FX week in review: CFDs broker fined €1M by CySEC, Exness record volumes, eToro-Twitter partner
Which Retail FX and CFDs brokerage group was fined €1 million by CySEC – one of the largest fines ever handed out by the Cypriot regulator?
What new all-time record in terms of both client trading volumes and active clients was set by leading multi-asset broker Exness?
What partnership was struck between social trading focused broker eToro and social media powerhouse Twitter?
Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:
CySEC imposes €1M fine on Itrade Global (CY) Ltd. The Board of the Cyprus Securities and Exchange Commission (CySEC) has decided to impose a total administrative fine of €1,000,000 to Cyprus investment firm Itrade Global (CY) Ltd. Itrade Global operates two approved domains: www.investfw.com and www.tradedwell.com. Its list of trade names include TRADEFW, INVESTFW, and TRADEDWELL.
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.
eToro partners with Twitter $Cashtags on stocks, ETFs and crypto trading. Social trading focused online broker eToro has announced that it is partnering with Twitter to enable Twitter users to instantly see real-time prices for a far wider range of stocks, crypto and other assets when using the new $Cashtags feature. Twitter users searching using a $Cashtag symbol currently see live price charts for a select few financial assets. Following the launch of the eToro partnership, the list of $Cashtags that produce live price charts will be hugely expanded.
Tradier closes $24.6 million Series B funding round. Retail brokerage firm Tradier today announced the close of a $24.6 million Series B funding round. Led by PEAK6 Strategic Capital, with participation from existing investors F-Prime Capital and KF Business Ventures, the new funding will accelerate Tradier’s growth by giving traders and partners access to advanced features, live content and more custom services.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: OvalX spreadbetting head Mark Foulds heads to Alvar.
❑ Exclusive: Crypto.com exec Felipe Gallino joins B2Broker as Bus Dev Manager.
❑ Wedbush Securities appoints Michael Stone as Senior VP, Head of FX Prime Brokerage.
❑ DB and Wells Fargo alum Sophie Hutcherson added to the FCA Board.