WhatsNewForex

RoboMarkets Inks Sponsorship Deal with BMW M Motorsport

RoboMarkets

RoboMarkets, an investment company with the CySEC license, has expanded its presence in the sporting world by becoming the official partner of BMW M Motorsport for the DTM (Deutsche Tourenwagen Masters).

Sports sponsorships are a convenient and popular way for brokers to gain exposure. Last year, RoboMarkets became an official sponsor of Zalgiris, a basketball club from Lithuania.

Details of the agreement

Under the agreement, the Swedish BMW works driver Joel Eriksson will compete in the new #47 BMW M4 DTM racing car, with RoboMarkets brand appearance.

“We are proud to be able to count on such a large number of strong partners in the coming DTM season. They all guarantee that we are able to produce works motorsport of the highest standard. On behalf of everyone at BMW Motorsport, I would like to thank them for that. It is also particularly important for me to mention that our partnerships generally go well beyond simply displaying partner logos,” said Jens Marquardt, Director of BMW M Motorsport.

Mr. Marquardt also added that they are always interested in structuring the partnerships in such a way that they add real value for everyone involved.

“We’re very proud to become an official partner of BMW M Motorsport, a team with outstanding history and winning traditions. RoboMarkets highly appreciates the commitment to excellence and willingness to compete for the best results, and the BMW M Motorsport team represents these values perfectly. Our partnership will enhance RoboMarkets brand awareness in Europe. We wish BMW M Motorsport team success in the new season and the achievement of all goals at each stage of the DTM series,” said Konstantin Rashap, CBO at RoboMarkets.

About 2019 DTM season

The 2019 DTM season consists of 18 races and is scheduled to start on May 3. The race will start in Hockenheim (Germany), then moves to Zolder, Misano, Norisring, Assen, Brands Hatch, Lausitzring and Nürburgring. The final race is scheduled for October 5th in Hockenheim.

Etoro Presents New Crypto Trading Platform eToroX

eToroX

Paris Blockchain Week was the perfect opportunity for eToro’s CEO Yoni Assia to announce the launch of eToroX’s crypto exchange and a range of financial instruments.

“Just as eToro has opened up traditional markets for investors, we want to do the same in the tokenized world. We want to bring crypto and tokenized assets to a wider audience, allowing them to trade with confidence. This is the future of finance. Blockchain will eventually ‘eat’ traditional financial services through tokenization,” said Yoni Assia, co-founder and CEO of eToro.

According to Mr. Assia, the new exchange will cater to professional traders looking for competitive bid-ask spreads. It is important to emphasize that eToroX is one of the first companies to be certified as a regulated Distributed Ledger Technology provider by the GFSC.

8 custom stablecoins

The exchange will offer a range of instruments at launch – 8 fiat-stablecoins (eToro United States Dollar (USDEX), eToro New Zealand Dollar (NZDX), eToro Japanese Yen (JPYX), eToro Euro (EURX), eToro Swiss Franc (CHFX), eToro Pound Sterling (GBPX), eToro Australian Dollar (AUDX), eToro Canadian Dollar (CADX)), 37 pairs and 6 cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin, and Dash).

“We are proud to be one of the first companies in the world to obtain a license for cryptoassets, and one of only a handful of regulated exchanges in the crypto space. In the coming weeks and months we will add more cryptoassets, stablecoins and tokens to the exchange and will work with other exchanges to encourage them to list our growing range of stablecoins,” said Doron Rosenblum, Managing Director of eToroX.

Launching the exchange was a natural step in eToro’s blockchain endeavor, which began with the work with Colored Coins back in 2012.

Trading fees

Trading fees at eToroX will compete with the existing major exchanges – going to 0.1% for market makers and 0.1% for takers. The company also emphasized that it is looking at supporting margin with leverage at 5x.

Bitpanda Snatches License from Austrian Regulator

Bitpanda

Bitpanda, the Austrian retail crypto trading platform, unveiled that it has obtained a license to operate as a payment service provider.

The license (PSD2) was granted by the Austrian financial watchdog – the Financial Market Authority Austria (FMA).

As mentioned in the April 4 press release, the license will enable company to offer its services in both the European Economic Area and the European Union.

Significant milestone

Vienna-based fintech currently has around 1 million users and more than 100 employees. Since its establishment in 2014, the company has become one of the leading crypto buying and selling marketplace in Europe. The license will allow this fintech to launch exciting features and products in the months ahead of us.

“Our goal is to bridge the gap between the modern and traditional financial world. The payment service provider license will allow us to tear barriers down,” said Philipp Bohrn, the managing director at Bitpanda.

Before joining Bitpanda, Mr. Bohrn was the managing director of the Association of Financial Service Providers in Austria’s chamber of commerce.

“We are very happy that Bitpanda is one of the few European cryptocurrency fintechs to receive such a license. It’s a big step towards our vision to create an open, innovative investment platform,” said Eric Demuth, CEO of Bitpanda.

The company is currently expanding its trading platform to other asset classes besides cryptocurrencies.

All around the world, jurisdictions are adjusting their regualtory regimes to the rapid changes induced by crypto, blockchain technologies and other fintech innovations.

About Bitpanda

Formerly known as Coinimal, Bitpanda was established in 2014 with headquarters in Vienna. Since then, the company has grown into Europe’s leading trading platform for buying and selling digital assets. The company strongly believes in the innovative power of cryptocurrencies and blockchain technology. Their mission is to become the key driving force in the ongoing fintech revolution.

FXTM Obtains License to Operate in Mauritius

FSC Mauritius

Multi-asset broker FXTM has enriched its portfolio of regulated entities with a license from the Financial Services Commission (FSC) of the Republic of Mauritius.
The award-winning broker is already regulated and authorised by various regulatory bodies such as FSCA, CySEC, FCA and IFSC.

International growth strategy

The latest license is a result of FXTM’s monumental growth and continued international expansion.

“Mauritius is fast becoming an internationally recognised financial supervisor with a strong legal framework, providing protection to the public in non-banking financial products. International customers will now have the opportunity to receive services through (the newly regulated entity). Clients will continue to enjoy the same great service they have come to expect from FXTM,” said a spokesperson for FXTM.

The move comes after several European brokers reported a long period of declining trading volumes. To remind ourselves, the European and Securitues and Markets Authority (ESMA) implemented leverage caps and marketing restrictions for a number of financial instruments in the retail trading space. Those restrictions have impacted brokerages operating in this sector, which made Mauritius a preferred destination for those interested in operating an offshore brokerage.

About FSC Mauritius

The Financial Services Commission is a regulatory body that monitors all financial services in Maurtius, with the exception for global business and banking related transactions. It was established in 2001, and its vision is “to be an internationally recognised Financial Supervisor committed to the sustained development of Mauritius as a sound and competitive Financial Services Centre”.

Operating as a brokerage in Mauritus comes with various benefits such as low capital requirements of about €17,000, limited setup costs, and a favorable tax regime. However, recently it has become troublesome to obtain a forex license in Mauritius, which just proves the quality of FXTM as a broker.

Many providers are now opting for Belize instead of Mauritius, despite the higher capital requirements and more expensive fee structure.

ThinkMarkets Joins Forces With Cricket Star Glenn McGrath

ThinkMarkets

Retail brokerage ThinkMarkets (formerly ThinkForex) has entered into collaboration with the legendary fast bowler Glenn McGrath, who represented Australia in 124 Test matches and took 563 wickets.

Glenn McGrath will meet young people from Sydney and London to aspire them to pay attention to their physical and financial health, which will be all part of the programme called Think 2020.
Additionally, he will also give talks to young women about starting their careers in financial services, thus encouraging female empowerment.

“Partnering with ThinkMarkets is a no-brainer for me – they want to help young people and provide opportunities to those who may not otherwise have them, and I am excited to get going. I’ll be in England later this year for The Ashes and hope that the excitement prompted by a fantastic year od cricket wil lead to more women getting involved in the sport. The message I give my children is to make the most of every opportunity and never think something can’t be done, just because it isn’t the conventional route. If I’d listened to convention, I may never have become an international cricketer,” said Glenn McGrath.

“There are so many synergies between Glenn’s approach to life and how we work at ThinkMarkets. A single-minded focus, a passion for being successful and leading your team by example all come to mind, but what really excites me about working with Glenn is his passion for helping young people and  giving something back after such an incredible career,” said Nauman Anees, co-founder of ThinkMarkets.

Mr. Anees added that ThinkMarkets is pushing boundaries to make it more welcoming for women to be involved in traditional male-dominated roles like trading.

About ThinkMarkets

Founded in 2010 in New Zealand, ThinkMarkets is a forex and CFD brokerage serving both institutional and retail clients. It offers trading in wide array of financial instruments, such as forex, indices, shares, metals, commodities and cryptocurrencies. It offers 4 types of accounts: Standard, ThinkZero, Islamic and Joint Account.

Earlier this month, ThinkMarkets obtained a license by the Financial Sector Conduct Authority (FSCA) to offer online trading services to investors in South Africa.

Dukascopy Bank Rolls Out Its Own Cryptocurrency

Dukascoin

Swiss forex bank and brokerage firm Dukascopy announced on Friday the roll out of its very own cryptocurrency called Dukascoin.

Dukascopy’s plans to become the first regulated bank to launch its own ICO came true on February 28, 2019, which is the date when the first Dukascoin was issued.

“We got to know that Japanese Mizuho Bank has equally announced their token to be unveiled on the same day. We accept the challenge and move the date of the launch to the 28th of February – one day in advance,” the company said in a statement.

The main opponent of Dukascoin in the market will be J-Coin, a stablecoin pegged to the Japanese yen, created by the previously-mentioned Mizuho Bank.

Preparations for the launch

Back in November, Dukascopy Bank began Live testing of its crypto-funding functionality. FINMA, Switzerland’s independent financial-markets regulator approved Dukascoin in December 2018, making it the first ICO of a Swiss Bank.

The coin also possesses its own website www.dukascoin.com, which was launched last month. Here you can find all the latest news, dates, features as well as the project’s white paper.

“To sell and buy Dukascoins, the bank has created a secure internal marketplace that is designed as an easy-to-understand bulletin board that is linked to clients’ accounts at the bank. It allows posting conditional orders (providing liquidity) or picking the desired orders from other participants (using liquidity). All transactions executed on the internal marketplace are secured by the bank, so the client should not worry about receiving expected value when the transaction is accepted by a third-party. Another essential benefit of Dukascopy marketplace is a possibility to get a recognized bank statement that would be acceptable for other financial institutions and official authorities,” said Andre Duka, CEO-CTO of Dukascopy Bank in an open letter.

Mr. Duka added that he invites any reputable third-party crypto-exchange that would want to list the Dukascoin, to get in contact with the bank.

OANDA Joins Forces With AdvantageGO

OANDA

OANDA, a leading provider of forex and CFD trading instruments, has teamed up with AdvantageGO to provide real-time foreign exchange rate data.

Under the terms of the agreement, OANDA’s Exchange Rates API will power AdvantageGO’s Currency Services. This will provide clients an access to accurate exchange rates for more than 200 currencies.

“OANDA Rates are trusted by the world’s leading audit firms, taxation authorities, and global corporations, but until recently they have been primarily used for financial reconciliation, tax and audit purposes. The AdvantageGO partnership represents OANDA’s first direct platform integration designed to help insurance companies better manage their policy risk,” said Mohsin Siddiqui, Managing Director of the Americas at OANDA.

“Companies that trade internationally are at the mercy of global currency fluctuations. They need access to real-time data that will enable them to make confident, better-informed decisions to mitigate risk. As a leading provider of cloud-based insurance software dedicated to helping companies mitigate insurance policy risk, we wanted to partner with an organization that truly defines the gold standard in foreign exchange data services. OANDA is a reputable company that is trusted by millions of individuals and leading global brands. As such, they were a natural choice,” said Adrian Morgan, Executive Vice President and Head of AdvantageGo at NIIT Technologies.

AdvantageGo provides commercial insurance and reinsurance software. The firm is a part of NIIT Technologies, which is a global IT organization focusing on Banking, Insurance, Transportation and Travel.

About OANDA

OANDA was established in 1995 by Dr. Michael Stumm and Dr. Richard Olsen. The first product that was offered was in a form of website providing free currency conversion tools and historical currency data to the public.

Nowadays, the company facilitates forex and commodity CFD trading for customers across the world. The broker is considered safe, as it is regulated by regulators such as UK FCA and the Australian ASIC.
OANDA was acquired by CVC Capital Partners in May 2018.

IG Group Enters US Market Via New Subsidiary

IG Group

UK online trading leader IG Group has unveiled the launch of IG US, its US-based subsidiary which will be offering foreign exchange services.

This move will allow IG Group to re-enter the US market, since its subsidiary IG Markets exited this market in 2011 due to CFTC penalties.

Obtaining the necessary approvals

IG US LLC secured a number of approvals since October 15, 2018. It became officially registered as Retail Foreign Exchange Dealer (RFED), and Introducing Broker.
In addition, it was approved as Forex Dealer Member, NFA Member and Forex Firm.

“At IG we pride ourselves on championing the client, I am excited to bring that same focus to serve the United States market. We see this initiative as a significant growth opportunity and we’re exicted about IG’s future in the US,” said June Felix, IG Group CEO.

The newly launched website of the IG US tells that it’s time to turn Forex trading on its head.

Challenging environment

There is a small number of retail forex brokers currently offering their services in the US retail forex market, OANDA and GAIN Capital are some examples.

“The US forex market has been fairly stagnant and underserved. We are entering the market with an unrivalled offering, providing excellent client choice. We will offer US traders better pricing with 24-hour customer support on a newly designed platform – a better way to trade forex. It’s really exciting time for IG,” said Rupert Osborne, CEO at IG US.

After acquiring DailyFX from FXCM for $40 million in 2016, IG Group obtained a significant asset to onboard US clients.

About IG Group

Founded in 1974, IG Group is one of the world’s largest online brokers for spread betting and CFD trading. IG offers traders access to over 15,000 products across multiple asset classes, including forex, indices, bonds, commodities, CFDs on shares, cryptocurrencies, and provides access to other global markets. Currently, IG serves more than 195,000 active clients, via its 14 global offices and 1,500 staff.

EverFX Inks Sponsorship Deal With Sevilla FC

We have already got the first major sports sponsorship deal in forex industry for 2019, and its between EverFx and Sevilla FC, one of the most successful football clubs in Spain.

The deal is valid until the end of the current football season in Europe, with a possibility to extend into the next year. The website of Sevilla has already been updated with the broker’s logo.

Benefits for both sides

As part of the deal, the broker’s logo will be displayed on the shorts of Sevilla’s players. Additionally, the Cyprus-based company will obtain exposure on LED displays during home games and digital media.

“This is an agreement we’re equally proud and excited about. From scouting players and nurturing young talent, to winning on the highest level, Sevilla FC have set the standard for excellence both on and off the football pitch. EverFX wants to share and amplify everything this great football club stands for and we’re happy to embark on this journey with such an elite team,” said Georgios Karoullas, Chief Executive Officer at EverFX.

The financial details of the sponsorship agreement were not unveiled.

The deal between Sevilla FC and EverFX is a proof that sponsorship deals will remain the main marketing tool for brokers in 2019. In 2018, we have seen a number of sponsorship deals – eToro & Tottenham Hotspur, Libertex & James Rodriguez, FxPro & McLaren F1 Team, eToro & Eintracht Frankfurt, CMC Markets & Peter Vodanovich and others.

About EverFX

EverFX is a brokerage which offers online trading of CFDs on forex, metals, shares, indices, energies and crypto. It is regulated by Cyprus Exchange and Securities Commission (CySEC). There are three types of trading accounts  – Premium ($5,000 minimum deposit), Standard ($250 minimum deposit), and VIP ($30,000 minimum deposit).

It is important to emphasize that EverFX does not offer CFDs to residents of USA, Canada, Iran and North Korea.

Forex Brokers Slash Leverage Ahead Of Brexit Vote

Forex Brexit

Brexit, the cause of multiple political turbulence since the 2016 referendum, is having a significant impact on forex brokers this week.

Numerous companies released statements that they will be making changes to leverage requirements. On January 15, 2019, the British lawmakers will vote on Prime Minister Theresa May’s Brexit deal. If the deal comes to pass, the United Kingdom will begin the process of abandoning the EU on March 29, 2019.

VantageFX cuts leverage to 1:50

VantageFX, a leader among Australian forex brokers, informed their clients via email that leverage on GBP/USD, GBP Crosses and UK100 will be reduced from 1:100 to 1:50.

“Market conditions could be extremely volatile prior to and after the event. There is a risk of wide spreads, price gaps and periods of thin liquidity. Vantage FX has conducted a review of our risk management policies with the intention of providing a more secure trading environment for our clients,” said the broker.

The measures will be effective starting from 09:00 am (AEST) on January 14.

Dukascopy reduces leverage to 1:30

Swiss brokerage company Dukascopy is also preparing for Brexit vote by reducing its maximum leverage to 1:30. Starting from January 11, at 18:00 GMT, Dukascopy will increase margins on all GBP crosses and the UK stock index.
More precisely, the broker reduced its maximum leverage to 1:30 for BRENT.CMD/USD, GBR.IDX/GBP, LIGHT.CMD/USD and GBP related forex instruments.

Another broker that prepares for the Brexit-related issue is Admiral Markets. Starting from 9:00 am (EET) on January 15, until midday the next day, Admiral Markets will slash leverage for forex and selected commodities to 1:200.

OctaFX freezes UK subsidiary development

OctaFX, a hi-tech international broker, has halted the development of its UK subsidiary.
The subsidiary is currently in the middle of process of transformation and restructuring. The director of the company is being replaced, and the team behind the company is expecting future regulatory developments related to Brexit.

In the meantime, OctaFX has subsidiaries in the St. Vincent and the Grenadines. Lately, OctaFX has been cooperating with banks in South-East Asia to expand its services in that region.