Tickmill Achieves Record Trading Volume in MENA, Exceeding $135 Billion
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AvaTrade, a global leader in online trading with operations in multiple regulated markets, has successfully gained authorization from the Financial Superintendence of Colombia (SFC). This crucial regulatory approval enables AvaTrade to establish a legal presence in Colombia, marking a significant milestone in the company's strategy to extend its footprint across Latin America. The move aligns AvaTrade with a growing number of international brokers eager to tap into the expanding trading opportunities in the region.
Founded in 2006, AvaTrade has consistently broadened its global reach, now boasting 20 offices worldwide and supporting over 400,000 traders. The company offers a wide array of financial products, including CFDs, Options, and Futures, which will now be available to Colombian traders. Emphasizing the importance of security and technology, AvaTrade ensures that client funds are safeguarded in segregated accounts while providing seamless access to its trading platforms across mobile and desktop devices.
“Our entry into Colombia is a vital step in our global expansion and strengthens our regulatory presence in the LATAM market,” said Daire Ferguson, CEO of AvaTrade Group. With the SFC’s approval, Colombian traders can now access AvaTrade's comprehensive multi-asset platform, allowing them to trade directly on major global exchanges like CME and Eurex. This development is expected to offer Colombian traders more secure and transparent options for engaging in global markets.
In addition to its Colombian expansion, AvaTrade has recently launched AvaFuture, a new futures trading platform. This platform offers various contract types, including micro, mini, and standard futures, across multiple asset classes such as indices, commodities, currencies, treasuries, cryptocurrencies, and metals. AvaTrade's ongoing investments in platform development and market expansion demonstrate its commitment to delivering cutting-edge trading solutions and maintaining strong regulatory compliance globally.
The first half of 2024 has been exceptionally strong for Tickmill in the Middle East and North Africa (MENA) region, with trading volumes surging by 54% to surpass $135 billion. This significant growth in trading activity was accompanied by a historic increase in the number of clients, including active traders, as confirmed by data shared with Finance Magnates.
Tickmill reported a substantial year-over-year increase in trading volumes across the Middle East, with the total volume for the past six months rising by nearly $50 billion compared to the same period in 2023. “This year's results, both in the Middle East and globally, reflect the hard work of Tickmill's dedicated team, our experienced leadership, and our unwavering commitment to client fund safety, transparency, integrity, and innovation,” commented Joseph Dahrieh, Managing Director at Tickmill.
Mohamed Abdelbaki, Tickmill’s Regional Marketing Manager, added, “This milestone reaffirms our dedication to empowering Middle Eastern traders by providing them with cutting-edge technology, efficiency, and exceptional service for their financial endeavors.”
The surge in trading volumes has been driven by a record increase in the number of clients, with the MENA client base growing by 14% and active clients by nearly 20%. Tickmill has also made significant organizational and service enhancements, including the promotion of Nicholas Baumer to Chief Commercial Officer (CCO) and the integration of SoFinX's platform to enhance copy trading capabilities. Additionally, Tickmill has introduced a competitive interest rate program for unused funds in traders' accounts, offering rates of 3.5% for USD wallets, 3.25% for GBP wallets, and 2.5% for EUR wallets.
The liquidators of the bankrupt FlowBank have announced their intent to sell the entire stake in London Capital Group’s (LCG) UK entity while planning to wind down operations at its sister company in the Bahamas. This move follows the Swiss Financial Market Supervisory Authority’s (FINMA) decision to revoke FlowBank's operating license in June 2024 and initiate bankruptcy proceedings.
The regulatory action was triggered by a thorough examination of FlowBank's operations, which revealed breaches in supervisory laws, particularly concerning capital requirements, organizational adequacy, and risk management. Despite the appointment of an external auditor in October 2022, FlowBank continued to fall short of regulatory standards, leading to its eventual downfall.
As part of the liquidation process, FlowBank’s liquidators have begun repaying secured deposits, with approximately 5,800 accounts already receiving around CHF 45 million, representing 84% of the total secured deposits. The liquidators clarified that positive balances in clients' CFD accounts do not constitute secured deposits but rather represent ordinary debts of the bankrupt estate.
LiteFinance, a global provider of trading services, has entered into a multi-year partnership with Leicester City Football Club, becoming the club's Official Trading Partner. This collaboration is a significant step for LiteFinance as it seeks to expand its brand into the sports industry, particularly in regions like the Middle East and Southeast Asia, where Leicester City enjoys a strong following.
Since its founding in 2005, LiteFinance has grown to offer trading services in 29 languages, providing access to a diverse range of financial instruments, including currencies, commodities, stocks, and agricultural products. Through its partnership with Leicester City, LiteFinance aims to boost its visibility and reach, introducing its trading solutions to a broader audience.
“This collaboration marks an exciting chapter as we continue to extend our global reach,” said Dan Barnett, Leicester City’s Commercial Director. “We look forward to working closely with LiteFinance to elevate the Club's international presence in innovative ways."
LiteFinance has also integrated the cTrader platform into its trading offerings, enhancing its desktop, web, and mobile services. This update includes full compatibility with LiteFinance’s ECN account, offering advanced trading features. The cTrader platform is renowned for its user-friendly interface and powerful analysis tools, ensuring transparency and minimizing delays through STP (straight-through processing).
Kristina Leonova, LiteFinance’s Chief Executive, added, “We are thrilled to partner with Leicester City, reflecting our shared commitment to excellence and innovation. This partnership will allow us to connect with new audiences and create impactful experiences as we continue to set new standards of success.”
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