Market Recap: How CFD Brokers Exploit the “Non-Resident Loophole” in India, MT5 Surpasses MT4 with 62% of CFD Volumes

CFD brokers find a loophole in India’s rules

Our weekly news summary starts with an interesting regulatory development for CFD brokers in India. Although CFDs aren’t explicitly banned in the region, strict currency control laws effectively make it illegal for offshore brokers to take Indian clients.

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Recent enforcement developments have heightened concern among brokers with exposure to the Indian market. Ahead of a trading expo in India last month, the CEO of an offshore CFD broker cautioned peers on LinkedIn not to promote or reference local deposit methods or local client support during the event.

The same CEO advised brokers to position their services as intended solely for Non-Resident Indians (NRIs) if questioned by visitors, exhibitors, or officials about forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term promotion in India.

CFI opens Bahrain office

In the Middle East, brokers are making strides. CFI launched a new office in Manama and the appointment of Yaseen Alsamerrai as Country Head. The opening follows regulatory approval granted in July, when the Central Bank of Bahrain issued the firm a Category 2 Investment Business Firm license.

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The Bahrain entity adds to CFI’s growing Middle East network. The online broker, which has operated in the MENA region since 1998, now maintains offices in eight cities, including Dubai, Abu Dhabi, Beirut, Amman, and Cairo. CFI offers online trading services across equities, currencies, and commodities.

Tickmill Opens Kuwait Office

Another broker eying the Middle East is Tickmill. It opened a new office in Kuwait City this week. The office is located on the 19th floor of Nouf Tower B on Jaber Al-Mubarak Street and will provide client support and market access services for traders in Kuwait and nearby markets.

This marks Tickmill’s second office launch in the Middle East in recent months, following the opening of its Oman office in July. The move reflects the increased competition among trading platforms seeking to capture a larger share of the growing retail trading market in the region.

"We are proud to bring our world-class trading services closer to clients in Kuwait, offering them not only direct access to global markets but also the local support and expertise they deserve," said Joseph Dahrieh, the Managing Director at Tickmill.

IG Singapore plans multi-asset expansion under new CEO

Brokers are also looking for opportunities outside the Gulf and through leadership expansion. IG Singapore plans to broaden its offering beyond its core contracts for difference (CFD) business. Newly appointed CEO Gavin Chia aims to develop the firm into a multi-asset Multi-Asset Composed of varying asset classes, multi-asset is a blanket designation combining different classes such bonds, equities, cash equivalents, fixed income, and alternative investments.When compared to traditional balanced funds, multi-asset solutions differ because they target specific investment outcomes. This includes outcomes such as return above inflation as opposed to gauging performance against standardized benchmarks.Given the composition of multi-asset classes, they need to be dynamically Composed of varying asset classes, multi-asset is a blanket designation combining different classes such bonds, equities, cash equivalents, fixed income, and alternative investments.When compared to traditional balanced funds, multi-asset solutions differ because they target specific investment outcomes. This includes outcomes such as return above inflation as opposed to gauging performance against standardized benchmarks.Given the composition of multi-asset classes, they need to be dynamically Read this Term investment platform.

Chia’s initial priority is to grow IG Markets, the firm’s share-dealing app that provides access to equities and ETFs across markets, including the US, UK, Singapore, Hong Kong, and Japan. He said the company intends to demonstrate to investors that it offers more than CFDs.

Plus500 Q3 revenue drops, but customer metrics improve

Despite the expansion, the numbers are looking mixed. Plus500 reported third-quarter 2025 revenue of $182.7 million, reflecting a 2.5% year-on-year decline and a 12.7% decrease from the previous quarter. EBITDA came in at $82.7 million, marginally higher than the $82.2 million posted a year earlier.

Quarter-on-quarter, EBITDA dropped from $91.3 million, although the margin improved by one percentage point to 45%. Key performance metrics strengthened, with average revenue per user (ARPU) rising 2% and average user acquisition costs falling 12%.

At the same time, Plus500 entered an exclusive agreement with Topstep under which the London-listed broker will take on all clearing and technology infrastructure responsibilities for the Chicago-based prop firm’s brokerage arm and broader operations.

MT5 widens lead over MT4

Competition between MetaTrader 4 (MT4) and MetaTrader 5 (MT5) is intensifying as MT5 strengthens its position. Data from the latest Finance Magnates Intelligence Report shows MT5 accounted for 62% of retail CFD trading volumes on MetaQuotes platforms in Q3 2025, while MT4 fell to 38%.

MT4, launched in 2005, became the global benchmark for retail forex and CFD trading due to its user-friendly interface and support for algorithmic trading via Expert Advisors.

UK stamp duty debate pits market growth against public finances

In another regulatory front, the UK Treasury is exploring ways to stimulate its stock markets, including a potential temporary or permanent cut in the stamp duty on transactions for newly listed companies. The proposal aims to make share trading more attractive and boost activity on domestic exchanges.

Supporters of stamp duty reform argue that the UK is at a disadvantage compared with other major European markets, noting that countries like the US and Germany do not impose a tax on share transactions. They say reducing or removing the 0.5% levy could help the UK compete more effectively for capital market activity.

Gold trading rises to 90% of total volumes

Meanwhile, Gold trading has surged, accounting for about 90% of total CFD volumes in the first half of 2025, with metals CFDs making up over 60% of global broker activity. Gold contracts alone represent roughly 80% of this figure.

The precious metal is currently trading near $4,300 an ounce, up from $2,640 at the start of the year, despite a slight pullback from its peak around $4,400. Gold is held extensively by central banks and widely used in jewelry, providing it with multiple roles beyond investment.

Netflix stock dips as ad sales hit record high

Outside the industry, Netflix reported $11.5 billion in revenue for the quarter ending September 2025, marking a roughly 17% year-over-year increase. Subscriber growth, price adjustments, and contributions from its ad-supported tier all supported the solid topline.

Michael Pachter, Wedbush Securities managing director of equity research, reacts to Netflix's quarterly results. Netflix posted quarterly operating income of $3.24 billion, about $400 million below its own forecast and analysts’ estimates https://t.co/iBVCLBy5mU pic.twitter.com/bNxQA8YdON

— Bloomberg TV (@BloombergTV) October 21, 2025

Despite the strong revenue and record ad sales, Netflix’s net profit took a hit due to an unexpected tax charge in Brazil, which unsettled investors. While the company did not provide a full numeric breakdown, analysts noted that its advertising business continues to gain momentum.

Beyond Meat stock surges as meme traders jump in

Lastly, retail traders have pushed Beyond Meat’s stock back into the spotlight, showing that online trading trends can override traditional fundamentals. The company’s shares have gained attention despite ongoing challenges in its core business.

$BYND - The Meat Revolution Begins

From 132K → 1.1M
That’s not luck - that’s precision.

When everyone was laughing at a “Beyond Meat memecoin”, I saw what others missed:

Hype brewing across WallStreetBets
Shorts getting squeezed hard on the real $BYND stock
Memecoin narrative… pic.twitter.com/2UmIWgAW6H

— ShadowX (@x_shadow0x) October 21, 2025

Beyond Meat initially soared after its 2019 IPO, rising from $25 to nearly $240 and giving the company a valuation above $14 billion. However, growth slowed as consumer demand fell and profit margins shrank, leaving the stock to decline sharply before the recent resurgence.