Fazzaco Weekly Digest: NFA Changes FORTRESS Fees; EverFX Banned Offering CFDs in UK; Tickmill Partners with TradingView

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. NFA Announces Its Plan to Change FORTRESS Fees​

The United States National Futures Association (NFA) announced that it is planning to change Forex Transaction Reporting Execution Surveillance System (FORTRESS) fees.

According to the official announcement, NFA's Forex regulatory program currently obtains the revenue needed to operate the program from three sources: (i) annual membership dues for FDMs for which NFA serves as the DSRO; (ii) annual membership dues for non-FDM Forex Members; and (iii) an assessment of $.003 on each order segment submitted to NFA’s FORTRESS by FDM Members. NFA utilizes FORTRESS to perform surveillance of FDM trading activity.

NFA's Board requires that each of NFA's regulatory programs be financially self-sufficient and maintain a minimum amount of reserves to cover the program's projected operating expenses.

2. FCA Bans EverFX Offering CFDs to UK Clients

The United Kingdom's Financial Conduct Authority (FCA) has acted against Cypriot-based firm, ICC Intercertus Capital Ltd, which trades as EverFX, and ordered the company to stop offering high risk contracts for differences (CFDs) to UK investors.

According to the press release, the FCA alleged that many consumers were subsequently induced to transact with overseas members of the EverFX Group, which had no authorisation to provide regulated services in the UK.

​The FCA identified serious concerns with the sales and marketing practices of the EverFX Group. The broker allegedly used misleading financial promotions and failed to inform consumers about the nature and risks of CFDs. Additionally, the broker pressed clients for investments, instructed clients on which trades to make, and failed to allow customers to withdraw funds. This has led to some consumers losing very significant sums of money.

The FCA has stopped ICC Intercertus from conducting any regulated or marketing activities in the UK and has also ordered the firm to close all trading positions and return the money to customers.

3. Tickmill Strengthens Futures Offering in Partneship with TradingView​

Fazzaco learned that Tickmill, an FCA-licensed Forex and CFD broker, has partnered with TradingView to facilitate direct market access (DMA) to 5 regulated derivative exchanges: namely CME, NYMEX, COMEX, CBOT and EUREX. 

As detailed in the official announcement, Tickmill clients will be able to execute trades directly from TradingView charts with the latest integration. In addition, the broker will offer access to TradingView Pro for a limited time to new futures clients without extra cost.

The new integration is expected to accelerate Tickmill's growth in the futures trading space as retail clients will gain access to a wider set of market research tools on TradingView.

4. Just Financial Enters North America With OANDA as Partner​

Fazzaco learned that, automated FX market analytics provider Just Financial has announced its partnership with OANDA, a global leader in online multi-asset trading services, currency data and analytics. This new partnership aims to bring transparency and fairness to the FX market for corporate clients.

Founded in 2017, Just Financial provides corporate treasurers with the information leverage required to avoid being exploited by their FX providers. Their long-term vision is a world where businesses around can run their financial operations and trade activities with a crystal clear view and understanding of financial cost and risk exposure. Today, Just creates software solutions to transform how corporate treasurers globally manage FX, connecting business intelligence and analytics capabilities directly to transparent financial market data.

The company posted the following on the social media, "Thrilled to announce our entry into North America together with OANDA | FX Data Services. We are looking forward to engage with #CFO´s and #treasurers who wants to increase control and visibility, and reduce cost of trading."

5. Infinox 'Helped Instagram Scammers Dupe Hundreds out of £4,000,000'​

An Instagram trader was allegedly scammed people out of nearly £4million in an elaborate online fraud and the broker Infinox has been accused of helping scam using shell companies in the Caribbean.

Some 1,250 people are believed to have lost sums from £500 to £88,000 when a seemingly successful foreign exchange investment scheme on a global trading platform called Infinox collapsed in 48 hours over Christmas 2019.

Many blamed 22-year-old ‘self-made’ Forex trader Gurvin Singh, who promoted the scheme to his 170,000 followers as a ‘copy-trading’ service which would mirror his moves onto their own accounts.

He was accused of covering up massive losses and duping investors into thinking the scheme was protected by the UK’s financial authorities, when their money was actually sent to a broker registered in the Bahamas using the Infinox brand.

The Financial Conduct Authority (FCA) issued a scam alert against Singh and unnamed associates under his ‘GS3’ brand for ‘providing financial services without our authorisation’, which can lead to a criminal prosecution.

6. Capital.com Announces Extension of Trading Hours

​Fazzaco learned that Capital.com, European trading and investing platform, has announced extending its trading hours to allow pre-market and after-hours trading on its platform.

According to official announcement, clients of the platform can now trade derivatives on popular securities between 04:10 to 20:00 EST, outside of the traditional trading hours of 9:30 to 16:00 EST.

Extending the trading hours is meant to permit clients to trade at more convenient and flexible times. In addition, it will help them react quickly to news and events before the normal trading day starts.

7. easyMarkets Rolls out μBTC Account​

Fazzaco has learned that easyMarkets launches μBTC Account, which allows its traders to deposit, trade and withdraw in Bitcoin. The account is available across all easyMarkets platforms: web, app and MT4.

The new μBTC account gives clients the ability to trade any of easyMarkets 200+ instruments directly, without exchanging their Bitcoin for FIAT currencies – in a quick and easy way based on the blockchain.

The μBTC account’s features include:

• Some of the tightest fixed spreads in the industry on shares, cryptocurrencies, commodities, metals, options and currencies.

• No Slippage on easyMarkets platform & App – a powerful benefit when you are trading highly mobile instruments like cryptocurrencies.

• Negative Balance Protection

• Free & Guaranteed Stop Loss & Take Profit on easyMarkets Platform & App

• Available on MT4 too, for experienced users!