Zero-Fee Trade Taking Off, Kik Shutting Down: Editor’s Pick

We take a look back at last week's most mind boggling, brain toggling stories

Another week has gone by in the cryptocurrency and foreign exchange (forex) industries.

Freetrade taking off

Over the past two weeks, E*TRADE, Interactive Brokers, Charles Schwab, and TD Ameritrade all introduced commission-free trading. It’s indicative of how seriously the big stockbrokers are taking start-ups like Robinhood and Acorns.

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This week, Finance Magnates had the chance to speak to the co-founder of another new firm hoping to take some market share away from the established players.

Viktor Nebehaj is the chief marketing officer over at London-based Freetrade. We discussed his company’s plans for expansion, beating the competition, and the broker’s target audience.

Kik-ing off

The Kik messaging app has been a popular way for teenagers to speak to random people on their mobile phones for close to a decade.

Over the past couple of years, however, the company has also developed its own cryptocurrency ‘ecosystem’ – Kin.

And last week, Kik’s senior management team announced a controversial decision to shut down its messaging app and focus solely on cryptocurrency.

With huge staff cuts and some wild claims from the company’s founder, it looks set to be a bumpy ride ahead.

Don’t quit your day job…

Day trading has long been hailed as a means by which the ‘average Joe’ can quit their job, live on a tropical island and hang out with Eddie Murphy’s character from Trading Places.

Unfortunately, that’s not the case. A new study from Brazil found that only three percent of long-term day traders make money, and only one percent made more than minimum wage.

With that in mind, it may be better not to tell your boss to go screw himself – at least not yet.

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Flushing the shitcoins away

Since the great crypto winter of 2019, many cryptocurrency exchanges have been ridding themselves of some less valuable coins.

Illicit behaviour, regulatory pressure and – in the case of BSV – lunatics, have all contributed to this.

Last week, Finance Magnates’ very own Rachel McIntosh took a look at the great delisting that has taken place this year.
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Make bitcoin great again

The days of triple-digit returns in the cryptocurrency markets are gone and unlikely to return.

That means cryptocurrency companies are going to have to do more than just bragging about how you can become a millionaire from buying the latest shitcoin.

To get a better idea of what exactly they should do, we spoke to Kris Marszalek, the CEO of Crypto.com, to find out how his firm is making crypto sexy again.

Getting your STO regulated in Japan

Crypto regulation is something everyone in the digital assets industry wants. Unfortunately, governments have been slow to put anything together.

As a result, self-regulatory bodies are starting to form across the globe. Last week in Japan, six major exchanges announced that they would be forming an organization to regulate security token offerings or, as they are better known, ‘STOs.’

Amongst the firms involved are Nomura and Monex. The group of companies is hoping to get approval from local financial regulators too.

Bithumb acquisition stalling

The $333 million acquisition of cryptocurrency exchange Bithumb was supposed to be ‘the’ deal of 2018. Strangely, however, it still hasn’t happened.

The deadline for payments has now been pushed forward twice, and, like at the Circle K in San Dimas, there are some strange things afoot in Singapore, where Bithumb’s prospective buyers are located.

Read on to find out more!

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