Fazzaco Weekly Digest: 32 Broker's Client Profitability in July; Dogecoin Skyrockets, Twitter Renamed "X.com"; FTX Sues Its Founder

Last week, Fazzaco published a report on the profit/loss ratios of client accounts for 32 brokers in July 2023. The loss ratio of brokers' client accounts for the month, although still relatively high, has shown a significant improvement compared to the previous month.

In recent news, billionaire Elon Musk has taken some notable actions, including his announcement to rename Twitter as "X", which has sparked extensive discussions within the industry.

The bankruptcy dispute involving crypto giant FTX persists. Last week, the crypto exchange filed a lawsuit against its founder, Sam Bankman-Fried, and three other former executives for $1 billion.

In addition, the professional forex VPS provider Fozzy provided a concise overview of the history of FX trading, with the aim of helping market participants better understand the industry.

Here are the related details, as well as some of the most read forex, crypto and fintech news pieces and articles from Fazzaco over the past week.

1. Fazzaco Reports: How 32 Brokers' Client Accounts Fared in July 2023​

Fazzaco collected the data of profit/loss ratio of client accounts for 32 brokers in July 2023. The profit/loss ratio of brokers' client accounts this month improved significantly compared with last month. This time, some brokers whose data had not been updated for a long time were excluded to avoid affecting the average data.

Among the 32 brokers this month, an average of 26.06% of client accounts achieved profits, while 73.94% of client accounts suffered losses.

2. Vong Phansavang Andreou Moves to Doo Group, M4Markets Loses Three BD Executives in the Month

Fazzaco learned that Vong Phansavang Andreou, Business Development Manager at M4Markets, a Seychelles-regulated Forex and CFD broker, has moved to the online broker Doo Group as a BD/Sale Manager.

Andreou is the third business development executive to leave M4Markets this month, following the departures of Chief Business Development Officer, Nick Jay, and Global Head of Business Development, Alexandra Dinu.

3. Listen to the Article: Dogecoin Skyrockets, Twitter Renamed "X.com" - What's Elon Musk Up To?​

Did you hear that Elon Musk renamed Twitter to "X"? Well, I have a question for him: Y? LOL, enough dad jokes today. But seriously, let's talk about some of the crazy moves that Elon Musk has been pulling lately.

First of all, there's his mind-blowing decision to rebrand Twitter. Last Sunday (July 23), Elon Musk dropped a bombshell with a tweet - or should I say "Xcreet" (?) - anyway, he tweeted that "soon we shall bid adieu to the Twitter brand and, gradually, all the birds." On the other hand, Musk's love affair with Dogecoin seems to be going strong. "If done right, X would become half of the global financial system," said Musk in an interview. Then, someone spotted that he added the symbol of dogecoin "Ð" behind his X logo on his Twitter bio, which stands for this meme coin. Dogecoin's price skyrocketed from less than $0.07 to around $0.08 between July 24 and 26, a jump of more than 10%.

4. The History of the Forex Market: From Bartering to Advanced Trading Platforms

Although online retail forex trading is almost three decades old, in its rawest form, it dates back to ancient times. Whether it was the Mesopotamia tribes or the Medici family, this market was necessary.

Documenting how forex started needs one to look at key moments from different eras.

5. FTX Sues Founder Sam Bankman-Fried and Three Others for $1Bn​

The bankrupt cryptocurrency exchange FTX is suing its founder Sam Bankman-Fried and three other former executives for $1bn (£780m).

FTX collapsed in November and Bankman-Fried was arrested the following month in the Bahamas over allegations he stole customer funds and extradited to the US, where he has pleaded not guilty to charges of fraud and conspiracy to violate campaign finance laws and bribe Chinese authorities.

6. Namibia Abolishes Crypto Ban, Signs Crypto Regulation Bill into Law​

The Namibian government officially signed a law to regulate Virtual Asset Service Providers operating in the country last week, reversing its original 2017 decision to ban cryptocurrency exchanges.

On July 21, the VASP-regulating law was inserted into the Gazette of the Republic of Namibia after previously being approved in Namibia's National Assembly on July 6 and signed by President Hage Geingob on July 14.

7. Devexperts Partners with Acuity to Propel Next-Gen Trading Platforms​

Devexperts, the developer of DXtrade CFD and DXtrade Crypto platforms, has joined forces with Acuity, a leading provider of AI-driven market insights. This integration will equip DXtrade brokers with innovative visual trading tools and enable their clients to identify potential investment opportunities.

Through this partnership, DXtrade and Acuity together are propelling the future of trading, creating a more insightful and efficient landscape for DXtrade brokers and their clients. Acuity's state-of-the-art Natural Language Processing technology refines unstructured news into structured data, enabling real-time detection of market patterns. With this integration, DXtrade brokers can now offer clients the chance to uncover granular opinions, spot market trends, and analyse disparate data sets. This will enable them to fight against information overload or infobesity and make more informed decisions.