Best Stories of the Week

As Forex Traders Set Priorities, Some Brokers Fail to Deliver

IronFX, Fortress Prime, IB Capital FX and MetaQuotes all appear in the passing week's top articles.

It is said that everyone likes hearing about a good scandal, which might explain the popularity of some stories with our readers over the past week. In different parts of the world, several unrelated companies suffered complications in their ongoing operations. On the positive side we also saw interesting developments regarding the use of internet domains, an issue pivotal to online trading firms.

CFTC goes after IB Capital FX

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On Monday, we reported that the CFTC charged IB Capital FX LLC with soliciting over $50 million from investors, at least 697 of whom are U.S residents, despite never being authorized by the CFTC to take their deposits.

In what is another demonstration of the loopholes in New Zealand legislation, this company, that has been closed since May 2014, is facing tough legislative action by the American watchdog.

The cheque is in the mail

On Tuesday, it was revealed that Fortress Prime reassured its customers that they will receive their requested funds back at a date no later than the 25th of November. The firm has reportedly sent out cheques and wire transfer slips with this new date.

Sources close to the matter have shared with Finance Magnates that two types of proof of upcoming payments have been received by clients. As this was not the first time that the company made similar promises, commenters were very critical and skeptical of the report.

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Eminent domains

On Wednesday, we reported that the developer behind the popular MT4 platform, MetaQuotes, has finally been able to secure for itself the metatrader.com domain after years of trying.

Providing new avenues for firms that were unable to acquire the .com domains that they wanted, Boston Ivy now offer new top line domains of .broker, .cfd, .forex, .trading, .markets and .spreadbetting.

Spreads don’t matter?

On Thursday, we reviewed an OANDA survey regarding the most important factors that clients say contribute to their success, which found that for the great majority risk awareness comes first.

The company had interesting things to say but commenters remarked that what was not mentioned was much more interesting. Specifically, the size of the spreads offered by the broker was not among the top factors.

What’s in a name?

On Friday, we identified that according to an official notice in the British Companies House, IronFX Global UK Limited has been officially renamed to 8SAFE UK Limited.

Commenting to Finance Magnates, a company spokesperson said: “This is purely a legal name change and does not affect the operating companies that will continue being branded as IronFX. Our FCA licence remains the same with registration no. 585561.”

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