Markos Kashiouris, the founder of IronFX, has quietly ventured into the booming prop trading industry with the launch of Ultimate Traders, a new prop trading platform. This move further solidifies Kashiouris’ presence in the retail trading world, according to information obtained by Finance Magnates.
Ultimate Traders Under Kashiouris’ Ownership
Ultimate Traders is operated by a UK-registered company, Ultimate Traders Evaluation Ltd, which was incorporated in February 2023. According to public records from Companies House, Kashiouris holds a controlling interest in the platform, owning over 75 percent of the company.
IronFX, a well-known forex and contracts for differences (CFDs) broker, is operated by Cyprus-based Notesco Financial Services Ltd, another company founded by Kashiouris. While IronFX operates globally under various regulatory bodies, including the UK’s Financial Conduct Authority (FCA) and an offshore entity in Bermuda, Ultimate Traders is its newest prop trading venture.
Interestingly, the sole director of Ultimate Traders is Andreas Pogiatzis, a Cypriot resident, aligning the platform closely with Cyprus’ active retail trading community.
No Response from IronFX on Prop Trading Plans
Despite this development, IronFX has not confirmed its direct involvement with prop trading. When Finance Magnates reached out for clarification, neither Kashiouris nor IronFX provided a response. However, IronFX customer support did indicate that the broker is exploring the launch of a prop trading service, stating that it is “working on it” and will announce any updates via its website once the service is live.
Prop Trading Grows in Popularity Among Brokers
The prop trading industry has seen rapid growth, attracting both large and small FX and CFD brokers. Established names such as OANDA and Axi have led the charge, with others like IC Markets, ThinkMarkets, and Blueberry Markets following suit by launching their own prop trading services. The sector has also drawn the attention of several former brokerage executives, who have launched their own platforms.
In contrast to brokers entering the prop trading space, FTMO, a well-known prop trading firm, took the opposite path by expanding into brokerage services. Last year, FTMO generated an impressive $213 million in revenue, highlighting the profitability of the industry.
Although the prop trading sector is currently unregulated, the surge in new entrants has caught the eye of financial regulators, who are now paying closer attention to this fast-growing market.
