Forex Industry News at LeapRate this week was a very mixed bag of regulatory, corporate, and even legal news.
Once again LeapRate broke the most popular story of the week in the FX world, uncovering the arrest of a senior employee at a Limassol-based retail forex broker for trying to sell client information to a rival firm.
Our most popular guest post this week, which got a lot of play and social shares outside the FX sector was Who are the best sales managers?
Some of our most popular, shared and commented-on posts this week at LeapRate included:
Retail Forex broker employee arrested in Cyprus trying to sell client data to competitors. LeapRate Exclusive… LeapRate has learned that a police sting in Cyprus has led to the arrest of an employee of one of the Limassol-based retail FX brokers. The employee – a 36-year old woman – was caught by police in Cyprus after a brief police ‘sting’ operation. So what happened? And how was she caught?
Dubai regulator shuts down retail forex broker Exential Group suspecting managed accounts fraud. Financial regulators have shut down a foreign exchange trading scheme in Dubai that promised investors they could more than double their money. Exential Group in Dubai Media City was ordered to cease trading on Sunday as the Department of Economic Development (DED) investigates complaints by clients that due payments had dried up. The company promised annual returns of up to 120%, but investors who have tried to close their accounts have not been paid money owed.
Direct FX launches new website, adds US Equities on MT4 with DriveWealth. LeapRate Exclusive… LeapRate has learned that ASIC regulated retail forex broker Direct FX has redone its website, which just went live earlier this week. In conjunction with the new look, Direct FX has partnered with FINRA-regulated broker DriveWealth to launch exchange-listed US Equities and Futures trading on MetaTrader 4 to its network of global partners and direct clients.
SwipeStox signs up FXCM for its mobile social trading app. Social mobile trading app developer Swipestox has sealed a further partnership with the Forex Capital Markets LTD (FXCM), New York unit of FXCM Inc (NYSE:FXCM), which will see FXCM joining its growing network. FXCM traders who engage in mobile social trading on the SwipeStox app may trade all major forex crosses, international indices and soft commodities.