Author: Fajar Febriansyah

Victims of financial scams in France face annual losses exceeding €500 million, according to a recent report by four leading French authorities. Despite this staggering figure, the report noted a decrease in the number of fraud complaints, which may be due to increased use of civil compensation programs and the consolidation of complaints. The study, conducted by the Paris Public Prosecutor’s Office, the Autorité des Marchés Financiers (AMF), the Autorité de Contrôle Prudentiel et de Résolution (ACPR), and the Direction Générale de la Concurrence, de la Consommation et de la Répression des Fraudes (DGCCRF), identified several common types of scams.…

Singapore, 27.12.2024 – YourPropFirm, a leading provider of technology and dashboard solutions for proprietary trading firms, is proud to announce its acquisition of FinChat Agent, a customer support company renowned for delivering specialized services to the financial sector. This strategic acquisition marks YourPropFirm’s commitment to enhancing the customer experience within the proprietary trading industry. By integrating FinChat Agent’s expertise, YourPropFirm will provide tailored customer support solutions designed exclusively for prop trading firms, ensuring their unique operational and trader needs are met with precision. “With this acquisition, YourPropFirm aims to set a new standard for customer support in the prop trading…

Westpac New Zealand has acknowledged overcharging 24,621 customers a total of NZ$6.35 million due to systemic issues in applying discounts and benefits. The Financial Markets Authority (FMA) has initiated court proceedings against the bank for these failures, which have prompted Westpac to agree to compensate affected customers. Systemic Failures in Discount Programs The bank admitted to making misleading representations about discounts under its Employee, Gold, and Platinum packages, along with other business banking services. These failures resulted from manual processing errors and inadequate system controls that did not consistently apply the promised benefits. “Westpac’s problems arose from poor system controls…

Alpha Capital Group, a London-based proprietary trading firm, has reported generating multi-million-pound revenues over the past three years. The company, founded in late 2021, has experienced remarkable growth, with revenue increasing by 846% in its second year and an additional 180% in its third year. This rapid expansion underscores the platform’s robust performance since its launch. “Since our inception, we’ve achieved extraordinary growth in both revenue and customer numbers year-on-year,” said George Kohler, Managing Director of Alpha Capital Group. “We anticipate 2025 to be a game-changing year as we aim to reach a significant revenue milestone.” Impressive User Growth Amid…

At the Finance Magnates London Summit 2024 (FMLS:24), Elina Pedersen, Chief Revenue Officer at Your Bourse, offered valuable insights into the evolving trading landscape during a conversation with Yam Yehoshua, Editor-in-Chief at Finance Magnates. Pedersen addressed a range of topics, from artificial intelligence (AI) in trading to liquidity provider strategies and new offerings for smaller brokers. Understanding AI’s Role in Trading Platforms Pedersen shed light on the difference between the hype surrounding AI and its practical applications in trading. She explained that much of what is marketed as AI is essentially machine learning, a technology that has been utilized by…

YCM-Invest, a UK-regulated proprietary trading firm specializing in services for professional traders, experienced a significant financial setback in 2023. According to its latest filing with Companies House, the firm’s revenue dropped sharply by 57.3%, falling from £767,220 in 2022 to £327,924 last year. Alongside the revenue slump, the firm’s net loss expanded to £542,481, a substantial increase from the £95,384 loss recorded in the previous year. Exclusive Focus on Professional Traders YCM-Invest sets itself apart by exclusively catering to professional traders, refusing to accept retail clients. To qualify for its services, traders must meet at least two of the following…

Union Standard International Group (USG), along with its former affiliates TradeFred and EuropeFX, was found guilty of “systemic unconscionable conduct” by an Australian federal court. Between 2018 and 2020, their actions caused customers to lose more than AUD 83 million (approximately USD 51.7 million). Misleading Practices by CFD Brokers USG, a contracts for differences (CFDs) broker, operated under an Australian Financial Services (AFS) license. However, TradeFred (managed by BrightAU Capital) and EuropeFX (operated by Maxi EFX Global), which served as its corporate authorized representatives, engaged in misleading and deceptive practices. These companies onboarded clients, offered USG’s products, and exploited inexperienced…

Naaem Aslan, CIO of Zaye Capital Markets, shared his perspectives on market trends, content strategies, and Dubai’s emerging role as a financial hub during his interview at the Finance Magnates London Summit (FMLS:24). In his discussion with Finance Magnates’ Jonathan Fine, Aslan emphasized the importance of education and delivering well-researched content to clients. “It’s crucial to explain what has happened in the market and its potential implications for investments. If clients haven’t yet invested, they need to understand the missed opportunities,” Aslan explained. Insights on Oil and Crypto Markets Aslan highlighted that the energy sector, particularly oil, remains a key…

The Cyprus Securities and Exchange Commission (CySEC) has finalized a €50,000 settlement with CIF Charlgate Ltd, the operator of Fxview, over potential breaches of the Investment Services and Activities and Regulated Markets Law of 2017. The settlement marks the conclusion of a comprehensive investigation spanning from 2020 to 2023, including specific compliance reviews in July and September 2023. Compliance Under Scrutiny Charlgate acquired the domain fxview.com in 2020, adding it to its portfolio to provide retail trading services. At the time, the company noted that fxview.com had been active for three decades, emphasizing the domain’s established presence in the trading…

Devexperts, a global provider of trading and financial software solutions, has announced its plans to open a new office in Dubai by mid-2025. This expansion is fueled by the growing demand for trading technology in the Middle East and North Africa (MENA) region, particularly in the UAE and Saudi Arabia, which have witnessed significant growth in their trading markets. Responding to Regional Growth Since its establishment in 2002, Devexperts has become a prominent name in software solutions for capital markets. Its product portfolio includes platforms like DXtrade and DXmatch, catering to brokerages, banks, and exchanges globally. “The MENA region is…