Before we get to this week’s top FX and CFDs industry news stories, we’re pleased to report that FNG – once again – saw record traffic in the month of August. That includes record website hits, pageviews, Google Search traffic, newsletter opens and clicks, social media shares and followers… And we’re already ahead of that pace in September!
Here below is SimilarWeb’s just-out traffic chart for us.
When it comes to social media, FNG once again dominated, getting several x the Engagement of any other “FX News” site. Here are LinkedIn Analytics’ own “Competitors” stats for August.
We think its simple – report the news that HNW traders and industry insiders are actually interested in, providing insightful analysis of the news. And do it without mixing in a lot of promotional or unrelated crap, without selling “awards”, or just copying what was already on other sites. Google’s search algos also seem to be really liking our content lately, identified as original, trustworthy, authoritative, frequently-shared, and generally well received by readers.
Do you want your brand and message to be seen every day by your actual target audience. Then come speak with us.
And now, on to this week’s top stories…
What is next for German online broker RIDE, after an insolvency administrator was appointed for the company?
What led to the closure of Singapore based retail prop trading firm MPFunds, which once billed itself as Asia’s first modern prop firm?
What change is CySEC licensed online broker RoboMarkets making to its business model in Europe, which has led the company to remove CFDs from its product range?
Why is eToro paying a $1.5 million fine to the US Securities and Exchange Commission? What does eToro’s settlement with the SEC require that it stop doing?
Which senior executive moves were seen at TopFX, MAS Markets, FxPro, NAGA, Wintrado, XTB, BDSwiss, and Finalto, among others?
Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:
Exclusive: German online broker RIDE reorganizing after surprise bankruptcy filing. FNG Exclusive… FNG has learned from sources in Germany that Berlin based fintech RIDE has surprisingly filed for bankruptcy. Dr. Björn Gehde from insolvency specialists Hilgers und Partner has been appointed as insolvency administrator, and is actively working with the company’s management to find new sources of funding, and avoid the potential closure of RIDE by reorganizing the company with fresh capital.
Singapore based Prop Trading firm MPFunds closes. Singapore based Prop Trading firm MPFunds, whose website touted the company as Asia’s first Modern Prop Firm, is closing. MPFunds’ website (at mpfunds.com) shows an “open letter” from founder and CEO Dean Wong (see full text below), blaming the firm’s closure on its bank having terminated all services to MPFunds without sharing the reason. Mr. Wong also shared that a planned Series-A financing round that was initially secured for 11th September 2024 fell through.
RoboMarkets announces changes to its European business model. Forex and CFD broker RoboMarkets today announced strategic changes to its European business model, which are planned to be implemented by the end of 2024. In a press release, the group stated: “Given the conditions of the European market, we have decided to focus our European operations and expertise on serving primarily stock investors and traders.” As part of this shift, the Frankfurt-based and BaFin-regulated entity, RoboMarkets Deutschland GmbH, will become the centre for serving European retail clients, concentrating exclusively on stocks, bonds, and ETFs.
eToro USA to pay $1.5M to settle SEC charges, to cease trading activity in nearly all crypto assets. The Securities and Exchange Commission (SEC) today announced that eToro USA LLC has agreed to pay $1.5 million to settle charges that it operated an unregistered broker and unregistered clearing agency in connection with its trading platform that facilitated buying and selling certain crypto assets as securities. eToro has agreed to cease and desist from violating the applicable federal securities laws and will make only a limited set of crypto assets available for trading.
Tickmill launches US Elections Traders Hub. As the US elections draw near, the financial markets are bracing for potential volatility, presenting both opportunities and challenges for traders. To help navigate this crucial period, Tickmill, a multi-asset broker that prides itself on being founded by traders for traders, has launched the US Elections – Traders Hub, a comprehensive resource tailored to meet the needs of traders at every level.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: TopFX appoints Vince De Castro as Chief Marketing Officer.
❑ Exclusive: Advanced Markets exec Shobin Simon moves to MAS Markets to head MENA Institutional Sales.
❑ Exclusive: Former Cyprus Transport Minister Marios Demetriades steps off FxPro group boards.
❑ Exclusive: Admirals’ Head of Partnerships Eugene Danishkin leaves for B2B role at NAGA.
❑ Exclusive: Yossi Gafni hired as CEO of broker white label solutions provider Wintrado.
❑ XTB hires ADSS exec Salma Tabbech as Sales Director MENA.
❑ Morgan Tillbrook to step down as CEO of Alpha Group.
❑ CMC / Capital.com alum Chris Demetriou joins Onyx Capital to head Client Management.
❑ BDSwiss sales head Nicole Heinrich resigns.
❑ BlackBull Markets CSO Benjamin Boulter departs.
❑ Finalto appoints Simon Ormrod as Chief Financial Officer.
