Fazzaco Weekly Digest: ClickAlgo’s Founder Paul Hayes Talks; Elon Musk Posts a Twitter Poll about Whether Tesla should Accept Dogecoin

​Take a look at the latest happenings in this week's news digest from around the forex, fintech and crypto industry. Here are some of the top headlines from this past week.

1. ClickAlgo’s Founder Paul Hayes Talks Trends of cTrader Plugins

Paul Hayes is the founder at ClickAlgo and his primary role is to identify business opportunities to expand the business and promote their products and services.

ClickAlgo is a UK based financial solution provider who specializes only in the cTrader platform, helping customers create automated and semi-automated trading strategies, indicators and smart trading software tools for out-of-the-box trading.

Paul joins Fazzaco today to give more introduction about ClickAlgo and share his opinion on cTrader plugins.

2. Elon Musk Posts a Twitter Poll about Whether Tesla should Accept Dogecoin

On 11 May, 2021, Tesla CEO Elon Musk asked his 54 million Twitter followers “Do you want Tesla to accept Doge?”

As of press time, nearly 80% Twitter users voted for “Yes” among 3,922,516 votes. In addition, some users even suggested making SHIB a method of payment for Tesla.

3. Binance Releases a Notice Regarding Withdrawal Suspension

Fazzaco has learned that Binance, a crypto exchange giant, released a notice at 7:10 pm, 10 May 2021 that all withdrawals were temporarily suspended on Binance. The crypto exchange told its clients to rest assured its team was working on it and it expressed apology for any inconvenience caused.

The withdrawal may be caused by Binance’s planning to list SHIBA INU (SHIB), another meme coin similar to Dogecoin (DOGE). 

4. SGX Reports 30% YoY Jump in FX Traded Volume for April 2021

Singapore Exchange (SGX) today released its market statistics for April 2021, showing a 30% rise year-on-year in FX traded volume.

Total FX traded volume on SGX rose 30% y-o-y in April to 2.2 million contracts, with SGX USD/SGD Futures reaching a single-day record high of 10,521 contracts on 30 April. SGX INR/USD Futures jumped 38% to 1.4 million even as a secondary market government security acquisition programme announced by the Reserve Bank of India fueled a decline in volatility. SGX USD/CNH Futures volume gained 13% to 766,980 contracts amid investor concern over the outlook for China-U.S. relations.

5. Pepperstone Updates Margin Requirements for European Retail Traders Using MT4/MT5

Fazzaco learned that Australian FX broker Pepperstone has posted its latest change to the margin requirements. More specifically, European retail customers will be required to post a margin of 50% on the hedged portion of any instrument, effective June 5.

According to the email sent to its European clients, the new change only applies for traders who use MetaTrader 4 and MetaTrader 5 accounts. Notably, there will be no change to current trading conditions for cTrader accounts holders.

​6. FCA Reveals Plan for New Consumer Duty for Financial Firms

The United Kingdom's Financial Conduct Authority (FCA) has set out plans for a new Consumer Duty, which will set a higher level of consumer protection in retail financial markets for firms to adhere to.

Firms are already bound by FCA rules and principles to treat customers fairly and many firms are delivering the right outcomes for consumers, including good products and services at fair prices, supported by high standards of customer service and clear communications.

7. Interactive Brokers Group Rolls out US Spot Gold Trading​

Interactive Brokers Group, a provider of trade execution and clearing services, has announced the launch of US GOLD, enabling clients to trade U.S. spot gold in amounts as small as one ounce, side-by-side with other asset classes from a single, integrated account. 

In addition, U.S. clients will be able to request physical delivery settlement of COMEX Gold and Silver futures directly from their accounts on May 17.