Broker Updates on Apr. 5-11

Vietnam

Business Expansion

1. FXCM has announced the company has expanded its offering of Forex and CFD trading with the introduction of Social and Copy trading services.

According to the official press release, FXCM has partnered with ZuluTrade for newly launched services. FXCM emphasizes the growing popularity of Social and Copy trading in personal trading. FXCM mentioned that their clients can copy the signals and strategies of more experienced, high-performing traders. FXCM recently expanded its product offering through the introduction of seven new shares.

Record Sales

2. The NAGA Group reported preliminary results for the first quarter of 2021 and sales soared with total revenue increasing 69% to $ 13.7 million in Q1 2021, compared with 8, $ 1 million in the same period in 2020.

According to the official announcement, total transaction volume exceeded $ 70 billion, an increase of 155% compared to Q1 2020. In addition, NAGA Group reported a significant leap in new accounts as additional acquisitions were made. 93,000 accounts in Q1 2021, compared with 16,000 in Q1 2020. NAGA Group currently has more than 1 million registered accounts. The company emphasizes its growing interest in Copy trading as more than 1.4 million transactions are copied on the NAGA platform, up 475% from 0.27 million Copy trading in the first quarter of 2020.

Acquisition Process

3. OANDA has announced the completion of the acquisition of Dom Maklerski TMS Brokers SA (TMS) in Poland. The TMS acquisition process began in September 2020.

According to the official announcement, TMS is the oldest broker in Poland and the recent acquisition represents OANDA's second investment in Poland last year. OANDA has set up a sharing service center in Krakow in 2020.

Indonesia

Crypto Industry

4. Starting from April 1, 2021, the next 30 working days will determine the status of the crypto asset industry in Indonesia. The reason is that according to the Commodity Futures Trading Supervisory Agency (Bappebti) Regulation Number 2 of 2020, the maximum period for approval of the Exchange and Crypto Asset Clearing permits is March 31, 2021.

Even so, prospective crypto asset traders have 30 working days after this period. to get approval to become a crypto asset trader. If no futures exchange and clearing house are approved after that time, the status of the crypto asset trader candidate list will be canceled. This is because in the process, crypto asset traders are required to report transactions to futures exchanges and clearing houses that have been approved by Bappebti.

Thailand

Monetary Penalty

5. The Cyprus Securities and Exchange Commission (CySEC) announced that it has fined X Global Markets Ltd €50,000 due to shortcomings in the companys anti-money laundering controls.

Accurate details of the settlement have not yet been made public, but the violations were related to the general principals of the Money Laundering and Terrorist Financing Law (L. 188(Ι)/2007). The enforcement action was a result of the compliance onsite investigation started by the regulator between April 2016 to July 2017.

Japan

Transaction Data

6. Monthly Trading Volume & Open Positions for Over-The-Counter Retail Margin FX Trading (Feb.2021)

Trading Volumes by Currency Pairs. (Flows over 100 million yen)

Commonwealth of Independent States (CIS)

Forex Course

7. On April 19, 2021 Roboforex will start a new course “Stock Market. Advanced Trading ”. The course “Stock Market for Beginners”, led by Evgeny Savitsky, a financial analyst with a higher education in economics, includes 6 lessons that explain in detail the basics of investing.

New Trademark

8. In April 2021, BCS Forex began operating under a new trademark - BCS Markets. As part of the re-branding, the company moved to a new responsive site bcsmarkets.com. This means that all services and services of the brand will be equally accessible from both personal computers and mobile devices.