XTB Reports 67% Revenue Growth in Q3 In financial reports this week, XTB reported its preliminary and operating financial results for the third quarter, highlighting growth in client acquisition and profit during the period. The publicly listed Polish fintech company attracted over 108,000 new clients, a 60% increase year-over-year. It also reported a consolidated net…
ATFX to Launch Prop Trading Services ATFX, a popular forex and contracts for differences (CFDs) broker plans to launch prop trading services, Finance Magnates learned exclusively. The broker noted that the upcoming services will enable traders to focus on their “financial and professional growth.” The new prop trading company will be directly affiliated with ATFX….
South Africa’s Trading Signal Providers Must Be Licensed In its first-ever administrative action, South Africa’s Financial Sector Conduct Authority (FSCA) imposed an administrative penalty of over 1 million rands (about US$57,000) on an individual for providing forex trading signals without a financial services provider license and also debarred him for ten years. The regulator clarified…
26 Degrees Is Surrendering CySEC Licence Our top story of the week: 26 Degrees is giving up its CySEC license. However, the company plans to maintain its Limassol office, which will now cater to the company’s global activities. The move is reportedly informed by the firm’s decision to focus on institutional services, particularly hedge fund…
Demo Account Prop Trading Platforms Do Not Need Authorisation: Czech Regulator Starting our weekly news roundup, demo account prop trading services without real-market executions and subsequent settlements cannot be categorized as investment services under existing regulations, the Czech National Bank (CNB) recently clarified in a Q&A published on its website. The clarification came months after…
Revolut Targets CFD Traders with New App in the EU Top in this week’s headlines, Revolut launched a standalone platform, Revolut Invest, to expand its wealth management offerings, including contracts for differences (CFDs). The new app offers around 5,000 other assets, including US and European stocks, exchange-traded funds, commodities, and bonds. The British fintech firm…
Only 7% of 300,000 Prop Trading Accounts Achieved Payouts Our news summary begins with the exclusive story we covered this week, highlighting the elusive success in proprietary trading. According to FPFX Tech’s data, only 7% of investors manage to turn a profit. Among those who do succeed, the average earnings are modest: just 4% of…
BDSwiss Faces Mass Staff Exodus and Withdrawal Issues, Blames “Restructuring” This week, we featured one of the top stories in the industry: mass layoffs and withdrawal issues at BDSwiss. Finance Magnates exclusively learned that the company witnessed the departure of at least ten employees, including several top executives, in the past few days. Moreover, dozens…
FXOpen Has Lost Its Australian License This week’s top highlights start on Australia’s tough regulatory terrain, where FXOpen became the latest target of the Australian Securities and Investments Commission (ASIC). The regulator canceled the license of the forex and contracts for differences (CFDs) broker held by the local entity FXOpen AU Pty Ltd. Announced this…
Topping this week’s headlines, Saxo Bank Group released its financial results for the first half of 2024. The bank reported an adjusted net profit of EUR 68 million, a 35% increase compared to EUR 50 million in the same period last year. In 2024, Saxo Bank introduced a new pricing structure aimed at reducing client…