Claimed its software had shown positive returns on every trade it ever made. Did people actually believe that??? The CFTC has fined California-based Victor Yu his company VFRS a total of $3.2 million in a foreign currency fraud action. The order finds that Yu and VFRS misrepresented that they had developed trading software that made forex…
Read moreUnlike the original proposal, uninsured depositors will likely lose around 40% (not 10%) at Cyprus' two largest banks. The new (and seemingly final) Cyprus bailout agreed to Sunday night by senior Cyprus government officials, the EU and the IMF will see the complete wind-down of Laiki bank, the second largest bank in the country. The…
Read moreGain Capital is to (potentially) make only back-end payments to GFT, based on volume. LeapRate Exclusive.... Back at the beginning of December, when the Gain Capital-GFT deal was announced, we wrote that "we are fairly certain that very little money changed hands here, perhaps a couple of million dollars...". Well it turns out that even that…
Read moreThe website home pages of several leading Cyprus FX and Binary brokers now lead with "Your Funds Are Safe" ads. As the Cyprus bailout fiasco heads into its fourth day -- and as Cyprus banks remain closed -- the Cyprus-based FX and Binary brokers caught in the middle of all this have been scrambling to reassure…
Read moreSVSFX joins Tradenext as the second FSA-regulated FX broker to offer Tradable apps. Tradable -- which has developed the first app platform specifically for FX trading apps, has announced that a second FSA-regulated FX broker will allow clients to trade using Tradable apps on its platform. Like the first broker to accept Tradable apps (Tradenext),…
Read moreJanuary volumes were $427 billion, February volumes $368 billion at Saxo Bank. LeapRate Exclusive.... LeapRate has learned that leading global FX broker Saxo Bank, a member of LeapRate's Approved List of regulated global FX firms, greatly exceeded its 2012 average volumes during the first two months of 2013. January volumes jumped to average $19.4 billion…
Read moreWall Street Journal quotes LeapRate research in its article on Cyprus FX brokers and the bailout. First of all, we'd like to say that we're very proud that the Wall Street Journal decided to base its article on the fallout for Cyprus FX brokers on research and comments made by LeapRate Managing Director Gerald Segal.…
Read moreCFTC fines MXBK Group and its MBFX subsidiary for defrauding U.S. Forex customers. The CFTC has handed out one of its largest ever fines -- a $57 million whopper -- to Mexico-based MXBK Group and its FX brokerage subsidiary MBFX. The order found that MXBK and MBFX accepted at least $28 million from more than…
Read moreWill allow customers to invest their savings in a tax efficient manner. Saxo Capital Markets, the FSA-regulated UK arm of global FX brokerage firm Saxo Bank (a member of LeapRate's Approved List), has announced a Stocks & Shares ISA account in cooperation with ISA Manager European Pensions Management Limited. The Stocks & Shares ISA will…
Read moreSpeakers include FXCM CEO Drew Niv and Oanda CEO K Duker. A reminder to our readers, that Shift Forex's inaugural FXIC conference will be taking place tomorrow in New York City, at the Marriott Marquis hotel. For more information on speakers and the agenda, or if you'd like to register for the conference, please see…
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