WhatsNewForex

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.

Bitcoin Marks 10 Years of Existence

Bitcoin 10 years

January 3rd, 2009 was the day when the very first block on the Bitcoin blockchain was created.
Since then, the cryptocurrency has been on a wild ride, from reaching almost $20,000 at the end of 2017, to tumbling below $4,000 at the end of 2018.

“Over the last 10 years we’ve gone from this didn’t exist to now pretty much the entire world understands what it is, whether they agree with it or not,” said Matti Greenspan, a senior analyst at eToro.

The first (genesis) block has provided the foundation for an ecosystem that changed our perception of how money is valued and managed in modern age.

Creator of Bitcoin more powerful than Facebook CEO

Worth Magazine, an American publication oriented towards the world of finance and business, included Satoshi Nakamoto in their “Power 100” list for 2018. They named the Bitcoin creator as the 44th most powerful person in finance, placing him before Nasdaq’s Adena Friedman and Mark Zuckerberg.

Satoshi Nakamoto is a pseudonym, could be a man, a woman, or a group of persons who created Bitcoin. It is believed that Nakamoto controls 980,000 bitcoins, which is around 5 percent of all the Bitcoin that can ever be mined.

How much is Bitcoin worth today?

The Bitcoin price fell almost 80 percent over the previous year. Many believe that the bearish 2018 was only a large price correction, and that Bitcoin will likely experience a huge comeback.

“Bitcoin holds a big promise of sovereign and sound money – the bubble we experienced a year ago was an unfortunate consequence of human greed and short-term thinking. Bitcoin hasn’t changed in the past year and it remains the same asset, whether it’s worth $20K or $3K. It’s potential and usefulness haven’t diminished with the price,” said Clement Thibault, senior analyst at Investing.com.

At the time of writing this article, Bitcoin price managed to gain momentum above $3,900 and is currently worth $4,047.

Russian Central Bank Cancels Licenses Of 5 Forex Brokers

Russian Central Bank

The Central Bank of the Russian Federation, unveiled it has withdrawn the licenses of 5 Russian forex trading companies.

The affected companies – Alpari Forex, Fix Trade, Trustforex, Teletrade Group and Forex Club have a deadline until January 27th to cease operations and pay off their customers.

Reasons for license revocation

According to the regulators, the main reason for the license withdrawal were ongoing violations  throughout the year, such as improper execution of the prescriptions of the Central Bank, violation of reporting procedures, disclosure of inaccurate information on the company website, violation of the procedure for maintaining internal accounting and others.

“There are not so many direct customers of the companies under our supervision – 2,000 clients in total. Out of them, no more than 470 are active, those who [have] made at least one deal within a month,” said Larisa Selyutina, CBR’s Head of Securities Market and Commodity Market Department.

Liabilities of these five forex brokers amount to 35 million rubles, and will  be returned to clients by January 27, 2019.

Putin spokesperson backs up CBA’s actions

Dmitry Peskov, the spokesperson of President Vladimir Putin, stated that the move to suspend the license of five forex brokers was within the competency of the Russian financial mega-regulator.

The Association of Forex Dealers (AFD) published a statement that it is suspending the membership of the five brokers, which further worsens the position of the brokers in question.

Alpari Forex does not want to surrender without a fight, so the company will appeal the decision of the CBR. Alpari shared that the Russian central banj has been acting in contradiction with the local rules and regulations. The company stated that it has 1,000 clients in Russia and that their funds are protected in accordance with Russian legislation.

After the bank’s move, only four companies remained on the market – Alfa-forex, PSB-forex, Finam-forex, and VTB-forex.

Saxo Bank To Become Owner Of BinckBank

Saxo Bank

Danish multi-asset brokerage company Saxo Bank has agreed to buy all shares of Dutch online bank BinckBank for around EUR 424 million in an all-cash public offer.

Saxo Bank will pay EUR 6.35 per share, representing a premium of 35% to BinckBank’s closing price on Friday.

Motives behind the acquisition

The online trading sector is currently facing multiple challenges, such as increased regulation, changing customer behaviour and technoogy investment requirements. Traditional banks have stepped up their tech capabilities, in an effort to compete with fintech startups and large internet platforms such as Amazon.

“Combining BinckBank with Saxo Bank is a true win-win for all parties. Clients will get better products, prices, platforms and services, employees will benefit from enhanced career opportunities and, importantly, we will gain the necessary scale to further step up investements in technology and in our people. As the investement and trading industry matures and faces new regulation as well as rising expectations for digital client experience, scale, technology and multi-asset capabilities become increasingly key to long-term success,” said Kim Fournais, CEO & founder of Saxo Bank.

The deal is expected to close in the third quarter of the next year. If Saxo Bank buys at least 95% of the shares, BinckBank will be removed from the Euronext Amsterdam listing.

“Since the origins of BinckBank in 2000, we have managed to build a strong position. We have become market leader in the Netherlands and Belgium and are strong challengers in France and Italy. We are confident that by combining BinckBank with Saxo Bank, we will be able to further strengthen our offering and growth in these markets,” said Vincent Germyns, chairman of the BinckBank executive board.

Last month, Saxo Bank rolled out SaxoInvestor, a new platform designed specifically for the growing investor segment. The platform was initially launched in Denmark. It will be internationally introduced in the first quarter of 2019.

Barclays Rolls Out New Mobile Banking Feature

Barclays

Barclays, a multinational investment bank, has enriched its mobile banking app with a tool that allows customers to “switch off” certain types of spending on their debit cards.

Barclays is the first traditional U.K. bank to offer the service. Some smaller online account providers already offer similar features.

Barclays cooperated with The Money and Mental Health Policy Institute in identifying problematic spending categories.

Blocking categories, not retailers

Barclays will enable customers to switch off spending in five categories: gambling, purchases made via premium-rate phone lines, restaurants, takeaways, pubs and bars; groceries and supermarkets; and gas and diesel.

“We are always looking for new ways to support our customers and make it easier for them to manage their finances. We work with a range of advisors and partners, as well as consulting with our customers, to identify how our customers’ needs are changing and what works for them. This new control feature is the latest new service that we have introduced in the Barclays Mobile Banking app that aims to give all of our customers a better way to manage their money in a simple, secure and effective way,” said Catherine McGrath, managing director at Barclays.

Customers who will especially benefit from this type of service are those with mental health issues, compulsive gamblers, and those who rely on caregivers or guardians to handle their personal finances.

Gamblers to benefit the most

More than 8 million people in the UK are finding themselves in “problem debt,” which implies they are unlikely to repay. One huge factor is gamling, which can be done in physical stores or online.

“GambleAware welcomes this initiative by Barclays, which we hope will encourage other banks to do the same. There are 340,000 problem gamblers in Britain and a further 1.7 million at risk, and initiatives like this can play an important role in helping to reduce gambling-related harms,” said Marc Etches, the chief executive of GambleAware.

Attempted payments that belong to the “switched off” category will be automatically declined.

CryptoKaiju Rolls Out Crypto-Themed Vinyl Toys

CryptoKaiju cryptocurrency-themed toys

CryptoKaiju, a U.K. blockchain startup, has announced the launch of world’s first vinyl toys fully traceable on a public blockchain, along with a subscription box office.

For each purchased toy, the buyer will get a unique token that sits within a smart contract. Each toy contains unique metadata describing it – color, gender, date of birth, a description and two personality traits.

130 Genesis figures

The first figure, designed to illustrate a monster with a Bitcoin theme, is called Genesis and currently costs $55. The first batch will be limited to 130 pieces, and will not be repeated again.

“As a longtime collector of designer toys such as Kaws, Futura Pointmen and Medicom Bearbricks, I’ve previously had issues with not having full confidence that what I was buying was genuine, as well as issues with knowing exactly how many items have been produced in each batch. The concept of bringing not just provenance, but also a personality, through a set of attributes to a physical toy is extemely intriguing. That’s really where the idea for Kaiju came from and we’re excited to explore the full potential of this technology,” said Oliver Carding, co-founder of Crypto Kaiju.

Every toy comes with a tamper resistant NFC chip built into the foot, which will allow smartphones to communicate with other devices containing such NFC tag.

About CryptoKaiju

Founded by Coin Journal’s Oliver Carding along with James Morgan, David Moore and Andy Gray, three founders of Known Origin.

“When I met the guys from KnownOrigin I was introduced to the world of ERC-721 art which led me to the idea of creating a physical collectible which has come with a lot of challenges, from exactly how we link the toy to the smart contract, to how we ensure the tag can’t be removed and attached to another item,” said Oliver Carding.

Once the stock is exhausted, the company will create a new set of vinyl toys that will vary in color, style and digital traits.

Forex Weekly Outlook – November 26-30

Forex Weekly Outlook November 26-30

The week after Thanksgiving will be in the sign of a meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping that takes place on Friday.

The G20 Buenos Aires summit is an important event that could have a meaningful impact on the economy and markets. The approaching week also brings a few additonal key events that we will review right now.

Monday

The Munich-based Ifo Insitute is will provide a glimpse at German business climate. The Ifo’s business climate index is expected to descrease from 102.8 to 102.3 in November. ECB President will testify before the European Parliament’s Economic and Monetary Affairs Committee. However, it is not expected that Draghi will provide new views on the monetary policy outlook.
Mark Carney, the leader of the UK central bank, will speak at an event in London.

Tuesday

The U.S.-based Conference Board will release November consumer confidence data. In October, confidence hit an 18-year high.
New Zealand, the 53rd-largest national economy in the world is to unveil its latest trade data.

Wednesday

Fed Chairman Jerome Powell will give speech in New York.
The U.S. will publish revised data of the third-quarter GDP growth, and a report on new home sales.

Thursday

Australia is to publish figures on private capital spending, while New Zealand is to publish data on business confidence.
The important event in euro zone will be the publishing of preliminary inflation data for Germany in November.
As for the United States, the Federal Reserve will publish the minutes of its November meeting.

Friday

As we already mentioned, Presidents Trump and Xi Junping will meet in Buenos Aires on Friday. There are hopes that the meeting will result in calming of tensions which have caused the huge share price drops, especially in US tech stocks.

On this day, Canada will give a glimpse on its GDP growth and raw material price inflation.

Most Influential Forex Regulatory Bodies

Forex regulatory bodies

Forex is the largest and most liquid market on the planet. There is no centralized body governing the currency trading market, but on the other hand, there are several independent bodies which supervise forex trading around the world.

When choosing a forex broker, it is extremely important to choose the one that is regulated by a financial authority in a respected financial center. Below is the list of the most respected forex regulatory bodies all around the world.

1. ASIC (Australian Securities and Investments Commission)

Established in 1991, the Australian Securities and Investments Commission is Australia’s corporate, markets and financial services regulator.

2. CySEC (Cyprus Securities and Exchange Commission)

CySEC is the financial regulatory agency of Cyprus. Many forex brokers are based in Cyprus, which is not surprising considering the fact that Cyprus boasts the European Union’s lowest rate of corporation tax.

3. FCA (Financial Conduct Authority) – the UK

UK’s Financial Conduct Authority is deemed to be one of the most reputable regulatory organizations in the world. Its role is to regulate financial firms that provide services to consumers, and to maintain the integrity of the financial markets in the United Kingdom. It operates independently of the UK government.

4. CFTC (Commodities and Futures Trading Commission) – United States

The United States are home to some of the biggest forex brokers in the world. In this country, trading is highly regulated, and obtaining a license is associated with high costs. CFTC is a regulatory agency established in 1974, and it protects individuals in futures and commodities trading. Considering the fact that futures includes the currency market, the CFTC consequently protects forex traders as well.

Another regulatory agency in the United States is called National Futures Association, and its work is overseen by the CFTC.

5.  BaFin (Federal Financial Supervisory Authority) – Germany

BaFin is the financial regulatory authority in Germany. This regulatory body supervises around 2,700 banks, 800 financial services institutions and over 700 insurance undertakings.

Other significant regulatory bodies include FINMA (Switzerland), Swedish FSA, AMF (France), DGCX (Dubai), BCSC (Canada), FSMA (Belgium), CSRC (China) and others.

Top 9 Countries With Bitcoin-Friendly Stance

Countries with Bitcoin Friendly Stance

While some countries decide to ban cryptocurrencies and ICOs, other welcome them with open arms.
Below we will discover top 9 countries with a friendly attitude towards bitcoin, and blockchain technology overall.

1. Switzerland

Switzerland is known as a crypto-friendly nation due to their regulations and tax-free approach. The country has a virtual coins hub called “crypto valley” located in the city of Zug. The country is also a leader in innovative DLT applications, from blockchain for education, to healthcare and real estate.

2. Malta

Malta is a small country in Europe which is primarily known as a very welcoming country for the gambling businesss. In 2018, the Malta Digital Innovation Authority has been formed, in order to encourage cryptocurrency and blockchain businesses to come to Malta. Huge digital coins exchanges such as Okex and Binanc are moving their businesses to Malta.

3. Slovenia

Slovenia, which soon may carry the title of “Europe’s Silicon Valley,” has the strongest civil support of Bitcoin in the world. Slovenia has plans for blockchain in the Development Strategy for the Information Society until 2020, reputable business communities with more than 300 companies that promote decentralized technologies, 9 Bitcoin ATMs and more.

4. Gibraltar

In 2018, the Gibraltar Financial Services Commission released new regulations for crypto exchanges, in an effort to make the country secure and welcoming for crypto business. Gibraltar has no tax on capital gains or added value.

5. Japan

Despite the fact that Bitcoin was invented in this very country, there were some difficulties regarding its legalisation at the beginning. With the support of the Government, cryptocurrency operations are thriving in Japan. Even salaries are starting to be paid partly in Bitcoin.

6. Singapore

Singapore has traditionally been a friendly country regarding capital regulations. Bitcoin transactions are legal in this country, under some guidelines of Inland Revenue Authority of Singapore.

7. Estonia

Estonia, a country where Skype was originally made, has always been a tech-friendly country so it is no wonder that they welcomed cryptocurrencies so quickly. Bitcoin has an all-encompassing implementation in this country, starting from banking services to healthcare. In this country, there is also a significant number of Bitcoin ATMs.

8. Australia

Australia has a very friendly stance towards Bitcoin and several other cryptocurrencies. Some of the most popular and secured cryptocurrency exhcanges like Coinspot, Cryptopia and BTCMarkets are based in this territory.

9. South Korea

Known for its huge contribution to the world of smartphones that we are currently living, South Korea allows an extensive usage of Bitcoin. The cryptocurrency is used both as a medium of transaction and investment.