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.
XTB Profit Drops 24% as Gold Rally Fails to Offset Soaring Marketing Spend
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
