Last week’s FX and CFD industry news was once again dominated by commodity trading firms, as the chaos in the props sector has effectively spilled over into the CFD business. Support firms are all working hard (and fast) to re-broker relationships and move their clients to other trading platforms (from MT4 and MT5) after MetaQuotes moved to remove the businesses they have started from its books.
However, there were many more, including a few Retail FX and CFD brokers acquiring licenses in South Africa, as well as a number of B2B brokers and firms adding executives such as iSAM Securities, Finalto, BidX Markets and CPT Markets.
Some of the most read and commented FX/CFD industry news that appeared in the last seven days on FNG include:
Support Funding Pips company adding Match-Trader, cTrader, DXtrade platforms to replace MT4/MT5. Following our report from last week that popular retail stuff trading company Funding Pips had ceased operations after MT4/MT5 developer MetaQuotes was abruptly shut down due to active US accounts, the company says it is in the process of adding a number alternative trading platforms for its customers.
XS.com Acquires South African Licensed CFD Broker Ubanzama. Retail FX and CFDs broker XS.com has announced that it has acquired Ubanza Financial Services, a licensed financial services provider (FSP) regulated and approved by the Financial Sector Conduct Authority of South Africa (FSCA). In an official announcement, XS.com revealed that the acquisition enables the establishment of ‘XS ZA’, a licensed Financial Services Provider entity in South Africa with license number 53199, setting the stage for wider expansion across the African region for the XS.com.
Exclusive: Offshore CFDs broker OnEquity adds South African FSCA license. Exclusive FNG… FNG has learned that Offshore Retail FX and CFDs broker OnEquity has added a South African FSCA license for its OnEquity (Pty) Ltd subsidiary. To date, OnEquity operates through OnEquity Ltd based in Seychelles. The company has also hired former IronFX executive Enver Snyders as Country Manager for South Africa.
Plus500 records 13% year-on-year drop in revenue in 2023 Retail Forex and CFD broker Plus500 Ltd (LON:PLUS) today announced its preliminary unaudited results for the year ended 31 December 2023. Revenue in the financial year 2023 was $726.2 million (FY2 $832.6 million), which includes trading income of $674.3 million and interest income of $51.9 million. EBITDA for FY 2023 was $340.5 million (FY 2022: $453.8 million) with an EBITDA margin of 47% (FY 2022: 55%). The result reflects lower levels of trading activity seen in global financial markets during the year.
Top FX industry executive moves reported on FNG this week included:
❑ Aaron Brown joins iSAM Securities to drive growth in the MENA region.
❑ Exclusive: Trivepro’s head of institutional sales, David Papier, is leaving for CPT Markets.
❑ Finalto hires Saxo exec Daniel Leis as Sales Director.
❑ Edgewater Markets hires Liquidity.net executive Raja Thakur as Director of Institutional Sales.
❑ BidX Markets hires Liam Bonfield as CFO.