This week some of the biggest stories in the online currency trading industry involved downsizing by some brokers, while others expanded their global reach or instrument offerings.
End of an Era?
On Sunday we exclusively reported that Tradologic, a major provider of binary options trading technology, is shifting its focus to fintech. Sources with knowledge of the matter shared with Finance Magnates that the company will be phasing out its binary options product.
Later in the week we saw an example of why a company might want to disassociate itself from the segment. A binary options brokerage owner was arrested for alleged fraud and extortion after a Singaporean client complained that she lost over $500,000.
XTB: Chile and Belize In, Turkey Out
On Monday it was revealed that in Q1 2017 XTB focused on the development of its operations in Latin America. A new subsidiary was founded in Chile and a company in Belize was acquired.
Later in the week it was announced that XTB is exiting the Turkish market, and will be withdrawing its registration with the CMB. The decision to shut down its Turkish subsidiary will affect the broker’s current financial situation.
On Tuesday we had to report on two similar unfortunate developments.
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Multi-regulated FX and CFDs retail online brokerage XTrade let go of about sixty employees from its Israeli call center, operated by IDI Ventures,
Online brokerage Stockpair is undergoing an optimisation process of its business, which includes downsizing its workforce to the tune of dozens of employees, Finance Magnates has confirmed.
On Wednesday GAIN Capital Holdings, Inc. (NYSE: GCAP), the largest provider of retail FX in the US, unveiled a new multi-brand affiliate marketing program called GAIN Affiliates.
The new program introduces select customers to its global collection of retail trading brands. GAIN Affiliates expands the group’s efforts to work with and target a much broader audience of affiliate partners.
AvaTrade Expands Crypto Portfolio
On Thursday multi-regulated international forex and CFD broker AvaTrade announced that it is adding three rising altcoins, Ethereum, Dash and Ripple’s XRP, to its trading portfolio.
The choice of these specific blockchain tokens is not very surprising considering the incredible returns they generated in 2017 which must have brought a lot of interest, and pressure on the broker from its clients to add them.
Saxo Bank Record
On Friday we reported that Danish multi-asset brokerage, Saxo Bank, has seen its client collateral deposits soar to new heights, helping benefit from increased volatility and customer confidence in recent months.
One of the primary impetuses in the increase of volumes over the past year has been attributed to a series of episodic events, helping drive up volatility. This includes the Brexit referendum in the UK and the divisive US presidential election, among other events.