This Week: CFD Popularity Drops in Singapore; Capital.com Partners with Amazon, and More

Capital.com Collaborates with Amazon

Capital.com’s UAE branch entered into a partnership with Amazon to promote its services in Dubai. As part of the deal, over 500,000 Amazon customers will reportedly receive a Capital.com-branded box. This box will provide customers with an opportunity to enter a raffle for AED 1 million (approximately $272,000).

The partnership marks Capital.com as the first brokerage in the region to collaborate with Amazon. Tarik Chebib, CEO of Capital.com in the Middle East, shared details of the initiative on LinkedIn, highlighting that the branded boxes would be distributed to Amazon customers in Dubai.

NAGA Expands Middle East Market Access

NAGA Group expanded its offerings in the Middle East with stocks listed on the exchanges of the United Arab Emirates and Saudi Arabia. The newly added stocks are being offered under the company’s Abu Dhabi license. The Germany-listed broker highlighted that the new offerings are part of its merger with CAPEX.com, one of the region's leading brokerage platforms.

The merged entities have approximately 1.5 million registered users combined and aim to surpass 5 million by 2025 or 2026. Additionally, they are optimistic about their business performance and expect to generate $250 million in revenue over the next three years, alongside approximately $10 million in annual savings.

EXANTE Targets UAE Market

EXANTE opened a new office in Dubai as part of its expansion plan in the Middle East. Established in the Dubai International Financial Center, the firm will now serve clients in the UAE with access to over 50 global financial markets and a range of instruments on its trading platform.

According to the company, the UAE has become a global financial hub, prompting its entry into the region in search of growth opportunities. The new office in DIFC will now enable the fintech firm to also tap into the region for investment opportunities. EXANTE is regulated in multiple jurisdictions, including the UK, Hong Kong, Cyprus, Malta, and now the UAE.

CFD Popularity in Singapore Declines

Singapore's leverage trading market continues to contract toward pre-pandemic levels yet maintains a significant market presence. 73,000 potential investors still show interest in CFD trading. What is more, 60% of active investors expressed interest in the offerings of proprietary trading firms, confirming the growing importance of this sector in retail trading.

The latest research from Investment Trends reveals that while retail leveraged trader numbers are trending toward pre-pandemic levels, a substantial pool of online cash equities investors maintains an active interest in CFDs. This transition marks a significant shift in trading motivations, with 47% of traders now primarily focused on profiting from specific market events, while leverage remains a crucial factor for 41% of participants.

Prop Firm Announces Closure

Smart Prop Trader, a prop firm offering funded trading accounts, announced it would cease accepting new traders as it prepares to wind down operations by year-end. Although the company promises to introduce a new product, for now, it is just another firm disappearing from the rapidly evolving proprietary trading sector.

“The data highlights an evolving dynamic in Singapore’s leverage trading market,” said Lorenzo Vignati, Associate Research Director at Investment Trends. “While active trader numbers have declined, the interest in CFDs remains significant, driven by sharp pricing and effective decision-support tools. This shift reflects changing trader priorities and signals an opportunity for the market to better meet evolving investor needs.”

Important Announcement from Smart Prop Trader
As of November 27, 2024, Smart Prop Trader will no longer onboard new traders. We want to express our deepest gratitude for your trust, dedication, and support for this amazing trading community!
Unlike a typical prop firm closure,…

— Smart Prop Trader (@SmartPropTrader) November 28, 2024

Another Prop Firm Ends Operations

FundedFirm, a proprietary trading platform targeting retail traders, faces serious allegations of operating an alleged fraudulent scheme after dramatically reducing its claimed payout figures from $95 million to $9.5 million following public scrutiny. It seems that the company copied the website of another popular trading company and offered dummy accounts to influencers.

The platform, which launched just months ago, has drawn criticism from traders and the online community for what appears to be a series of misleading claims and questionable business practices. The controversy intensified after the firm quietly adjusted its stated payout figures following an exposé video released on November 26.

CFDs Broker VIBHS' FY24 Revenue Drops

The revenue of VIBHS Financial, a London-based forex and contracts for differences (CFDs) broker, plummeted by approximately 82% to £93,469 in the fiscal year ending 31 March 2024, according to a recent Companies House filing. The broker’s losses also deepened to £516,700, up from £226,047 in the previous fiscal year.

“Despite experiencing a financial loss, the board remains committed to managing costs and exploring new avenues for growth,” the filing stated. “Business development efforts continue to focus on opportunities in product development and marketing channels. Additionally, the shareholders have expressed full confidence in the board and are committed to supporting the company.”

Why Is Ethereum Going Up?

Ethereum (ETH), the second-largest cryptocurrency after Bitcoin, experienced significant gains this week, even as other digital assets retreat from the recent market rally. CoinaMarketCap's data shows that ETH is currently trading at $3,635, up 5% and 10% in the past day and week, respectively.

This trend, coinciding with Donald Trump's victory in the US presidential election, has highlighted a growing appetite for risk assets and Ethereum's potential to break key resistance levels. Amid the rise, the market is watching the next important price level of $4,000 with the current bullish technical indicators and strong fundamentals.

Robinhood Introduces Ethereum Staking in Europe

Robinhood Crypto introduced Ethereum (ETH) staking to its platform to make ETH staking accessible to European users. The company expects the new service to expand the options available to experienced crypto users. The offering reportedly includes an exclusive, limited-time offer of 100% match on staking rewards for earnings up to €10,000.

This followed the success of Solana (SOL) staking, which was launched on the platform earlier this year. Ethereum staking involves locking up ETH to help secure and operate the network, a process that earns users rewards over time. However, staking can feel daunting to new investors.

WisdomTree Files XRP ETF Application in Delaware

WisdomTree, a prominent New York-based asset management firm, filed for an XRP exchange-traded fund (ETF) in Delaware on November 25. The filings came amid a surge in XRP price to levels last seen in 2021.

Although state-level filings are often preliminary, the move signals the company's intention to expand into crypto markets, especially as Ripple battles the SEC for clear regulations. WisdomTree’s move makes it one of the few firms, including Bitwise, Canary Capital, and 21Shares, to pursue XRP ETFs in the US.

OKX Launches Crypto and Wallet Solutions in Belgium

OKX, a cryptocurrency exchange, expanded its services to Belgium by introducing a trading platform and a self-custodial wallet. The announcement confirms that OKX Exchange and OKX Wallet are now available for Belgian users.

The new offerings enable Belgian customers to access spot trading and exchange over 200 cryptocurrencies, including 60 trading pairs with euro integration. OKX’s services are provided through OKCoin Europe, a Malta-based entity licensed by the Malta Financial Services Authority as a Virtual Financial Assets Service Provider.

Lutnick’s Cantor Mulls $2B Bitcoin Lending Project with Tether

Howard Lutnick, Chairman and CEO of Cantor Fitzgerald and President-elect Donald Trump’s pick for Commerce Secretary, is reportedly in discussions with Tether to launch a $2 billion project to lend US dollars to clients using Bitcoin as collateral, according to Bloomberg. While no official confirmation has been made, the program is anticipated to eventually scale to tens of billions.

“Tether Investments is looking to use part of the profits generated in the past years for different opportunities,” Tether stated in an emailed response to Reuters, neither confirming nor denying the possibility of the Bitcoin lending project.

24 Exchange Enters the US

24 Exchange, which began by offering FX NDFs, entered the United States after receiving approval from the Securities and Exchange Commission (SEC) to operate a securities exchange in the country. Announced yesterday (Wednesday), the newly approved platform has been named 24X National Exchange.

It will enable trading of US securities for 23 hours each workday, supporting extended trading hours. The exchange’s services will be available to retail and institutional customers globally, allowing them to trade US equities through broker-dealers approved as members of the 24X National Exchange.

Black Friday

Black Friday sales aren't just about shopping until you drop (or your clicking finger gets tired)—they’re an economic litmus test for consumer spending and market trends. Brace yourself. If Thanksgiving is often associated with gluttony, Black Friday is its capitalist encore.

It’s when Americans trade turkey legs for shopping carts – and the rest of the world follows along - and economists sharpen their pencils. For the markets, Black Friday isn’t just about snagging a discounted air fryer; it’s a barometer of consumer confidence, retail health, and—believe it or not—the broader economy.

Thanksgiving Inflation Gobbles Up Budgets

Thanksgiving costs rise with inflation, straining budgets for hosts, while US markets take a holiday break. A costly feast meets a trading freeze. Hosting Thanksgiving in 2024 feels like feeding a royal court on a commoner’s salary. Costs are soaring as Americans take time off, the markets close and everyone Googles when the Macy’s parade kicks off.

You know what time it is! 🦃 Don't miss the Macy's Thanksgiving Day Parade November 28 at 8:30/7:30c on NBC and streaming on @peacock. #holiday pic.twitter.com/3rCw5fpsBY

— NBC Entertainment (@nbc) November 20, 2024

According to a report by LendingTree, the average cost of a classic Thanksgiving meal is up 12% this year, landing at an eye-watering $72.50 for a party of 10. That’s before you factor in all the extras—like a decent wine pairing or extra gravy for Uncle Bob. Inflation isn’t just hitting the pumpkin pie; it’s squeezing wallets across every aisle of the grocery store.