FX News Roundup: Admiral Markets Introduces MT5 in U.K., FXCM Ends Affiliate Program
As it seeks to consolidate its foothold in the U.K. market, Admiral Markets on Monday launched its live MetaTrader 5 service. This is in line with its goal of providing trading platforms for various audiences. The company had inserted a ‘coming soon’ tab on its website-www.admiralmarkets.co.uk-indicating that it would soon add MetaTrader 5 trading platform.
It remains to be seen how the company will fare in the UK market, where most retail FX firms use in-house spread betting and CFD platforms that are designed with the local market in mind. The MetaTrader 5 platform can be downloaded by clicking this link.
Meanwhile, leading retail FX broker FXCM terminated its affiliate program via a letter that was mailed to all its former affiliates. Most analysts believe the cancellation of the program is mainly due to financial reasons, as the company shifts to its new raw-spreads-plus commission pricing model.
Secondly, the company may have ended the affiliate program due to regulatory reasons as regulators increasingly scrutinize volumes and clients linked to the affiliate program.
Nonetheless, the hint that FXCM would terminate the affiliate program was all too clear. The company, as seen on its Q2 report, reported that indirect volumes fell 28 percent from a year earlier, mostly due to the winding down of the affiliate program.
Elsewhere, social trading firm Myfxbook has been registered by CySec as a regulated brokerage, licensing the company to provide brokerage services. This puts the company in good stead to offer its services to clients across Europe if regulations are amended to incorporate copy and social trading.
Myfxbook was licensed under number 332657. For other CySec-regulated brokers, you can follow this link.