GAIN Capital Holdings, Inc. (GCAP), parent of Forex.Com and London's City Index, has updated its GetGo mobile application once again. Version 1.0.12 adds an expanded "Your Performance" tab with three sections: Overview, Hot vs. Not-Hot and Market. The new features will allow account holders to review profit and loss trends over customized periods while examining individual trades in detail, breaking down results by those proprietary signals. It will also split results between Hot and Not-Hot signals, looking for correlation and trends.
GetGo offers a full suite of "How to" features designed to get forex novices up to speed quickly, powered by an algorithmic engine that looks for statistical trends in forex and other financial markets. The app also sends real-time trading signals as notifications, allowing part-time traders to access dozens of currency pairs, indices and commodities. GAIN provides introducing broker platforms and clearing services for dozens of brokerages, including Barclays' Trading Hub.
Fidelity Investments shed light on the brokerage's cryptocurrency initiatives during a question and answer session with Brokerage Technology head Ram Subramaniam, who advised that the company is now hiring, experimenting and building capacity. Resources have been allocated to crypto in a follow-up to a recently announced partnership with cryptocurrency exchange Coinbase, but Subramaniam offered no official guidance about the public release date.
Job postings make it clear that Fidelity is moving quickly on the crypto front. A recent report indicates that the firm is looking for a systems engineer to "to help engineer, create and deploy a digital asset exchange to both a public and private cloud." In addition, Fidelity is seeking a new hire to build custodian services for bitcoin and other digital currencies. Finally, it is rumored that the company launched an internal crypto fund in 2017, now inactive and in need of a fund manager.
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TradeStation has taken the lead on cryptocurrencies through parent Monex Group, Inc.'s (MNXBF) acquisition of digital exchange Coincheck, and the brokerage is planning to roll out direct trading through TradeStation Crypto later this year. However, a recent survey indicates that 53% of TradeStation's customers have no interest in crypto trading. In addition, just 18.3% expressed interest in trading those markets, reflecting a crypto bear market that has dropped bitcoin more than 60% off the December high above $19,000.
XTB Group, doing business in the U.K. as XTB Limited, will allow professional clients to trade with 200:1 leverage after the European Securities and Markets Authority (ESMA) rolls out new rules in August that restrict leverage on major currency pairs. Retail clients will be limited to 30:1 leverage when regulations go into effect, but a loophole allows account holders with professional designation to maintain higher margin. Rival IG Group recently stated that "clients who generate over half of its current U.K. and EU revenue will be classified as elective professional" under the rules.
The professional designation requires a forex account holder to meet at least two of three criteria. First, he or she has executed transactions of €50,000 or above, with an average frequency of 10 or more transactions per month. Second, the client's portfolio value in cash and instruments must maintain a balance of at least €500,000. Finally, individuals must have worked for at least one year in a financial industry position that requires professional knowledge of financial instruments or brokerage services.