines. Besides, the offshore location, which is a huge disadvantage for a firm, we have also found a lot of negative reviews about IMMFX.

Capital4Bank is also an offshore Forex broker. Capital4Bank is a trading name operated by Capital Com Investment LTD, based in St. Vincent and the Grenadines. 

We keep on reminding our readers that the FSA of the St. Vincent and the Grenadines has announced that it does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies, which engage in such activities.

We always advise traders to avoid dealing with offshore unregulated forex brokers, such as Capital4Bank and IMMFX. You can also share your trading experience with these brokers by commenting on this post.

Pepperstone launches Spread Betting on TradingView

Posted on by Adam Smith

Pepperstone launches spread betting on the Social charting platform TradingView

Pepperstone launches spread betting

Australia-based Forex and CFD broker Pepperstone has recently introduced "tax-free" spread betting for its users on TradingView, a platform that the broker integrated with early last year. According to the statement by the broker, from now on traders from the UK will have the opportunity to spread bet on different market instruments such as forex, commodities, indices, and shares directly on TradingView.

Pepperstone, which is in fact regulated by FCA, will enable its UK customers to access Spread Bet on the aforementioned instruments on TradingView's highly customizable charts which remove the need to "screen switch" while spread betting. (Read Why Trade with UK FCA Brokers)

“We were delighted to be named Broker of the Year earlier this year. At Pepperstone, we are client-obsessed, so being acknowledged for providing the best TradingView client experience was a real honour. The launch of spread betting in the UK now completes Pepperstone’s superior TradingView package, enabling our clients to trade the way they want to trade on the platform.”, said Tomas, Pepperstone Group CEO.

The integration of Pepperstone’s spread betting into TradingView specifically for UK traders seems to be a well-calculated strategic step. In the previous year, Pepperstone experienced a noteworthy surge in pre-tax profits from its operations in the UK, more than doubling to reach £4.6 million. Furthermore, the broker witnessed a substantial 36% increase in trading revenue, amounting to £10.7 million, over the course of the fiscal year that concluded on June 30th, 2022.

Brokerage firm AFX Markets goes into administration

Posted on by bar

FCA Regulator

The UK Financial Conduct Authority has confirmed the appointment of special administrators at the AFX Markets after ceasing its trading activities. 

The FCA has announced that, on August 27, 2019, the High Court of Justice of England and Wales appointed special administrators to AFX Markets Limited.

AFX Markets logo

AFX Markets Limited (AFX Markets) is a UK registered company that has been authorised by us since May 2012. AFX Markets acted as broker for customers trading on its online trading platforms (ww.afxgroup.com and www.stofs.co.uk), principally in foreign exchange and contracts for difference products. 

AFX Capital is AFX Markets’ parent and is based in Cyprus – its license with Cyprus Securities and Exchange Commission (CySEC), the Cypriot regulator, has been suspended since 19 July 2019.  

On 31 July 2019, as a result of concerns over AFX Markets’ financial position and its arrangements for safeguarding monies held on behalf of its clients, the FCA required AFX Markets to cease conducting any regulated activities, except solely for the purpose of closing trading positions, and freezing all its assets.  

The special administration order appoints insolvency practitioners from CG Recovery Limited (CG Recovery) (which also trades as CG&Co) as special administrators of AFX Markets. Jonathan Avery-Gee and Daniel Richardson from CG Recovery have been appointed as the joint Special Administrators.

AFX Markets is still authorised by the FCA and remains subject to supervisory oversight and our rules.

Austria’s FMA has issued a warning against CFDs100

Posted on by bar

The Austrian regulator FMA (Financial Market Authority) has issued a warning against Forex and CFD broker CFDs100. The brokerage firm was offering financial products and services to Austrian residents without being authorized in the country.

The Austrian Financial Market Authority (FMA) is an independent, autonomous and integrated authority for the Austrian financial market. The Austrian FMA is responsible for: contributing to the stability of Austria as a financial market; reinforcing confidence in the ability of the Austrian financial market to function; protecting investors, creditors and consumers.

CFDs100 logo

According to the website, CFDs100 is a world-renowned financial services provider offering a range of investment products, including CFDs (contracts for difference), FX and Cryptocurrencies. The company is owned and operated by CCLR Solutions Limited and claims to be located in Tallinn, Estonia. However, the company is not licensed to provide its services in the country and it is proved with a warning from Estonian regulator Financial Supervision Authority.

In fact, there is actually a big chance that CFDs100 is just another offshore scam company, as we have found mentions of the Vanuatu jurisdiction in the terms and conditions from the website. Vanuatu is a popular offshore zone for the forex brokers as they can be easily incorporated under the countries law.

If you still have plans to invest with CFDs100, check the reviews online. Most of thoe reviews are negative, where people complain about withdrawal issues and losing huge amounts of money with this broker.

When choosing a new Forex broker, it is very important to verify that they are in fact licensed for investors from your country of residence. Trading with a licensed broker ensures you will not have issues withdrawing your investment. The most trustworthy brokers are those registered with such regulators as FCA in United Kingdom and ASIC in Australia. You can read our review on this broker here.

ESMA and ASIC have signed an arrangements on benchmarking

Posted on by bar

ESMA logo

The European Securities and Markets Authority (ESMA) and the Australian Securities and Investments Commission (ASIC) have announced that they have signed a Memorandum of Understanding (MoU) setting out cooperation arrangements in respect of Australian benchmarks.

The EU Benchmarks Regulation (BMR) prescribes a European common framework to ensure the integrity and accuracy of benchmarks used in the EU. 

The MoU sets out appropriate cooperation arrangements to complement the EU’s equivalence decision, as well as to ensure effective information exchange and supervisory coordination. Under it, both authorities agree to provide each other with the fullest cooperation permissible under their laws and regulations in relation to all relevant information and supervisory activities regarding the covered benchmarks. 

ASIC logo

This decision will allow benchmarks declared significant by ASIC (BBSW, S&P/ASX200, Bond Futures Settlement Price, CPI, and Cash Rate) to be used in the EU by EU-supervised entities. 

Commenting on the MoU, James Shipton, the Chair of ASIC said: "Enhancing and improving regulatory cooperation with our international counterparts is a priority for ASIC. We are very pleased to announce this agreement and look forward to our cooperation with ESMA in the future."

Steven Maijoor, ESMA Chair, said: "The use of financial benchmarks in global capital markets is important for market participants and their accuracy and reliability needs to be ensured at all times. In order to help regulators achieving these objectives, I am pleased that the ESMA-ASIC Memorandum of Understanding will support European regulators and ASIC to work together on a sound legal basis."

ASIC is Australia's integrated corporate entity that regulates , markets, financial services and consumer credits. ASIC is an independent Commonwealth Government body. Its vision is for a fair, strong and efficient financial system for all Australians. You can check our detailed article about the pros of dealing with ASIC-regulated brokers.

Italy’s CONSOB warns against forex broker FXBreeze

Posted on by bar

Italy’s financial markets and services provider regulator CONSOB (Commissione Nazionale per le Società e la Borsa) has updated its list of forex brokers who are not licensed to operate in Italy with one new addition – FXBreeze. The broker was banned for the provision of unauthorised investment services and activities to the Italian public.

Commissione Nazionale per le Società e la Borsa (CONSOB; Italian Companies and Exchange Commission) is the government authority of Italy responsible for regulating the Italian securities market. This includes the regulation of the Italian stock exchange, the Borsa Italiana.

FXBreeze logo
FXBreeze is broker that offers trading in forex and wide range of CFDs on a web-based trading platform. The broker doesn't disclose the name of the company behind the brand name. According to the website, FXBreeze is located in Estonia, however, the contact number is British. Also, the terms and conditions state that all the proceedings are conducted in London, UK. The UK's regulator FCA doesn't have this broker in its register, so we suppose th ecompany is not authorized in the UK or any of the EU countries, which is already a valid reason to avoid trading with FXBreeze.
In addition, we have come upon a warning issued by the Estonian Financial Supervision Authority. According to the warning, the brokerage is providing financial services illegally without a proper license.
When engaging with brokers that do not operate on the grounds of a valid license, issued from a trustworthy authority, traders are putting their investments at higher risk. It is better to avoid dealing with offshore brokerages and choose properly regulated and reliable brokers. A good example of such are the ones supervised by the FCA or ASIC. You can read our review on this broker here.

FCA has issued a warning against Forex broker PTBanc

Posted on by bar

FCA Regulator

UK’s Financial Conduct Authority added another Forex broker to its warning list. According to the regulator, PTBanc has been offering, promoting or selling financial services or products in the UK without its authorization.

The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom. You can read a detailed article about why traders should choose UK brokers.

PTBanc logo

PTBanc is a broker that offers to trade in many currency pairs and a wide range of CFDs, including on cryptocurrencies. The broker doesn't disclose any information about its location as well as its regulation, which has to be the first red flag for those who want to invest with PTBanc. There are different contact phone numbers mentioned on the website (British, Spanish, Italian and German), however, the broker does not claim to be regulated by any governmental agency and it obviously isn’t.

The terms and conditions of the website claim that PTBanc is registered offshore, in the Marshall Islands. This is a jurisdiction where Forex license is not required. Moreover, local authority doesn’t issue forex licenses, which mean that the broker is most probably a fraud.

Moreover, the broker has been banned by two other regulators, Italian CONSOB and Luxemburg Commission de Surveillance du Secteur Financier (CSSF), that only proves PTBanc should be avoided by any means. Without proper authorization, there is no way for regulators to protect investors from fraudulent activity, due to a lack of monitoring by any governing body to ensure that proper practices are being adhered to by the companies. You can read our review on this broker here.