The stories that made the most impact in the global forex industry this past week involved an FX firm which disappeared along with $200 million worth of clients’ funds, a review of the most irritating trends the industry has witnessed this year and the news that Alpari ceasing operations in Canada.
UK Pro Soccer Players and Golfers Duped for £130 Million
On Sunday it was reported that an FX funds manager vanished from his office in Turkey along with £130 million of clients’ money after an alleged fraud.
In an email sent to clients this month, Mr. Lewis confessed that his firm JL Trading had in reality stopped trading FX in 2009 after suffering disastrous losses. He further admitted in the email that he continued attracting investors for the next five years so that he might somehow recover the business, but he has failed in that.
7 Most Annoying Things in the Forex Industry in 2014
For the end of the 2014 we have decided to vent some of the things that frustrated us throughout the passing year which either hold back the forex industry or outright hurt it. Every editor brought his own angle and field of expertise, and the mixture gave a comprehensive snapshot of things Forex Magnates hopes to see less of in 2015.
Readers joined the debate by adding their take on the problems with the industry in 2014 and their predictions for the markets in the coming year.
Leverate’s Founders Take Back Saxo’s Share
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On Wednesday it was announced that the founders of foreign exchange-industry technology-provider Leverate have concluded a deal with Saxo Bank to buy back the company’s shares (held by Saxo Bank).
Speaking with Forex Magnates, Leverate’s VP of Marketing Nicc Lewis has elaborated on the timing and meaning of the founders’ move. “The trigger was the understanding of Saxo’s refocus, as seen in their 2014 Annual Report, which is a move away from their look at entering the lower retail forex market,” he said.
End of Year Update from eToro and Markets.com
End of the year updates are a popular feature among many forex brokers. On Thursday we reported on two emails to partners from eToro and Markets.com showing where both firms are headed in 2015 and how 2014 treated them.
For 2014, eToro also reported that their growth rate was four times that of 2013. As the growth leads into 2015, beyond their focus on global expansion, eToro is planning to launch its new OpenBook social trading platform next year. With the platform update, eToro also plans on expanding its asset base for increased copy trading alternatives.
Similar to eToro, Markets.com also plans on continuing to be active during the coming year. For the broker, 2014 ended with the launch of a proprietary Webtrader platform. The broker also aimed to broaden its brand globally through the sponsoring of Arsenal FC.
Alpari No Longer Accepts Any North American Traders
On Monday we reported that the light of Alpari’s Canadian business has finally been effectively extinguished following their exit from the country in the face of regulatory hurdles.
According to information learned by Forex Magnates, Canadian investors are now barred from creating accounts with the company. This is hardly the first time Alpari has faced such headwinds internationally, with their exodus from New Zealand being one notable example.