Drew Niv explains the intricacies of taking a broker public.
Public brokers must maintain earnings stability, consistency, and predictability.
eToro’s recent plans to go for an initial public offering (IPO) ignited the debate again: is it a good time for brokers to go public?
While going public has its advantages, it also has many drawbacks. The place of listing is another key point to consider when planning to public listing.
Advantages of Going Public
In a crowded industry full of large competitors, being one of the few publicly listed companies allows a firm to stand out. When FXCM went public in 2010, its deposits grew 500% within a few years with larger numbers of clients and much larger average deposits. It was particularly helpful in attracting high-net-worth retail clients and institutional clients.
Being public allows shareholders to exit, and the company can bring in new shareholders who are along for the ride. This is especially important for founders and investors who have been in the same firm for many years and want a partial or full exit. Given the dicey state of global regulations and other matters in the retail trading industry, taking liquidity off the table is never a bad idea.
Going public further allows firms to easily raise large sums of money for growth or acquisitions almost overnight. Additionally, it’s a shorter and more certain process than doing it privately in a sector as shunned by investors as the FX and CFDs sector. Although eToro offers FX and CFDs, it has expanded its services over the years and established itself as a multi-asset broker.
Drew Niv (in the middle) speaking in a panel discussion at FMLS:23
Disadvantages of Taking a Company Public
While there are many advantages to taking a company public, only a handful of FX and CFDs brokers are now public. About seven companies offering CFDs are listed publicly in different markets. This is because taking an FX and CFD broker public has its own set of challenges.
By taking a company public, the burden on senior management increases exponentially, with new categories of constituents (analysts, shareholders) vying for time and attention and demanding performance, among other things.
Furthermore, costs always go up from a rise of 10x in professional fees (lawyers, accountants, etc.) to more expensive staff in finance, compliance, etc.
The spotlight is a two-way sword: it's good when everything is going well but bad when it turns the other way.
The Ideal Market to Take a Retail Broker Public
Although the United States is the largest market to take a company public, the United Kingdom is ideal for FX and CFDs brokers. The reason is the UK already has multiple publicly listed CFD firms, including IG Group, CMC Markets, and Plus500. So, UK investors are already familiar with these companies.
Further, analysts in the UK already cover the sector and are familiar with the FX and CFDs firms. The analysts’ recommendations are very important as buy-side equity funds rely on sell-side analysts and hang on to their every word.
When it comes to the United States, it does not have any independently listed FX and CFDs brokers anymore, nor do the analysts cover the sector. Only two listed mainstream financial firms own FX and CFDs brands: Jeffries owns FXCM, and StoneX Group owns GAIN Capital.
The market has significantly more liquidity than that of the UK, but the market is biased towards large-cap stocks. Unless a company has a market cap of $10 billion or higher, most funds won’t invest, and most analysts won’t care.
The Big Challenge
It's challenging to take a company public, especially for an FX and CFDs broker. However, companies can focus on certain areas to succeed as a public company.
For a start, earnings stability, consistency, and predictability must be maintained. Public investors and analysts hate uncertainty and unpredictability, which is something the CFD industry seems to be awash in. To be a successful public company, brokers must get earnings under control and not be at the mercy of B book performances.
Additionally, brokers must develop a strong deep bench of experts who take care of trading risk, compliance, sales, and marketing without active day-to-day intervention and permissions.
Furthermore, brokers must have a very clear plan for how they are going to grow fairly aggressively over the next few years. The trading sector is very mature and has lots of competition, so listed brokers need a plan more than just opening a few offices in countries most people can’t find on a map.
Brokers either need to expand into other asset classes or bring large-scale numbers of new clients through crypto, equities, or something similar. Many brokers are experimenting and tipping into other asset classes, but public companies will not have that luxury, and they will have to make a big splash, most likely with an acquisition, and it better go well.
If a broker has a smooth earnings curve that is upward-sloping and growing, then the market will reward with very high valuations. If a broker messes up with the financials and growth, it will languish in the purgatory of a low-valuation zombie state, and being a public company will turn into a curse.
eToro’s recent plans to go for an initial public offering (IPO) ignited the debate again: is it a good time for brokers to go public?
While going public has its advantages, it also has many drawbacks. The place of listing is another key point to consider when planning to public listing.
Advantages of Going Public
In a crowded industry full of large competitors, being one of the few publicly listed companies allows a firm to stand out. When FXCM went public in 2010, its deposits grew 500% within a few years with larger numbers of clients and much larger average deposits. It was particularly helpful in attracting high-net-worth retail clients and institutional clients.
Being public allows shareholders to exit, and the company can bring in new shareholders who are along for the ride. This is especially important for founders and investors who have been in the same firm for many years and want a partial or full exit. Given the dicey state of global regulations and other matters in the retail trading industry, taking liquidity off the table is never a bad idea.
Going public further allows firms to easily raise large sums of money for growth or acquisitions almost overnight. Additionally, it’s a shorter and more certain process than doing it privately in a sector as shunned by investors as the FX and CFDs sector. Although eToro offers FX and CFDs, it has expanded its services over the years and established itself as a multi-asset broker.
Drew Niv (in the middle) speaking in a panel discussion at FMLS:23
Disadvantages of Taking a Company Public
While there are many advantages to taking a company public, only a handful of FX and CFDs brokers are now public. About seven companies offering CFDs are listed publicly in different markets. This is because taking an FX and CFD broker public has its own set of challenges.
By taking a company public, the burden on senior management increases exponentially, with new categories of constituents (analysts, shareholders) vying for time and attention and demanding performance, among other things.
Furthermore, costs always go up from a rise of 10x in professional fees (lawyers, accountants, etc.) to more expensive staff in finance, compliance, etc.
The spotlight is a two-way sword: it's good when everything is going well but bad when it turns the other way.
The Ideal Market to Take a Retail Broker Public
Although the United States is the largest market to take a company public, the United Kingdom is ideal for FX and CFDs brokers. The reason is the UK already has multiple publicly listed CFD firms, including IG Group, CMC Markets, and Plus500. So, UK investors are already familiar with these companies.
Further, analysts in the UK already cover the sector and are familiar with the FX and CFDs firms. The analysts’ recommendations are very important as buy-side equity funds rely on sell-side analysts and hang on to their every word.
When it comes to the United States, it does not have any independently listed FX and CFDs brokers anymore, nor do the analysts cover the sector. Only two listed mainstream financial firms own FX and CFDs brands: Jeffries owns FXCM, and StoneX Group owns GAIN Capital.
The market has significantly more liquidity than that of the UK, but the market is biased towards large-cap stocks. Unless a company has a market cap of $10 billion or higher, most funds won’t invest, and most analysts won’t care.
The Big Challenge
It's challenging to take a company public, especially for an FX and CFDs broker. However, companies can focus on certain areas to succeed as a public company.
For a start, earnings stability, consistency, and predictability must be maintained. Public investors and analysts hate uncertainty and unpredictability, which is something the CFD industry seems to be awash in. To be a successful public company, brokers must get earnings under control and not be at the mercy of B book performances.
Additionally, brokers must develop a strong deep bench of experts who take care of trading risk, compliance, sales, and marketing without active day-to-day intervention and permissions.
Furthermore, brokers must have a very clear plan for how they are going to grow fairly aggressively over the next few years. The trading sector is very mature and has lots of competition, so listed brokers need a plan more than just opening a few offices in countries most people can’t find on a map.
Brokers either need to expand into other asset classes or bring large-scale numbers of new clients through crypto, equities, or something similar. Many brokers are experimenting and tipping into other asset classes, but public companies will not have that luxury, and they will have to make a big splash, most likely with an acquisition, and it better go well.
If a broker has a smooth earnings curve that is upward-sloping and growing, then the market will reward with very high valuations. If a broker messes up with the financials and growth, it will languish in the purgatory of a low-valuation zombie state, and being a public company will turn into a curse.
CFD Brokers Are to Update Policies Ahead of FCA Non Financial Misconduct Rules
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
Vitalii Bulynin Talks About Versus Trade, New Pairs, and Big Plans
Vitalii Bulynin Talks About Versus Trade, New Pairs, and Big Plans
In this interview, Versus Trade Co-Founder Vitalii Bulynin explains how the company got its license fast, why its trading pairs are fresh and fun, and what the team will build next.
He also discusses the most active pairs, the IB and MIB plans, and hiring needs for new markets.
Watch the whole talk to learn more about how Versus Trade works and where it is heading.
#financemagnates #VersusTrade #TradingPairs #BTCvsGold #goldtrading #innovation
In this interview, Versus Trade Co-Founder Vitalii Bulynin explains how the company got its license fast, why its trading pairs are fresh and fun, and what the team will build next.
He also discusses the most active pairs, the IB and MIB plans, and hiring needs for new markets.
Watch the whole talk to learn more about how Versus Trade works and where it is heading.
#financemagnates #VersusTrade #TradingPairs #BTCvsGold #goldtrading #innovation
Marketing in 2026 Audiences, Costs, and Smarter AI
Marketing in 2026 Audiences, Costs, and Smarter AI
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Fail Better Trading Tech to Tackle Industry Risks
Fail Better Trading Tech to Tackle Industry Risks
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
