Fazzaco Weekly Digest: IC Markets Enters Prop Trading Industry; Admirals Suspends New Client Registration in EU; Pepperstone UK Profit Surge in FY23

In the first week of April, a number of trading companies, including Pepperstone UK, Interactive Brokers, Exness​, and FXSpotStream, released their latest trading data. Among them, Pepperstone UK's revenue for FY23 reached £10 million, surging 163% on a year-on-year basis.

In the crypto sector, Fazzaco compiled the spot trading data of the top ten crypto exchanges for March 2024, and the overall market trading volume soared month-on-month. Notably, Binance maintained its leadership position, with its spot trading volume surpassing the trillion-dollar mark once again.

Despite previous severe regulatory crackdowns, prop trading continues to be favored by industry companies. Last week, IC Markets joined other well-known forex brokers, such as Hantec, Raise FX, and OANDA, by launching its own prop trading platform, icfund.com.

Furthermore, Admirals, a leading online trading platform, caused industry-wide concern by unexpectedly suspending the registration of new users in the EU last week.

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

1. IC Markets Enters Prop Trading Industry with Soft Launch of icfund.com​

IC Markets, a leading online trading provider, is making its foray into the prop trading industry with the soft launch of its prop trading platform icfund.com.

While still in the trial stage, icfund.com is now accessible to clients who can register and explore the platform's various features. On the homepage, icfund.com has also announced its upcoming "IC Funded Challenge," a campaign that currently does not accept applications from the United States, Australia, Canada, and Hong Kong.

2. Admirals Suspends New Client Registration in EU

Admirals, a forex and CFD broker, has halted the registration of new clients in the EU due to regulatory challenges. However, the trading and investing activities for existing clients are not affected by this "temporary and voluntary" suspension.

Admirals' CEO and Co-Founder, Alexander Tsikhilov, mentioned: "We are temporarily suspending the onboarding for Admirals Europe Ltd. This decision is related to our efforts to comply with and adapt to the recommendations of the CySEC regulator and affects only our activities in the EU countries. Our current customer base in Europe remains intact, and we will continue to ensure stable access for our clients to our products and services."

3. FYNXT Appoints Esti Revivo- Ronen as Regional Head of Business Development​

FYNXT, a leading Singapore-based fintech company providing next-generation digital solutions for multi-asset brokers, today announced the appointment of Esti Revivo- Ronen as Regional Head of Business Development. In this pivotal role, Ronen will spearhead strategic planning, market analysis, and client relationship management to drive sales performance, mentor teams, and develop partnerships to expand FYNXT's market reach.

With a focus on product positioning and contract negotiation, Ronen will ensure FYNXT maintains a competitive advantage and secures favourable terms. Risk management, performance analysis, and the continuous improvement of business development strategies and processes are key responsibilities. Through these efforts, she aims to achieve revenue targets, maintain regulatory compliance, and enhance the company's market presence and reputation within the dynamic and competitive financial technology landscape.

4. iSAM Securities Partners with PrimeXM to Expand APAC Presence

iSAM Securities announced its latest partnership with PrimeXM, a technology and bridge provider to enhance its trading infrastructure and expand its presence in APAC. 

As part of this collaboration, iSAM Securities has integrated its FX pricing into the SGP XCore platform within Prime XM, establishing a new connection hub in Singapore and harnessing the combined strengths of both companies. 

5. Pepperstone UK Sees FY23 Profit Surge to £10M​

Pepperstone Limited, the London unit of the Australia-based Forex and CFD broker Pepperstone, delivered £10.0 million for the fiscal year ended on 30 June 2023 (FY23), jumping from £3.8 million in FY22.

The entity generated gross profit of £11.9 million for the fiscal year, compared to £9.2 million in the previous year. 

6. FXCM Enhances Customer Onboarding by 29% by Integrating with AU10TIX for KYC

FXCM, a provider of online forex trading, stocks, CFDs and related financial services, has forged a successful partnership with AU10TIX, a global provider of identity verification and management, to enhance user security and streamline the onboarding process.

The partnership has increased ID document approval rates by 29% and impacted revenue growth.

7. All 10 Crypto Exchanges Soar in Mar. Spot Volumes, Binance Hits Trillion​

Based on spot trading volume data since March 2024, Fazzaco has compiled the performance of the top ten crypto exchanges. In this month, the crypto market's growth soared up 117.56% compared to last month, rising from US$1 trillion to over US$2.18 trillion this month. Average growth of the top ten reached 102.31%.

The largest increase was seen in Upbit, with a 172.25% growth, while the smallest growth was from LMAX Digital, at 29.96%.