Trading volumes at the company have stabilized after the withdrawals issues which have become apparent in August
Its been a couple of months since Finance Magnates first reported about the withdrawals issues which some clients of Fortress Prime have been facing. Weeks later some clients have received portions of their funds and other have been repaid in full, yet not all customers have been convinced that their funds are safe.
Despite the issues, the company has managed to stabilize its volumes flow in September according to data obtained by Finance Magnates reporters. Moreover, the ownership of the company could be taking steps to boost the firm’s profile with a big M&A deal in the coming weeks, according to sources with knowledge of the matter.
Doubts remain, due to the firm's issues with client funds. The big solid step that the company can take to reassure its customers is to disburse all withdrawals in one go. Clients which Finance Magnates reporters have spoken with shared that bank accounts for depositing funds remain the same, and the fact that Fortress Prime still hasn't honored all client withdrawal requests is raising some questions about the capacity of the brokerage to make an acquisition.
Fortress Prime has informed its clients that it is facing some anti-money laundering issues with its banks and they will be resolved in the coming weeks. The confidence of the broker’s clients hinges on the efforts of the company’s owners and management to regain credibility.
With a prospective high profile M & A deal in the pipeline, the company could be well on its way to establish itself as a major player in the industry. However in order for it to maintain its presence it needs to eliminate all concerns from clients which have surfaced in recent months.
Trading volumes
Looking at the trading volumes of the firm, after a big slump in July, the figures have stabilized somewhat in August and remained stable in September when compared to the broad industry trend.
Metals trading in September marked the most successful month for the company since its launch over a year ago as the firm’s customers traded over 40,000 contracts. Looking at FX, last month’s volumes declined 8 per cent to $44.8 billion, which is still way above the recent low marked in July, as the company was struggling with withdrawals complaints.
CFD's trading picked up materially in recent months as Volatility on the Equities markets has made that asset class more attractive for a number of traders.
Withdrawal delays
Sources with knowledge of the matter have shared with Finance Magnates reporters that the board of the company has reiterated that all clients will be paid in full after claiming that the AML issue for the firm was requiring a new legal framework. However with delays building up to more than two months, the management of the company is running out of time.
The company is currently taking steps to spin out the Fortress Prime business division into its own unit which will allow the management team of the brokerage to obtain control over the finance and compliance functions of the business. The brokerage is currently operating under the umbrella of Fortress Capital Investments.
Its been a couple of months since Finance Magnates first reported about the withdrawals issues which some clients of Fortress Prime have been facing. Weeks later some clients have received portions of their funds and other have been repaid in full, yet not all customers have been convinced that their funds are safe.
Despite the issues, the company has managed to stabilize its volumes flow in September according to data obtained by Finance Magnates reporters. Moreover, the ownership of the company could be taking steps to boost the firm’s profile with a big M&A deal in the coming weeks, according to sources with knowledge of the matter.
Doubts remain, due to the firm's issues with client funds. The big solid step that the company can take to reassure its customers is to disburse all withdrawals in one go. Clients which Finance Magnates reporters have spoken with shared that bank accounts for depositing funds remain the same, and the fact that Fortress Prime still hasn't honored all client withdrawal requests is raising some questions about the capacity of the brokerage to make an acquisition.
Fortress Prime has informed its clients that it is facing some anti-money laundering issues with its banks and they will be resolved in the coming weeks. The confidence of the broker’s clients hinges on the efforts of the company’s owners and management to regain credibility.
With a prospective high profile M & A deal in the pipeline, the company could be well on its way to establish itself as a major player in the industry. However in order for it to maintain its presence it needs to eliminate all concerns from clients which have surfaced in recent months.
Trading volumes
Looking at the trading volumes of the firm, after a big slump in July, the figures have stabilized somewhat in August and remained stable in September when compared to the broad industry trend.
Metals trading in September marked the most successful month for the company since its launch over a year ago as the firm’s customers traded over 40,000 contracts. Looking at FX, last month’s volumes declined 8 per cent to $44.8 billion, which is still way above the recent low marked in July, as the company was struggling with withdrawals complaints.
CFD's trading picked up materially in recent months as Volatility on the Equities markets has made that asset class more attractive for a number of traders.
Withdrawal delays
Sources with knowledge of the matter have shared with Finance Magnates reporters that the board of the company has reiterated that all clients will be paid in full after claiming that the AML issue for the firm was requiring a new legal framework. However with delays building up to more than two months, the management of the company is running out of time.
The company is currently taking steps to spin out the Fortress Prime business division into its own unit which will allow the management team of the brokerage to obtain control over the finance and compliance functions of the business. The brokerage is currently operating under the umbrella of Fortress Capital Investments.
Cheetah Fund Investors Lose $9 Million in Alleged Fraudulent Scheme
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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