FX half-year in review: MT5 reinstated, ThinkMarkets IPO, OvalX shut, record volumes, brokers rebranding
As we turn the page on the first half of 2023, in lieu of our usual weekend FX Week in Review article we thought that we would take a look back at the most interesting and industry-affecting stories from the past six months.
And it was, indeed, a very interesting and news-rich period in the FX and CFDs business.
Some very old brands shutting down or changing the way they do business. Or rebranding.
The most popular trading platforms for retail traders, MT4 and MT5, doing an about-turn and getting back up on the Apple App Store.
What might be the first Retail FX broker to actually go public in several years.
Record trading activity, with one multi-asset broker topping $3 trillion in monthly trading volumes.
Take a stroll down FX memory lane with us. Here are ten of the most-read and most-commented-on stories on FNG from the first half of 2023.
Exclusive: MT4 and MT5 back up on the Apple App Store. FNG Exclusive… FNG has learned that the popular MT4 and MT5 trading apps are now back up and live on the Apple App Store. New users can now once again download the applications, and existing users can receive future updates of the apps. Late last September FNG broke what turned out to be the biggest FX and CFDs industry news story of 2022 – that Apple had removed MT4 and MT5 from its App Store.
ThinkMarkets IPO prospectus: tens of millions in losses, 99% in Australia. FNG Exclusive… Following our report yesterday that Australia/London based Retail FX and CFDs broker ThinkMarkets is planning to go public via the “SPAC route”, combining with Toronto Stock Exchange listed FG Acquisition Corp (TSE:FGAA.U), FNG has had the opportunity to view the Preliminary Prospectus filed with Canadian securities authorities by FG. The prospectus provides much more detail into ThinkMarkets’ financial and operating figures and plans, and reveals much more that wasn’t disclosed by the parties in the press release which went out announcing the transaction.
Exclusive: OvalX selling client base to Capital.com as Jump pulls support. FNG Exclusive… Following our exclusive report from late January that trouble is brewing at FCA/CySEC licensed Retail FX and CFDs broker OvalX in that OvalX was preparing for mass layoffs and was actively pursuing a sale of most or all of its assets, FNG has learned that the end is indeed likely near for the company and its brand. FNG has learned that OvalX is finalizing the sale/transfer of most of its client base to rival broker Capital.com, now run by former IG Group CEO Peter Hetherington.
iS Prime co-founders Raj Sitlani and Jonathan Brewer exit the business. Recently rebranded iSAM Securities (formerly ISAM Capital Markets) has announced that co-heads of its liquidity and Prime-of Prime iS Prime business, Raj Sitlani and Jonathan Brewer, have left the company. Raj (pictured top left) and Jonathan (top right) co-founded iS Prime in 2014 together with systematic hedge fund manager, iSAM, growing it into one of the world’s most successful foreign exchange brokerage companies.
Exclusive: LCG moves to introducer-only model (to IG). FNG Exclusive… FNG has learned that FCA licensed Retail FX and CFDs broker London Capital Group (LCG) is making a radical change to its business model. Starting July 1, LCG will effectively become an introducing broker to (former) rival and leading online broker IG Group (LON:IGG). The company will no longer directly hold client accounts or client funds, nor act as a principal in client trades.
Rostro completes Scope Markets acquisition, eyes MENA/APAC expansion. Rostro Financials Group has announced that following last year’s acquisition of Retail FX broker Scope Markets, the change of control process has now been completed. As a result, the Rostro Group management team has from 7 January 2023 assumed control of the combined businesses, inclusive of licensed entities in Cyprus, Kenya, South Africa, and Belize, alongside the main operating hub based in Cyprus. The newly acquired licenses complement those held in Mauritius and Seychelles.
Exclusive: FXSpotStream names Tom San Pietro Interim CEO, replacing Alan Schwarz. FNG Exclusive… FNG has learned that multibank FX price streaming services provider FXSpotStream has named Tom San Pietro its Interim CEO. He replaces co-founder and CEO Alan Schwarz who is leaving the company in what seems like an abrupt / unplanned move just after FXSpotStream exited its most successful year ever, establishing itself as a leading institutional eFX venue. Tom San Pietro has served as Chief Technology Officer (CTO) of FXSpotStream for the past six years.
Exness trading volumes hit record $3.88 trillion in March 2023. Just a month after topping the magical (and previously unattained) $3 trillion mark in client trading volumes in February 2023, multi-asset broker Exness saw volumes soar by another 27% in March, hitting $3.88 trillion for the month. The increase in trading at Exness was driven by a record number of active clients during the month – 491,064, up from 440,151 in February. We believe that the trading volume figure and the number of active traders are both all-time records for a Retail FX and CFDs broker.
Exclusive: GKFX rebrands as Trive, hires eToro alum Dennis Austinat as MD DACH Region. FNG Exclusive… FNG has learned that Trive has hired longtime eToro Head of Germany, Switzerland and Austria, Dennis Austinat as the company’s new Managing Director for Germany and the overall DACH region. Mr. Austinat will support the expansion of Trive’s business in this region from Frankfurt. The move comes as GKFX has since been rebranded as Trive, with visitors to gkfx.com or gkfx.eu now rerouted to trive.com.
Invast rebrands as 26 Degrees amid cash outflows, falling share price. Australia based institutional brokerage Invast Global has announced a major rebrand, with the company now calling itself 26 Degrees Global Markets. However the changes at Invast / 26 Degrees come as the company has reported a decrease in profitability and cash outflows. Parent INV Inc’s share price recently fell to a 52-week low. For the fiscal year ended March 31, 2023 INV reported operating cash outflows of minus ¥976 million (USD $7.0 million), and the company’s cash balances dropped by 28% from 2022 levels.