Fazzaco Weekly Digest: Talks to Executive Director of HTFX EU; 31 Brokers' Client Account Profitability in April 2024; Google, Apple Stores Remove Binance App

Last week, Fazzaco conducted an exclusive interview with Mr. Kyriakos Hadjikyriakou, the seasoned Executive Director of HTFX EU, demonstrating the development philosophy and successful experience of this fast-growing brokerage brand with multiple regulatory licenses in recent years.

At the same time, Fazzaco published its latest monthly article on the profit/loss ratio of client accounts from 31 brokers, revealing a slight decrease of 0.19% in the winning rate of client accounts for April 2024 compared to the previous month.

In other news, the crypto giant, Binance, faced regulatory challenges once again. The Philippine SEC has requested Google and Apple to remove Binance apps from their app markets, claiming that the crypto trading platform is operating illegally.

Several trading platforms have also released their quarterly financial reports recently, including Admirals UK, Flow Traders, CME Group​, and Virtu Financial​. Furthermore, there have been changes in the senior leadership teams of brokers such as Ec Markets, Deriv, INFINOX, and Gold-i​. 

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 last week. 

1. Fazzaco Talks to Executive Director of HTFX EU: Changing The Way You Trade Is More Than A Slogan​

In the realm of financial services, innovation and client satisfaction are the cornerstones of a brokerage's success. It's not just about having cutting-edge platforms and technology, or unmatched customer support; it's also about the tangible experiences traders encounter in their transactions.

Fazzaco has the privilege of hosting Mr. Kyriakos Hadjikyriakou, the seasoned Executive Director of HTFX EU. With his rich tapestry of experience in finance, he's here to unfold how HTFX breathes life into the slogan "Changing the Way You Trade," ensuring it transcends beyond mere words.

2. Fazzaco Reports: Client Account Profit/Loss Ratio of 31 Brokers in April 2024

Fazzaco collected the data of profit/loss ratio of client accounts from 31 brokers in April 2023. The brokers we have in this month-on-month comparison remained the same as last month.

Among the 31 brokers this month, an average of 28.46% of client accounts achieved profits, while 71.54% of client accounts suffered losses. Compared with the average data in March 2024, the winning rate of client accounts decreased by 0.19%.

3. CFD Broker Ec Markets Hires Nick Xydas as Marketing Director​

Fazzaco learned that CFD broker Ec Markets has selected marketing proffessional Nick Xydas as its Marketing Director. Nick brings over 15 years of marketing experience and a wealth of expertise to the new role.

"Excited to announce that I've recently joined EcMarkets as Marketing Director, with a vision to propel it into a global brand!" Nick shared on LinkedIn. "Thrilled to contribute to the growth and evolution of this already established powerhouse."

4. Online Broker Deriv Embraces Dual Leadership, Names Co-CEO​

Fazzaco learned that online broker Deriv has refreshed its leadership model with the appointment of Rakshit Choudhary as Co-Chief Executive Officer (Co-CEO).

Rakshit was elevated from Chief Operating Officer, on which he has been for five years, responsible for research, development and launch of products across all platforms. 

5. Admirals UK Registers 40% Increase in Turnover for 2023​

Admiral Markets UK Limited (Admirals UK), the London-based arm of Admirals Group, an Estonia-based retail FX and CFDs broker, delivered an overall growth across key financial metrics during the full year of 2023, with turnover jumping 40 percent, according to the Companies House filing by the entity.

Specifically, turnover for 2023 came in at £8.4 million, rising from £6.0 million in 2022. Gross profit experienced an increase of 43 percent from £5.8 million to £8.3 million.

6. Philippine SEC Requires Google and Apple Stores to Remove Binance App

The Philippine's Securities and Exchange Commission (SEC) issued a statement on Tuesday (April 23) stating that it is working with Google and Apple, requiring these companies to remove applications operated by crypto giant Binance from their app markets.

Emilio B. Aquino, SEC Chairman, said in the statement: "The SEC has identified [Binance] and concluded that the public's continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos."

7. NAGA and CAPEX.com Merger Approved by Shareholders​

NAGA Group, a social trading focused fintech company, announced that its merger with CAPEX.com, the global multi-asset brokerage, has been approved by the Extraordinary General Meeting of the Shareholders, which was held on April 12th, with a vote of 99.81%.

At the end of 2023, both companies have entered a merger agreement, which was sheduled to close in Q2 2024. Fazzaco has conducted an in-depth analysis in the article "Why Is the Capex.com and NAGA Merger A Game-Changer?" to uncover the reasons behind this merger.