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Screenshot of a breaking news alert e-mail from Q2 2017
Competition increases for new novice traders.
Moscow-based FX Club, which recently exited the US retail FX market and was assessed a $300,000 fine by the U.S. regulator NFA, today introduced a new trading platform called StartFX 2 targeted specifically at novice traders, having little previous trading experience. The StartFX 2 platform will have basic trading functionality, but will remove more sophisticated trading functions and tools, allowing novice traders to hone their skills in what FX Club calls a “controlled environment”.
As FX trading volumes worldwide continue to slow, competition for new trading clients has intensified, raising customer acquisition costs for FX brokers. We expect more moves such as these to entice novice traders, and those who have traded other instruments but not FX.
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.