Mysterious Arrest in Cyprus and Licensing in the UK– Best of the Week

ACFX, easyMarkets, Exness, eToro, Swissquote and more are among the firms that appeared in last week's top stories.

During the passing week the most interesting stories from the online trading world included an update on the US retail forex market as well as reports of legal issues for brokers in Cyprus. Beyond just news we also featured an interesting interview with eToro CEO, Yoni Assia, summing up 6 months of partnership with Sberbank.

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Swissquote Hedging on MT5

Last Sunday we reported that Swissquote Bank, the Swiss online brokerage and provider of financial services, has updated its MetaTrader 5 platforms to include the hedging features.

Hedging allows traders to hold multiple positions on the same instrument, including in opposite directions, and its absence was a longtime drawback in MT5 compared to its older and more popular rival platform MT4.

FX110

On Monday Finance Magnates confirmed that Chinese online trading portal FX110 has raised about $7.5 million (RMB 50 million) in a Series B funding round for the venture.

FX110’s management explained the uses for the new funds will mainly focus on expansion out of China and into the global markets: “We will continually invest in our Huixin Apps and marketing promotion, later we will launch our international Huixin, namely fxchat. By the way, we will quicken our English marketing promotion steps.”

Exness UK

On Tuesday the Cyprus headquartered brokerage Exness revealed that it has established a UK-based subsidiary and acquired a license from the Financial Conduct Authority (FCA).

The company is also looking to expand its services beyond B2C services and is exploring the world of B2B by exploring its technological capabilities.

US Rebound

On Wednesday we reported that the American retail foreign exchange trading industry increased its size in July after marking a decline in June.

The bulk of the increase comes from smaller brokerages on the market such as Interactive Brokers (a rise of 8.5%), which has recently announced that it is pulling out from the U.S. and TD Ameritrade (marking a 5% increase).

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Trouble at easyMarkets?

On Thursday we reported that according to a social media post, Craig Jenkins, previously of Easy Forex and now the Fraud & Security Manager at easyMarkets, was arrested in Limassol.

The information conveyed through the publicly posted message states that the management team at easyMarkets, including Non-Executive Director Michael Konnaris and CEO Nikos Antoniades, has charged Jenkings with involvement in a bomb scare.

CySEC vs ACFX

On Friday we reported that the Cypriot regulator issued a new announcement introducing some clarity into the situation around ACFX – the suspension of the CySEC license of the brokerage has been extended until further notice.

Furthermore, the watchdog is looking into a permanent withdrawal of its authorization. Clients of the company can be looking into retrieving their funds from the company only after the appointment of a special administrator which will be handling the bankruptcy of the company.

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