U.S Elections; NinjaTrader Pays Fine; FYNXT Rolls Out AI Translation; Monthly Client Account Report; MetaQuotes and Its Future
Fazzaco continued extensively covering the latest trends in forex, crypto, fintech, and prop trading last week. We also updated the monthly report on the winning / losing rate of brokers' client accounts, and published discussions regarding the change of forex brokers' attitude towards the MetaQuotes software.
Below are news and articles for the Fazzaco's last week recap.
U.S VP Kamala Harris Champions AI and Crypto Investment
U.S. Vice President Kamala Harris made headlines during a fundraiser at Cipriani Wall Street in New York City, where she outlined her commitment to fostering investment in artificial intelligence and cryptocurrencies if elected.
In her remarks, she stated, "I will bring together labour, small business founders and innovators and major companies," emphasizing a collaborative approach to enhance America's competitiveness and future.
CFTC Orders NinjaTrader to Pay $750,000 for Regulatory Failures
The Commodity Futures Trading Commission (CFTC) has taken significant action against NinjaTrader Clearing, LLC, which operates under the names NinjaTrader, Tradovate, and TransAct Futures, based in Deer Park, Illinois.
The CFTC's order, announced on September 23, finds that from at least December 31, 2020, to the present, NinjaTrader failed to implement adequate policies and procedures for the emergency handling of accounts, resulting in insufficient oversight of its employees during critical situations.
FYNXT, a leading provider of fintech solutions for brokers, is proud to announce the launch of its innovative AI-powered translation feature within its CRM platform. This new capability is set to revolutionize how brokers communicate with their clients across diverse markets by providing effortless, real-time multilingual translations.
IronFX Founder Launches Proprietary Trading Brand Ultimate Traders
Markos Kashiouris, founder of forex and CFDs broker IronFX, has further expanded his presence in the retail trading industry by launching a proprietary trading platform, Ultimate Traders.
The proprietary trading brand is operated by Ultimate Traders Evaluation Ltd, a UK-based company founded in 2023, in which Kashiouris, as the company's major shareholder, holds a 75% ownership.
Fazzaco Reports: Client Account Profit/Loss Ratio of 29 Brokers in September 2024
Among the 29 brokers this month, an average of 28.34% of client accounts achieved profits, while 71.66% of client accounts suffered losses. Compared with the average data in August 2024, the winning rate of client accounts increased by 0.46%. Although it is worth pointing out that only 2 brokers saw monthly changes this month while the rest stayed the same.
Among them, Hantec Markets ranked first with a 40% profit rate of client accounts. Valutrades and FXCM come right after with a 38% profit rate.
MetaQuotes Has Been Ruling for 20 Years, Is It Time to End?
In 2005, MetaQuotes rolled out its MetaTrader 4 (MT4), an electronic trading platform, quickly becoming the go-to software for online retail forex traders. Nearly 20 years on, it's worth reflecting: What mobile phone were you using in 2005? A Nokia or a Motorola, perhaps? Back then, Windows XP was the dominant operating system, a platform that Microsoft discontinued support for a decade ago, in 2014.
So, how has this two-decade-old software managed to thrive in the niche market of retail forex trading? In light of recent happenings, such as Apple's removal of MT4 from its App Store and the crackdown on "grey labeling" prop firms, is there a growing trend among brokers to move away from MTs?
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