This week some of the biggest stories in the retail currency trading industry involved the evolving ecosystem of digital instruments and online trading platforms. We also saw yet another regulator looking for ways to limit the binary options industry.
It wasn’t in the cards
On Monday we reported that YJFX!, the retail forex broker owned by Yahoo Japan Corporation (TYO:4689), is terminating its social trading offering ‘Trade Collector’.
Trade Collector, a mix of trading platform and traditional card games, allows traders to do social trading based on selected strategies of live traders and adopts a card game style to lure novice traders to its platform.
Tickmill is looking for acquisition targets
On Tuesday FX and CFDs brokerage Tickmill shared exclusively with Finance Magnates its results for the full year 2016. The company is reporting a sharp rise in revenues, about three times higher than those of 2015.
The company is looking to continue growing both organically and via acquisitions and partnerships. Tickmill is also aiming to expand its Introducing Broker (IB) network and is projecting to post between $600 and $650 billion of full year trading volumes in 2017.
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Canada vs binary options
On Wednesday the news broke that national Canadian financial regulators are on their way to propose a ban on the advertising, offering, selling and trading of binary options in Canada.
Commenting on the matter, the Chair of the CSA and CEO of the Canadian AMF said: “We are deeply concerned by the increasing number of investor losses and complaints resulting from binary options. The proposed ban is critical to our efforts to help stop binary options fraud in Canada.”
Cryptocurrency is the future of forex
On Thursday, as bitcoin and its derivatives were setting new records, eToro reported an incredible increase in both the relative number of users trading cryptocurrencies, and the total volume of cryptocurrencies traded on the platform.
Mati Greenspan, Senior Markets Analyst at eToro, said: “Cryptocurrency is the future of forex. And over the last 12 months we’ve seen a 4x growth in traders accessing this market. But the volume of trading has exploded even more than this, with a huge 4,500% jump.
On Friday we reported that PFSOFT, a developer of brokerage solutions, has deployed a native version of the Protrader platform for Apple’s Mac OS.
Earlier in the week, the company also made news after it expanded its pool of analytical tools for its PTMC solutions suite. Brokers who use Protrader will now be able to connect it to Reuters’ MetaStock – which covers news, analytics, and fundamentals.