GAIN Capital’s GetGo mobile app becomes available in Australia

Maria Nikolova

After the solution had to bid goodbye to the EU market due to the new ESMA rules, it becomes available in Australia.

There has been a lot of havoc around the latest ESMA rules, which imposed certain restrictions on CFD offering to retail clients as the regulator sought to introduce enhanced protections to traders. The new ESMA rules have triggered a surge in brokerages’ efforts to lure professional clients, but have had other consequences too – actual changes to offering had to be made.

The GetGo mobile app, which online trading major Gain Capital Holdings Inc (NYSE:GCAP) initially rolled out in the UK in December 2017, has been among the solutions affected by the new rules.

In late July this year, when GAIN announced its results for the second quarter of 2018, it also said GetGo is about to be withdrawn from the UK/EU market, as a result of the new ESMA/FCA rules. The app is set to be launched in other jurisdictions, the brokerage explained back then.

The creators of GetGo had previously indicated that Australia will be the next region where the app would be rolled out.

The broker has stayed true to its words, as less than a fortnight after the results announcement, the company has made GetGo available in Australia. Version 1.0.15 of the app for iOS devices and version 1.0.5 of the app for Android gadgets are the first to be made available for download in Australia.

The GetGo application harnesses the capabilities of a smart AI-enhanced algorithm to spot statistical trends in financial markets and provide users with trading signals based on historical data. GetGo’s algorithm reads through millions of data points across global indices, currency and commodities markets looking for price patterns that have led to consistent trading outcomes in the past. When it spots a pattern it thinks might repeat, it pings a user a signal. Then traders have to decide: GetGo or No-Go? And that is where the app gets its name from.

Read this next

Digital Assets

DappRadar report: NFTs volume below $1 billion for the first time since June 2021

DappRadar’s July 2022 industry report found that blockchain games and their NFTs remain resilient amid a crypto winter accentuated by the debacle of Terra.

Digital Assets

Blockchain.com registers to operate crypto business in Italy

Blockchain.com had registered as a digital asset provider in Italy, following in the tracks of rivals who joined a special registry with brokerage regulator Organismo degli Agenti e dei Mediatori (OAM).

Digital Assets

Binance rolls out crypto card in Argentina with 8% cashback

Binance is launching its crypto debit card in Argentina, the first country in Latin America to have the product thanks to a partnership with Mastercard.

Digital Assets

Greece sends BTC-e operator Alexander Vinnik to US

Alexander Vinnik, an alleged Russian hacker accused of laundering $4 billion of criminal proceeds through BTC-e, has been extradited from Greece to the United States.

Retail FX

Saxo Bank reports weakest FX volume in 6 months

As many traders were away on annual summer leave, currency markets saw a relatively quiet period in July. Within that context, Copenhagen-based Saxo Bank has reported its monthly metrics, which showed a renewed decline month-over-month.

Market News

The Week Ahead: 5 August from David Madden, Market Analyst at Equiti Group

It has been an interesting week and despite a lot of negative news, equity markets enjoyed a positive run. US House Speaker, Nancy Pelosi, defied the warnings from the Chinese government and carried out a visit to Taiwan. The Beijing authorities moved military hardware close to the self-governed island to flex its muscles. Stock markets came under a little pressure as a result and risk-off assets like the Japanese yen and gold found themselves in high demand.

Opinion

Alina Strogonova of Muvon Payments: How Can Fintech Optimise Payments

Financial services in their conventional form are obsolete, according to fintech startups. New-age finance is constantly redesigning electronic money transactions and testing innovative solutions.

Digital Assets

No need for CFDs: BitMEX introduces leveraged FX perpetual swaps

Previously retail FX trading was mostly possible via CFDs (contract for difference). BitMEX’s FX perps allow both retail users and institutional traders to access FX markets through an exchange-traded contract.

Digital Assets

BEQUANT launches index measuring dollar against crypto

“Our research team has worked hard to quantify and capture the latest economic story into the broader crypto market.”

<