FX week in review: Swissquote fends off DDoS attack, FTX demise, Saxo and ADSS add COOs, MT4/MT5 alternatives square off
This week in FX industry news Switzerland’s leading online broker Swissquote successfully fends off what it termed a “massive DDoS attack”, crypto exchange FTX falters and files for bankruptcy, while Saxo Bank UK and UAE based ADSS hire new COOs.
Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:
Swissquote confirms massive DDoS attack. Clients of online trading firm Swissquote had trouble accessing its platforms during the past 24 hours. The company has just confirmed it experienced a massive DDoS attack yesterday and partly today. Swissquote says its systems are up again but there may still be some delays for certain services as the system is going back to normal. Swissquote issued a statement on the matter via social media.
MetaQuotes: “Redeveloped from scratch” MT5 web terminal available for iPhone. While its flagship MetaTrader MT4 and MT5 trading apps remained banned from the Apple App Store, Cyprus based trading platform provider MetaQuotes has announced that its new MT5 web terminal is available on all Apple and Android devices. Despite MetaQuotes’ efforts such as these, we understand that a large number of MT4 and MT5 brokers globally are continuing to look for and implement MT4 and MT5 alternatives for their iPhone using user base, fearful that the MT4/MT5 App Store ban is likely to continue indefinitely.
Match-Trader vs cTrader – the trading platforms comparison. Recent events in the forex market have shown that running a business with just one trading platform can jeopardise the business continuity of Brokers and White Label platform providers. Removing the most popular trading app from the App Store has created massive confusion in the industry. After MetaQuotes suspended sales of the White Labels for both MT4 and MT5 platforms, Brokers were forced to look for alternatives.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: Saxo UK hires BofA Merrill Lynch exec Simon Camilleri as COO.
❑ Exclusive: Admirals’ marketing head Veronica Imasheva leaves for crypto firm Cerus.
❑ ADSS hires Qatar 2022 Bid Committee Director Holly Joint as COO.
❑ Exclusive: ThinkMarkets’ CFO Harshad Kale resigns.
❑ Doto hires FXOpen / AMB Prime exec Maria Markidou.
❑ Exclusive: Ahmed Badr joins LiteFinance as VP BizDev.