Some Brokers Downsize While Others Expand - Best of the Week

This week some of the biggest stories in the online currency trading industry involved downsizing by some brokers, while others expanded their global reach or instrument offerings.

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End of an Era?

On Sunday we exclusively reported that Tradologic, a major provider of binary options trading technology, is shifting its focus to fintech. Sources with knowledge of the matter shared with Finance Magnates that the company will be phasing out its binary options product.

Later in the week we saw an example of why a company might want to disassociate itself from the segment. A binary options brokerage owner was arrested for alleged fraud and extortion after a Singaporean client complained that she lost over $500,000.

XTB: Chile and Belize In, Turkey Out

On Monday it was revealed that in Q1 2017 XTB focused on the development of its operations in Latin America. A new subsidiary was founded in Chile and a company in Belize was acquired.

Later in the week it was announced that XTB is exiting the Turkish market, and will be withdrawing its registration with the CMB. The decision to shut down its Turkish subsidiary will affect the broker's current financial situation.

Downsizing

On Tuesday we had to report on two similar unfortunate developments.

Multi-regulated FX and CFDs retail online brokerage XTrade let go of about sixty employees from its Israeli call center, operated by IDI Ventures,

Online brokerage Stockpair is undergoing an optimisation process of its business, which includes downsizing its workforce to the tune of dozens of employees, Finance Magnates has confirmed.

GAIN Affiliates

On Wednesday GAIN Capital Holdings, Inc. (NYSE: GCAP), the largest provider of retail FX in the US, unveiled a new multi-brand affiliate marketing program called GAIN Affiliates.

The new program introduces select customers to its global collection of retail trading brands. GAIN Affiliates expands the group’s efforts to work with and target a much broader audience of affiliate partners.

AvaTrade Expands Crypto Portfolio

On Thursday multi-regulated international forex and CFD broker AvaTrade announced that it is adding three rising altcoins, Ethereum, Dash and Ripple’s XRP, to its trading portfolio.

The choice of these specific Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term tokens is not very surprising considering the incredible returns they generated in 2017 which must have brought a lot of interest, and pressure on the broker from its clients to add them.

Saxo Bank Record

On Friday we reported that Danish multi-asset brokerage, Saxo Bank, has seen its client collateral deposits soar to new heights, helping benefit from increased volatility and customer confidence in recent months.

One of the primary impetuses in the increase of volumes over the past year has been attributed to a series of episodic events, helping drive up volatility. This includes the Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term referendum in the UK and the divisive US presidential election, among other events.