Also, in this week's headlines, CFI and Interactive Brokers expanded their presence in the UAE with new offices. eToro exited the Philippines, while Tavira Financial pulled out of the CFD Business.
SpaceX’s reusable rocket aces the landing.
South Africa's Trading Signal Providers Must Be Licensed
In its first-ever administrative action, South Africa’s Financial Sector Conduct Authority (FSCA) imposed an administrative penalty of over 1 million rands (about US$57,000) on an individual for providing forex trading signals without a financial services provider license and also debarred him for ten years.
The regulator clarified that “the practice of providing or publishing signals with reference to online trading in financial products falls within the definition of financial services in the FAIS Act, and as such, persons providing such signals require a financial services provider license.”
Cyprus' Compliance and Legal Heads Earn Six Figures
Cyprus has a massive retail trading industry, which is locally termed “forex” (although it is technically much more than trading forex instruments). Thus, the island has a significant demand for trading and execution roles. According to the latest survey, senior Trade/Dealing Room Managers make up to €95,000, while the junior levels receive a minimum of €20,000.
Traders/Dealers of contracts for differences (CFDs) instruments also earn up to €84,000, compared to €54,000 for similar roles in other instruments. The data is based on a survey of 550 employees working in the fintech, tech, financial services, and iGaming sectors in Cyprus. It also combined insights from Emerald Zebra’s talent pool of about 20,000 screened candidates, job advertisement data, and placement data.
German Lawmakers to Repeal Punitive CFD Tax Rule
In Germany, lawmakers are planning to repeal a punitive tax rule on CFDs. The country’s ruling coalition is set to repeal a regulation that restricts traders from offsetting losses against profits up to a certain limit. The €20,000 loss offset limit impacted the tax liabilities of CFD brokers.
This decision could reportedly mean substantial refunds for those affected, finally allowing traders to fully offset their losses against gains from past years. The controversial €20,000 loss offset limit was introduced as part of Germany’s annual tax laws.
CFI Sets Up Third Office in Sharjah
CFI Financial Markets LLC expanded its operations by opening a new office in Sharjah. This is the third office the company has established in the United Arab Emirates, following locations in Dubai and Abu Dhabi. CFI UAE operates under a Category One license from the UAE's Securities and Commodities Authority (SCA).
“Our expansion in Sharjah highlights our mission to bring innovative and seamless trading experiences to every corner of the UAE,” said Jareer Hiary, CEO of CFI UAE.
Interactive Brokers Opens Office in Dubai
Interactive Brokers opened its new office in Dubai International Financial Center. The company expects this move to enable it to open access to global markets for traders and investors in the UAE and across the Gulf Cooperation Council region.
Interactive Brokers' decision to establish a presence in the Middle East reportedly comes amid a surging demand for financial services in the region. The DIFC office will serve a broad range of clients, including active traders, high-net-worth individuals, hedge funds, and family offices.
Tavira Financial Pulls Out of CFD Business
UK-regulated Tavira Financial Limited, known for being an agency broker and execution specialist, is closing down its equities contracts for difference CFD business, according to the latest Companies House filing. The company reportedly completed the majority of its closure process during the 2023-2024 fiscal year and will finish the remainder in the ongoing fiscal year.
Tavira hired Andrew Gibson, an industry veteran with three decades of experience, in early 2022 to develop its FX and CFD products in Dubai. However, Gibson left the company last year to launch his own CFD brokerage. Meanwhile, UK-registered Tavira generated over £31.7 million in revenue in fiscal 2024, which ended on March 31, an increase of almost 25 percent year-over-year.
Consolidated income statement of Tavira Financial Limited for fiscal ending on 31 March 2024
eToro Exits Philippines
eToro, which recently stopped offering services to its clients in the Philippines, confirmed to Finance Magnates that the move was motivated by “risk management considerations.” The broker has already “closed inactive accounts and is in the process of closing other accounts.”
“As a global business, eToro constantly reviews and occasionally updates the countries from which we onboard and service clients based on risk management considerations,” an eToro spokesperson toldFinance Magnates. “We will no longer be providing services to users in the Philippines.”
“Most of Our Prop Trading Traffic Comes from Organic Channels”: OANDA’s Global CMO
“Most of our prop trading traffic comes from organic channels followed by direct channels,” Darren Moffett, Global Chief Marketing Officer at OANDA, told Finance Magnates in an interview, adding: “This means that the majority of users either find us via search engines or already know our website.”
OANDA became one of the first established forex and contracts for differences (CFDs) brokers to launch prop trading services earlier this year. Although the services were initially offered under the brand OANDA Labs Trader, it was eventually rebranded to OANDA Prop Trader. Moffett further highlighted that “prop traders' appetite to pursue further opportunities by buying more challenges or keeping their funded accounts for longer needs to be stimulated.”
Strategizing to Ensure “I Don't Hire More People Than I’d Like to Oversee”: Rostro’s Ayres
“I think we'll pass 200 or 205 headcounts by the end of the year,” Michael Ayres, Group CEO of Rostro Group, told Finance Magnates following the hiring spree of Scope Prime, the liquidity provider under the broad Rostro umbrella. He added: “The hires were really around certain regions. We won’t keep running at this rate; otherwise, I'll probably end up with more people than I would like to oversee.”
Some of Scope Prime's prominent hires include Andrew Taylor, Head of APAC, and Mirian Rostian, Head of Southeast Asia. It also onboarded Gaby Kanj, an industry veteran with over thirty years of experience, to focus on operations in the MENA markets. Fraser Nelson also joined Scope Markets earlier this year as the Global Head of Business Development.
Cyprus Sets the Clock for Crypto
Cyprus's financial regulator gave crypto-asset service providers a narrow window to operate under existing national regulations before new EU-wide rules take effect. The Cyprus Securities and Exchange Commission announced this week that it will stop accepting notifications from European Economic Area firms for cross-border crypto services on October 30, 2024.
This deadline comes just two months ahead of the Markets in Crypto-Assets implementation for crypto service providers, set for December 30. Firms that successfully notify CySEC by the October 30 cut-off will be permitted to continue their cross-border operations during a transitional period lasting until July 1, 2026, or until they receive a decision on their MiCA authorization, whichever comes first.
Donald Trump’s Economic Plan
Donald Trump is doubling down on economic policies he claims will be a game-changer for the American economy, but critics aren’t convinced. As he navigates the turbulent waters of his latest campaign, the 2024 election may hinge on whether voters buy into his vision of economic revival or side with his critics—among them Vice President Kamala Harris.
Trump’s economic playbook isn’t shy about its aims. Lower taxes, sweeping tariffs, and reduced federal spending are at its core. But while these sound familiar to anyone who lived through Trump’s first term, experts are questioning whether this version of “America First” will pull the U.S. out of its current inflationary spiral—or throw it deeper into economic turmoil.
SpaceX’s Reusable Rocket Aces the Landing
Elon Musk’s SpaceX pulled off an unprecedented rocket booster landing, proving once again that reusable rockets are the future. SpaceX, everyone's favorite rocket company, has done it again! In a feat that would make sci-fi fans drool, the company managed to launch and catch a reusable rocket booster with mechanical arms—lovingly referred to as “chopsticks.”
This incredible achievement marks another giant leap toward a future where space travel isn’t just for billionaires, but could actually be affordable… someday. The company’s latest test launch is yet another example of how reusable rockets are changing the game for space exploration and making Elon Musk’s vision of interplanetary travel a little more realistic.
South Africa's Trading Signal Providers Must Be Licensed
In its first-ever administrative action, South Africa’s Financial Sector Conduct Authority (FSCA) imposed an administrative penalty of over 1 million rands (about US$57,000) on an individual for providing forex trading signals without a financial services provider license and also debarred him for ten years.
The regulator clarified that “the practice of providing or publishing signals with reference to online trading in financial products falls within the definition of financial services in the FAIS Act, and as such, persons providing such signals require a financial services provider license.”
Cyprus' Compliance and Legal Heads Earn Six Figures
Cyprus has a massive retail trading industry, which is locally termed “forex” (although it is technically much more than trading forex instruments). Thus, the island has a significant demand for trading and execution roles. According to the latest survey, senior Trade/Dealing Room Managers make up to €95,000, while the junior levels receive a minimum of €20,000.
Traders/Dealers of contracts for differences (CFDs) instruments also earn up to €84,000, compared to €54,000 for similar roles in other instruments. The data is based on a survey of 550 employees working in the fintech, tech, financial services, and iGaming sectors in Cyprus. It also combined insights from Emerald Zebra’s talent pool of about 20,000 screened candidates, job advertisement data, and placement data.
German Lawmakers to Repeal Punitive CFD Tax Rule
In Germany, lawmakers are planning to repeal a punitive tax rule on CFDs. The country’s ruling coalition is set to repeal a regulation that restricts traders from offsetting losses against profits up to a certain limit. The €20,000 loss offset limit impacted the tax liabilities of CFD brokers.
This decision could reportedly mean substantial refunds for those affected, finally allowing traders to fully offset their losses against gains from past years. The controversial €20,000 loss offset limit was introduced as part of Germany’s annual tax laws.
CFI Sets Up Third Office in Sharjah
CFI Financial Markets LLC expanded its operations by opening a new office in Sharjah. This is the third office the company has established in the United Arab Emirates, following locations in Dubai and Abu Dhabi. CFI UAE operates under a Category One license from the UAE's Securities and Commodities Authority (SCA).
“Our expansion in Sharjah highlights our mission to bring innovative and seamless trading experiences to every corner of the UAE,” said Jareer Hiary, CEO of CFI UAE.
Interactive Brokers Opens Office in Dubai
Interactive Brokers opened its new office in Dubai International Financial Center. The company expects this move to enable it to open access to global markets for traders and investors in the UAE and across the Gulf Cooperation Council region.
Interactive Brokers' decision to establish a presence in the Middle East reportedly comes amid a surging demand for financial services in the region. The DIFC office will serve a broad range of clients, including active traders, high-net-worth individuals, hedge funds, and family offices.
Tavira Financial Pulls Out of CFD Business
UK-regulated Tavira Financial Limited, known for being an agency broker and execution specialist, is closing down its equities contracts for difference CFD business, according to the latest Companies House filing. The company reportedly completed the majority of its closure process during the 2023-2024 fiscal year and will finish the remainder in the ongoing fiscal year.
Tavira hired Andrew Gibson, an industry veteran with three decades of experience, in early 2022 to develop its FX and CFD products in Dubai. However, Gibson left the company last year to launch his own CFD brokerage. Meanwhile, UK-registered Tavira generated over £31.7 million in revenue in fiscal 2024, which ended on March 31, an increase of almost 25 percent year-over-year.
Consolidated income statement of Tavira Financial Limited for fiscal ending on 31 March 2024
eToro Exits Philippines
eToro, which recently stopped offering services to its clients in the Philippines, confirmed to Finance Magnates that the move was motivated by “risk management considerations.” The broker has already “closed inactive accounts and is in the process of closing other accounts.”
“As a global business, eToro constantly reviews and occasionally updates the countries from which we onboard and service clients based on risk management considerations,” an eToro spokesperson toldFinance Magnates. “We will no longer be providing services to users in the Philippines.”
“Most of Our Prop Trading Traffic Comes from Organic Channels”: OANDA’s Global CMO
“Most of our prop trading traffic comes from organic channels followed by direct channels,” Darren Moffett, Global Chief Marketing Officer at OANDA, told Finance Magnates in an interview, adding: “This means that the majority of users either find us via search engines or already know our website.”
OANDA became one of the first established forex and contracts for differences (CFDs) brokers to launch prop trading services earlier this year. Although the services were initially offered under the brand OANDA Labs Trader, it was eventually rebranded to OANDA Prop Trader. Moffett further highlighted that “prop traders' appetite to pursue further opportunities by buying more challenges or keeping their funded accounts for longer needs to be stimulated.”
Strategizing to Ensure “I Don't Hire More People Than I’d Like to Oversee”: Rostro’s Ayres
“I think we'll pass 200 or 205 headcounts by the end of the year,” Michael Ayres, Group CEO of Rostro Group, told Finance Magnates following the hiring spree of Scope Prime, the liquidity provider under the broad Rostro umbrella. He added: “The hires were really around certain regions. We won’t keep running at this rate; otherwise, I'll probably end up with more people than I would like to oversee.”
Some of Scope Prime's prominent hires include Andrew Taylor, Head of APAC, and Mirian Rostian, Head of Southeast Asia. It also onboarded Gaby Kanj, an industry veteran with over thirty years of experience, to focus on operations in the MENA markets. Fraser Nelson also joined Scope Markets earlier this year as the Global Head of Business Development.
Cyprus Sets the Clock for Crypto
Cyprus's financial regulator gave crypto-asset service providers a narrow window to operate under existing national regulations before new EU-wide rules take effect. The Cyprus Securities and Exchange Commission announced this week that it will stop accepting notifications from European Economic Area firms for cross-border crypto services on October 30, 2024.
This deadline comes just two months ahead of the Markets in Crypto-Assets implementation for crypto service providers, set for December 30. Firms that successfully notify CySEC by the October 30 cut-off will be permitted to continue their cross-border operations during a transitional period lasting until July 1, 2026, or until they receive a decision on their MiCA authorization, whichever comes first.
Donald Trump’s Economic Plan
Donald Trump is doubling down on economic policies he claims will be a game-changer for the American economy, but critics aren’t convinced. As he navigates the turbulent waters of his latest campaign, the 2024 election may hinge on whether voters buy into his vision of economic revival or side with his critics—among them Vice President Kamala Harris.
Trump’s economic playbook isn’t shy about its aims. Lower taxes, sweeping tariffs, and reduced federal spending are at its core. But while these sound familiar to anyone who lived through Trump’s first term, experts are questioning whether this version of “America First” will pull the U.S. out of its current inflationary spiral—or throw it deeper into economic turmoil.
SpaceX’s Reusable Rocket Aces the Landing
Elon Musk’s SpaceX pulled off an unprecedented rocket booster landing, proving once again that reusable rockets are the future. SpaceX, everyone's favorite rocket company, has done it again! In a feat that would make sci-fi fans drool, the company managed to launch and catch a reusable rocket booster with mechanical arms—lovingly referred to as “chopsticks.”
This incredible achievement marks another giant leap toward a future where space travel isn’t just for billionaires, but could actually be affordable… someday. The company’s latest test launch is yet another example of how reusable rockets are changing the game for space exploration and making Elon Musk’s vision of interplanetary travel a little more realistic.
Ukraine Blocks Polymarket as Platform Returns to US Under CFTC Oversight
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
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
