European investment hub eToro announced that it will expand into the U.S. markets, launching trading capacity in 10 cryptocurrencies, including bitcoin, ethereum and litecoin. The platform will provide access to a community feed and tool, allowing account holders to talk with other American users about cryptocurrencies while tracking the investment and trading strategies of more experienced clients.
CEO and co-founder Yoni Assia advised that "our U.S. users will find rich knowledge and insights into how to effectively trade and invest in cryptocurrencies." The platform will direct U.S. account holders into three crypto investment and trading paths:
Cyprus-based eToro currently boasts more than 10 million registered users in 140 countries, including the U.K., Australia and Germany. It is regulated in Europe by the Cyprus Securities and Exchange Commission (CSEC) and in the U.K. by the Financial Conduct Authority (FCA). The company hasn't announced the U.S. platform's opening date, but eToro.Com now allows U.S. residents to sign up for a waiting list.
GAIN Capital Holdings, Inc. (GCAP), parent of the U.S.'s Forex.Com and London's City Index, revealed informative market and client statistics at last week's Needham Emerging Technology Conference. The company currently offers services in more than 12,500 markets worldwide, including OTC and exchanged-traded products. More than 132,000 retail customers generated $12.4 billion in first quarter average daily volume in eight jurisdictions that include the U.S., Canada, the U.K., Australia and Japan. The presentation also shed light on GAIN's vast introducing broker network, which currently has more than 1,200 institutional partners on six continents.
GAIN Capital's staff has grown to more than 700 across four continents, managed from its headquarters in Bedminster, New Jersey. Client assets have risen 192% since the company's 2010 IPO, jumping from $256.7 million to $749.0 million, making it the U.S.'s top retail forex platform. The worldwide forex market has grown 32% in the same period, with Western Europe trading half of the $5.1 trillion market.
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Steve Quirk, executive vice president of TD Ameritrade's trading unit, discussed the impact of mobile trading at a recent conference, noting that 40% of the broker's clients use their mobile application on a daily basis. As an example, 28% of trades by TD Amertirade Holding Corporation (AMTD) clients during 2017's "Black Friday" were placed through the mobile app, compared with 24% in 2016 and 21% in 2015. He further stated that this transition has "smoothed out trading volume," with clients executing more orders outside of the first and last hours, which traditionally generate the most activity.
The U.K.'s Plus500 was singled out for criticism in an annual report by Robert Ophèle, president of France's Autorité des marchés financiers (AMF). The speech, in which he attacked the forex and cryptocurrency industries, mentioned the broker when he discussed how difficult it was to enforce forex laws without broad EU legislation, insisting that Plus500 "specializes in toxic products." The harsh comments match the conservative stance taken by French regulators in recent years, highlighted by a January 2017 ban on retail forex advertising.
CMC Markets has released a major update for the CMD Start mobile application to support and educate new traders. Version 5.3.0 improves the app's Dashboard functions, adding new watchlist views, a two-day trend chart, client sentiment readings and a customizable Reuters news feed. According to CMC, the app provides access to the most popular global financial markets, offering competitive spreads, commission-free trading and negative balance protection. It also features paper trading, price and trade alerts, state-of-the-art security, and intuitive charting.