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Latest News
CySEC Fines Key Way Investments €120,000
October 23, 2020
The Cyprus Securities and Exchange Commission (CySEC) announced today that it has reached a settlement and fine with Key Way Investments Ltd. The company currently maintains a Cyprus Investment Firm (CIF) registration and thus must abide by the regulator’s decision. The regulator indicated in their notice that the enforcement action stems from...
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Lawsuit Against Former FXCM Entity Expands With New Plaintiffs
October 22, 2020
In the motion filed with the New York Southern Court, attorneys of plaintiffs in a class-action lawsuit against Global Brokerage, Inc., formerly known as FXCM Inc. indicated that some 35 more investors can be eligible to join the lawsuit going forward. The lawsuit filed several years ago focuses on FXCM’s relationship with...
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Interactive Brokers Reports Solid 3Q 2020 Results
October 21, 2020
US-based online brokerage Interactive Brokers has published its 3Q 2020 financial results, indicating some good short term results that indicate momentum in trading following the summer lull and Covid-19 impacts. The broker reported net revenues were $548 million and income before income taxes was $334 million this quarter, compared to net revenues...
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OANDA Rejects GAIN Capital Stay Order in Patent Lawsuit
October 15, 2020
Canadian-based online brokerage OANDA Corporation continues to battle New Jersey-based GAIN Capital Group over patent infringement allegations brought by OANDA several months ago. According to media reports, OANDA has filed a motion to dismiss claims made by GAIN Capital in its attempt to file a stay order to the proceedings. OANDA filed...
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ESMA Considers Scrapping Best Execution Reporting
October 13, 2020
The European Securities and Markets Authority (ESMA) has surprised industry participants in its latest publication questioning the need for best execution practices (including RTS 27 and 28 reporting) considering the current disruptions with Coronavirus around the world. The regulator previously gave companies a break by providing an extension of deadlines for submitting...
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CMC Markets Reports Healthy Revenues for H1 2021
October 8, 2020
UK based CMC Markets posted a trading update indicating solid performance for the first half of fiscal 2021 (current 2020) ending September 31st. The company indicated it has generated approximately £200 million in revenue from the CFD trading business, which is a strong improvement from £85 million generated in the same period...
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August Drop in Retail Deposits at US FX Brokers
October 5, 2020
The latest figures from the Commodity Futures Trading Commission (CFTC) for Futures commission merchants (FCMs) and retail foreign exchange dealers (RFEDs) highlight a drop in retail deposits from clients in August of 2020. Of the five prominent brokers accounting for most of the market share in retail FX trading in the United...
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Member Update: AxiTrader Completes Rebrand
October 1, 2020
Approved broker member AxiTrader has completed a rebranding process to reflect on its global expansion and multi-asset trade offer. The broker has also announced in a press release that it has launched a new funding program called Axi Select, which provides “talented retail traders with an equal opportunity to become full-time professional...
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GAIN Capital Fined $300,000 by CFTC
September 30, 2020
The United States Commodity Futures Trading Commission (CFTC) has fined US regulated online brokerage GAIN Capital for violations related to the supervising of customer accounts introduced by a referring party to the company. According to the CFTC notice: “from at least February 1, 2014 to August 31, 2016, Gain failed to diligently...
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Hong Kong SFC Launches Facebook Page to Warn Investors
September 28, 2020
Hong Kong’s financial regulator, the Securities and Futures Commission (SFC) has launched a Chinese language Facebook page in order to, among other things, warn investors and traders about new sophisticated online schemes targeting equities trading. The regulator provided examples of financial fraud that is increasingly taking place online and on social media,...
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FCA Licensed TIOMarkets Mistakenly Banned in Italy
September 24, 2020
As exclusively reported by Finance Magnates, the UK FCA registered and regulated broker TIO Markets has had a mishap with Italy’s CONSOB regulator, which is known to completely block access to unlicensed online brokerages in the country. Its latest round of blacklisting and blocking actions, the Italian regulator also included UK licensed...
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ICM Capital Experiences Drop in 2019 Revenues
September 23, 2020
ICM Capital, a UK registered FX and CFD broker has reported its financial metrics for full-year 2019 with some disappointing results, according to Finance Magnates. The broker reported revenues of £2.56 million for 2019 from the previous year’s £7.2 million. This represents a decline of 64% year over year. Despite the broker...
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Member Update: BigBrainBank Launches Trading Signals Using AI
September 22, 2020
Certified education provider, BigBrainBank.org has announced the launch of new trading signals using AI-powered analytics and algorithmic trend monitoring. Its goal is to build a global ecosystem that focuses on financial literacy with an education platform that supports the capital markets, financial corporations, and retail investors. Known as “TheBrain,” the software is...
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Plus500 Reports Continued Operational Momentum
September 16, 2020
The popular UK registered CFD broker and technology provider Plus500 has published a trading update today ahead of its annual general meeting (AGM) indicating continued momentum into the second half of 2020. The company indicated it is “making excellent progress across all key commercial and financial performance metrics. This performance has been...
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Member Update: SamTrade FX Expands Football Sponsorships
September 15, 2020
It seems like many European FX brokers are interested in mainstream sports these days. Financial Commission approved broker members are no strangers to sponsorship opportunities, with SamTrade FX becoming the latest trusted broker to sponsor a UK football club. The company announced that it has become the official forex and online trading...
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Commission News
Financial Commission Announces IdealFX as Latest Approved Member
October 13, 2020
October 13th, 2020, The Financial Commission, today announces IdealFX as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory organization, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants. IdealFX status as an Approved Broker Members...
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SCAM ALERT: Updated Warning List
October 12, 2020
The Financial Commission has been notified by concerned traders regarding the companies and associated websites of 247frxtrade, Coin Trade, BitBinary, Cryptocent, and Elitefxoption. Upon reviewing the submitted information from potential customers of these brokers, the Financial Commission has determined that the indicated companies and...
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Financial Commission Doubles Awards to Traders in September According to Monthly...
October 7, 2020
October 7th, 2020, The Financial Commission announces its operating metrics for the month of September 2020 as part of its monthly Complaints Digest. The organization recorded a slight decrease in newly filed complaints for the month while experiencing growth in several key metrics and achieving 132% in the amount of compensation awarded...
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Financial Commission Announces Execution Quality Certification of CapitalXtend
September 29, 2020
September 29, 2020, The Financial Commission today announces execution certification for CapitalXtend, an approved member of the Commission using Verify My Trade, a “value-added” service launched several years ago to promote pricing and execution transparency in the Forex market. Verified order execution quality Following the launch of order execution verification with Verify...
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Financial Commission Announces CapitalXtend as Latest Approved Member
September 17, 2020
September 17th, 2020, The Financial Commission, today announces CapitalXtend as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory organization, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants. CapitalXtend status as an Approved Broker...
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Financial Commission Expands Media and PR Reach With Exclusive Industry Spread...
September 14, 2020
September 14th, 2020, The Financial Commission, today announces a strategic partnership with online FX industry news websites Industry Spread and Traders Spread to deliver expanded media and public relations opportunities for trusted brokers, exchanges, fintech, and education providers. The new partnership will offer exclusive benefits to Financial Commission members and partners in...
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SCAM ALERT: Updated Warning List
September 8, 2020
The Financial Commission has been notified by concerned traders regarding the companies and associated websites of GIV CAPITAL, AvalonMarkets (AvalonMarkets Capital Advisors Corporation), Wizards trading, and Orion Fx Pro. Upon reviewing the submitted information from potential customers of these brokers, the Financial Commission has determined that the indicated companies and associated websites...
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Financial Commission Continues to Improve Resolution Times & Key Metrics in...
September 7, 2020
September 7th, 2020, The Financial Commission announces its operating metrics for the month of August 2020 as part of its monthly Complaints Digest. The organization recorded an anticipated decrease in new filed complaints due to the traditional summer slowdown while experiencing growth in several key metrics and achieving record performance by posting...
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Financial Commission Announces LordFX as Latest Approved Member
August 31, 2020
August 31st, 2020, The Financial Commission, today announces LordFX as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory organization, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants. LordFX status as an Approved Broker...
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Dr. Demetrios Zamboglou Relinquishes DRC Expert Role with New Appointment As...
August 12, 2020
August 12th, 2020, The Financial Commission today announces that Dispute Resolution Committee (DRC) member Dr. Demetrios Zamboglou has joined Middle East based Credit Financier Invest (CFI) in the capacity of Chief Operating Officer (COO). With the new role of COO, Dr. Zamboglou will relinquish his role as an expert in the DRC....
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Financial Commission Posts Record Resolution Times Among Key Metrics In July
August 5, 2020
August 5th, 2020, The Financial Commission announces its operating metrics for the month of July 2020 as part of its monthly Complaints Digest. The organization experienced a slowdown in new complaints as traders headed into the summer months and market volatility slowed. The organization achieved another month of growth in some key...
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Scam ALERT: Primetrade, Alpha24trade, Highoption, and Diamondforexoptions Added to Warning List
August 4, 2020
The Financial Commission has been notified by concerned traders regarding the companies and associated websites of Primetrade, Alpha24trade, Highoption, and Diamondforexoptions. Upon reviewing the submitted information from potential customers of these brokers, the Financial Commission has determined that the indicated companies and associated websites may be used to scam and defraud traders...
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Financial Commission Announces Execution Quality Certification of Samtrade FX
July 28, 2020
July 28, 2020, The Financial Commission today announces execution certification for Samtrade FX, an approved member of the Commission using Verify My Trade, a “value-added” service launched several years ago to promote pricing and execution transparency in the Forex market. Verified order execution quality Following the launch of order execution verification with...
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Financial Commission Announces BalansFX as Latest Approved Member
July 13, 2020
July 13th, 2020, The Financial Commission, today announces BalansFX as its newest approved Member. The company becomes the 49th broker to join the ranks of the self-regulatory organization, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants. BalansFX status as an Approved Broker Members...
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Financial Commission Announces Execution Quality Certification of Gann Markets
July 7, 2020
July 7, 2020, The Financial Commission today announces execution certification for Gann Markets, an approved member of the Commission using Verify My Trade, a “value-added” service launched several years ago to promote pricing and execution transparency in the Forex market. Verified order execution quality Following the launch of order execution verification with...
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Regulatory Actions
SEC Fines Israeli Education Provider $130,000
October 27, 2020
The US Securities and Exchange Commission (SEC) has announced charges against an Israeli education provider called Tradenet Capital Markets Ltd. that provided day trading services to its clients with unlicensed investment activity, according to a notice published on its website. The company has been fined $130,000 for ignoring the registration requirements designed...
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ASIC Takes Action Against Ponzi Schemes
October 26, 2020
According to the latest notice from the Australian Securities and Investments Commission (ASIC), the regulator has acted upon two “Ponzi schemes” and the Australian Federal Court has made restraining orders against two companies believed to be engaged in such Ponzi activity. According to ASIC, the AU government has arrested Matthew Alan Beresford...
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Australian Court Fines CFD Brokers $75 Million
October 20, 2020
The Federal Court of Australia has announced a decision to fine several CFD brokers after numerous complaints from retail investors who lost money trading certain derivatives products, namely binary options contracts. The fines relate to AGM Markets Pty Ltd (AGM), OT Markets Pty Ltd (OTM), and Ozifin Tech Pty Ltd (Ozifin). Customers...
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CySEC Blacklists More Unauthorized Firms
October 19, 2020
The Cypriot financial regulator - Cyprus Securities and Exchange Commission (CySEC) has announced warnings against more unauthorized firms and suspected scams. The regulator posted a warning on its website on Friday to announce that the following firms do not have Cyprus investment firm (CIF) registration and in some cases are clones of...
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Italy Continues to Block Unauthorized Firms
October 16, 2020
Italian financial regulator CONSOB is on a roll - continuing its efforts to protect Italian citizens from possible scams and fraud by blocking the websites of unauthorized firms using the so-called “Growth Decree”. In its press release from October 16th, the regulator indicated that it has taken action against the following firms:...
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Italy’s CONSOB Blocks More Unauthorized Firms
October 9, 2020
Italian financial regulator Commissione Nazionale per le Società e la Borsa (CONSOB) announced the blocking of more unauthorized firms as part of its well-established campaign of protecting investors from scams and possible fraud related to online brokerages and trading. The regulator announced that the following companies have been blocked in Italy by...
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CySEC Fines Royal Forex Broker for Possible Violations
October 6, 2020
The Cyprus Securities and Exchange Commission has announced a fine for Cypriot Investment Firm (CIF) Royal Forex Ltd. stemming from possible violations of the Investment Services and Activities and Regulated Markets Law of 2017. The regulator indicated that a settlement was reached for €270,000 in regard to the matter. CySEC indicated that the...
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CySEC Compensation Fund Withdrawals WhoTrades and MGTM
October 2, 2020
The Cyprus Securities and Exchange Commission (CySEC) has announced that several online brokerages have had their Investors Compensation Fund (ICF) membership withdrawn. As such, clients trading with these firms are losing the protection by the ombudsman regime in Cyprus, where the companies were registered as Cyprus Investment Firms (CIF), yet can still...
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FCA UK Exposes Clones and Issues New Scam Warnings
September 25, 2020
The Financial Conduct Authority (FCA) of the United Kingdom took more steps this week at addressing the issue of online financial scams and fraudulent companies which often operate clones of legitimate brokerages for illegal activities. A review of the Warnings page of the regulator’s website reveals more than 20 new posts regarding...
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Belgium FSMA Warns of MLM Products
September 21, 2020
Belgium’s Financial Services and Markets Authority (FSMA) issued a warning on Monday against companies selling, trading, and training products related to forex, contract for differences (CFDs), and cryptocurrencies using so-called multi-level marketing (MLM) structures. The regulator specified that the “sale of such trading and training software mostly takes place via a pyramid...
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CySEC and CONSOB Issue Bans to Unauthorized Firms
September 4, 2020
Both Cyprus and Italian authorities have been taking quick steps lately to stem the spread of scams and fraud among the online brokerage industry and have now issued new public notices regarding blacklisted firms. The latest actions include the blocking of unauthorized websites in Italy by local Internet providers and the blacklisting...
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US CFTC Charges 20 Firms with False Registration Claims
September 3, 2020
With online financial scams affecting nearly all countries, the US financial authorities at the The Commodity Futures Trading Commission (CFTC) have issued a press-release charging different companies with making false representations regarding their registration and/or authorization with the US financial regulator. The regulator pointed out that its latest actions are “examples of...
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FCA Issues Warning Against Education Provider SO FX
August 27, 2020
The UK’s Financial Conduct Authority (FCA) has begun to flag unauthorised firms which provide educational services to Forex traders. Previously, the regulator issued warnings specific to scam or fraudulent companies and those that are not authorised to provide trading services within the UK. Since online scams using social media are becoming more...
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CFTC Updates RED List with 20 Unauthorized Firms
August 25, 2020
The US Commodity Futures Trading Commission (CFTC) has issued a press release today indicating an update to its ‘Red List’ - a directory of unauthorized firms about which the regulatory body issues warnings and alerts to investors. The regulator has informed the public that it added 22 new firms to the ‘Red...
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FCA Issues Warning For Another ETX Capital Clone
August 18, 2020
The United Kingdom’s financial regulator, Financial Conduct Authority (FCA), has just warned of another clone of ETX Capital, which has been soliciting customers under the guise of being associated with the regulated, parent company. The regulator stated, “fraudsters are using the details of firms we authorize to try to convince people that...
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