Trading.com joins a handful of retail FX brokers in the US

abdelaziz Fathi

Trading.com Markets (formerly Trading Point US Inc) has officially launched its FX platform in the US, nearly two years after it was approved as Forex Dealer Member of the United States National Futures Association (NFA). And, to celebrate the launch, the company is offering a $30 welcome bonus to new account signups.

Trading.com

The US arm of forex brand XM will provide retail foreign exchange services to US traders amid a tough regulatory environment that has squeezed other providers out of that market. Trading.com first applied for a forex broker license in the US back in January 2019.

For Pambos Panayiotou, CEO of Trading.com Markets Inc., comments: “From the many conversations we’ve had with retail traders in the US, we identified a gap between what many traditional forex dealers provide, and what clients really require. In many cases, customers felt let down by needlessly complex processes, pricing structures, and an overall lack of clarity when it came to important information. At Trading.com, we’re doing things differently. From our products and services, to our messaging, we’re introducing simplicity to an industry in need of it.”

A fairly stagnant and underserved market

The prospect of loosening regulations began to revive interest in the US stagnant market among foreign brokers. In 2019, London-based IG Group officially launched its United States subsidiary, IG US, which was the first broker to enter the US market since 2009.

IG US has been taking market share away from traditional big players, but the US subsidiary of Europe’s biggest spread better still has a long way to challenge the likes of GAIN Capital and Oanda, which command more than 70 percent of the US retail market.

The new entrants could help brighten the outlook for a retail industry that has struggled for quite some time under the provisions of the Dodd-Frank legislation. However, the exact timeline for revised rules is unclear, but it would likely take several months at the earliest, given the scale of the reform the regulators will be implementing.

Elaborating on their offering to the US market, Trading.com said: “Right now, eligible users across the United States can register for a T1 account, which provides an all-in-one forex trading experience. Customers can enjoy access to news and expert research, a learning center, and advanced trading tools, all in one place, with the Trading.com WebTrader or App. Additionally, the MetaTrader 5 trading platform, successor to the popular MetaTrader 4, featuring additional features and improvements, is also available.”

Read this next

Metaverse Gaming NFT

Despite crypto winter, Fastex grabs $23.2 million in Fasttoken token sale

Fasttoken, part of the Fastex web3 ecosystem, has secured $23.2 million in financing through the private and public token sales of its native cryptocurrency Fasttoken (FTN).

Digital Assets

Iran to repay Russian debts in gold-backed stablecoins

A high-ranking member of the Russian parliament confirmed reports that his country was in talks with Iran to create a stablecoin for foreign trade settlements, to replace the dollar, ruble and Iranian rial.

Digital Assets

SEC denies Cathie Wood’s bitcoin ETF for second time

The approval of a regulated crypto derivative is still looking far less likely, as the US regulators have once again denied Cathie Wood’s application for a long-awaited spot bitcoin exchange-traded fund (ETF).

Executive Moves

Pavel Spirin promoted to Scope Markets CEO following Rostro acquisition

Belize-based FX and CFDs brokerage Scope Markets has promoted Pavel Spirin to take on an expanded role as the company’s chief executive officer. He replaces the outgoing CEO Jacob Plattner, who has also been a major shareholder since he resigned his position as managing director at GKFX.

Retail FX

Public.com goes all-in on alternative investing, launches Rare Sneaker Portfolio

“The concept of curated Portfolios means that our members will be able to invest in categories like art, trading cards, royalties, and real estate without needing to become subject matter experts on individual assets.”

Industry News

State Street taps AWS and Microsoft for cloud and infrastructure solutions

“By standardizing and simplifying our technology operating model, we will be able to more quickly deploy client environments and launch new products and services, while continuing to enhance the resiliency of our technology environment and our business operations.”

Institutional FX

Bitpanda launches Investment-as-a-Service business for banks, fintechs, online platforms

“Financial institutions today have to ask themselves how they aim to cater the increasing demand for modern investing solutions. Building these Individually, means a high startup cost, and products that are often outdated before they are even launched.”

Institutional FX

Options expands market data feeds after partnership with Tools for Brokers

“Our integration with ACTIV Financial marked the beginning of a new era in market data availability and infrastructure. Our teams have come together to provide unparalleled, fully managed market data services alongside Options’ global connectivity and infrastructure.”

Industry News

Recruitment in financial services sector buoyant despite planned mass layoffs

“It remains to be seen what impact this will have on hiring levels within the financial services arena this quarter”, said APSCo, regarding the expected mass layoffs within the financial services sector in England & Wales. 

<