How did the latest set of financial results pan out for Retail FX and CFDs brokers Plus500, Trade Nation, and MultiBank? Which broker set Revenue and Profit records? Which recorded a (surprise) loss?

What did ATFX have to say about adding the MT5 trading platform for its clients?

Which executive moves were seen at Zara FX, Hantec Markets, NinjaTrader, and iSAM Securities?

And in one of the more interesting guest posts to appear on FNG this month, Match-Trade’s Krzysztof Kapliński discusses the challenge of Demo Account execution in Prop Trading, and how to address it.

Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:

Plus500 registers rise in revenues in H1 2024, cash position passes $1bn mark. Plus500 Ltd (LON:PLUS), a multi-asset fintech group, has announced its interim results for the six-month period ended 30 June 2024. Plus500 delivered a strong financial performance in H1 2024. Revenue and EBITDA grew year-on-year, by 8% and 6%, respectively, and the Group’s cash position passed the $1 billion mark for the first time as of 30 June 2024. Net profit in H1 2024 was $148.8m (H1 2023: $146.5m) and basic EPS increased by 18% to $1.90, compared to H1 2023 (H1 2023: $1.61).

Exclusive: Trade Nation posts £2.2M loss as Revenues decline 5% in 2023. FNG Exclusive… FNG has learned via regulatory filings that FCA licensed FX, CFDs, and spreadbetting broker Trade Nation Financial UK Ltd has seen a decline in Revenue in 2023 (fiscal year ended November 30), leading to a £2.2 million Net Loss for the year at the company. During 2023 the Trade Nation group added a Seychelles licensed entity, and signed on as a sleeve sponsor of EPL club Aston Villa FC.

MultiBank reports record Revenues of $306.6 million in 2023. Dubai based online brokerage firm MultiBank Group has announced its most successful financial year to date, including record Revenue of $306.6 million in 2023. Based on the latest audited financial statements, MultiBank Group achieved a strong 10% revenue increase, growing from $279.5 million in 2022. Additionally, MultiBank Group reported a 26% rise in net income from $180.0 million in 2022 to $226.8 million in 2023, underscoring the Group’s operational efficiency and reinforcing its position as a global leader in the financial derivatives industry.

ATFX launches MT5 trading platform. Leading global CFDs broker ATFX has announced the launch of the MetaTrader 5 (MT5) platform for its clients. The company said that this milestone not only underscores ATFX’s unwavering commitment to continually upgrading its customer service quality, but also marks a significant leap forward in the brand’s mission to create an exceptional trading environment for investors worldwide.

The challenge of Demo Account execution in Prop Trading. While it’s debatable whether prop trading’s rise is due to its accessibility to traders with smaller capital, savvy social media marketing, or the flexibility of operating in a less regulated space, one thing is clear: from a trading technology perspective, the exclusive use of demo accounts in the evaluation process presents unique challenges. Traditional demo execution often fails to mirror real market conditions, which can compromise the fairness and effectiveness of the evaluation process.

Top FX industry executive moves reported at FNG this week included:

❑ Exclusive: Zara FX hires Scope Markets exec Christiana Lazaridou to head BizDev.

❑ Hantec Markets hires INFINOX alum Alberto Barba Arévalo to head LATAM BizDev.

❑ NinjaTrader names Tobin McDaniel its new President.

❑ iSAM Securities hires Azadeh Kasraei as Head of Integrated Client Solutions.

❑ Trustly appoints Adam D’arcy as CPO.

❑ Standard Chartered announces appointments to its Transaction Banking team.