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 Interbank FX launches a Facebook appInterbank FX has recently launched a very interesting application – a Micro Mini Challenge on Facebook. This is a very interesting development in the Forex marketing arena and I expect many more firms to follow soon. babypips.com grows, goes socialbabypips.com the known Forex educational forum has recently made a significant number of steps signalling its understanding that the Forex market is going social.
Let me coin that as Forex 2.0. FX Bridge raises funds, competition in fx software market?A few days ago Atlanta-based FX Bridge Technologies Corp. announced that it has raised $500,000 from investment bank Croft & Bender LLC. So far the company has raised about $4.5 million since launching in 2007. FX Bridge’s software allows brokerage clients to electronically buy and sell forex, CFDs and options. The company makes money through software licensing and transaction fees.
Does this mean the Forex software market is open for competition? I hardly think so. FXOpen introduces incremental ECN lot tradingToday FXOpen announced (http://forum.fxopen.com/showthread.php?t=62155) that it completed the development and testing of another very important feature – incremental lot trading. With the exception of MB Trading small time traders could not have traded ECN style due to the very large minimal order requirements. Saxo Bank’s profit tumbles 66%, assets grow by 2%Saxo Bank just reported its financial results for the first half of 2009, profits are down, assets are up amid lower trading volumes.
At the bottom line Net Profit tumbled 66% from 120,921,000 DKK in the first half of 2008 to 41,011,000 DKK (~$ 7.4 million) in the first half of 2009. Total assets increased by 2.4% and the number of employees decreased by 20%. Forex Moments and Forex Magnates announce the Ultimate FX School for New TradersThe current retail Forex market is an ambiguous one to say the least, and new traders are immediately overwhelmed with various terminology, personal opinions, conflicting reviews, and sometimes downright arrogance from more “senior traders”. This often leads to confusion, uneducated decisions, equity losses, and ultimately, a feeling of helplessness. Forex Magnates - Saxo Bank makes another blunder, this time makes a move into JapanI’m sure that when a book on retail Forex will be written a few years from now one of the biggest flops mentioned will be Saxo Bank.
Saxo Bank, as I have extensively covered and claimed in the past, should have become a leading Forex brokerage company a long time ago. Instead Saxo reached the top and then just stagnated for years and years without making any real progress. Saxo should have been much more aggressive by buying other brokers and establishing new subsidiaries years ago. However, I Forex Magnate of the Month™ for May 2009: FXCMAnnouncing the winner of the first ever “Forex Magnate of the Month” award: Drum roll please….and the winner is… FXCM!
Forex Magnate of the Month™ (™ makes it look so much more official doesn’t it?) - is a completely subjective award that I grant a broker who made the most monthly progress both in terms of market share (opening new offices, acquiring other brokers, growing volume, etc) and client service (better spreads, ECN or STP and not market making, improved software, etc). Forex Magnates: 2009-06-10: Forex Magnates Daily UpdatesSummary of daily Forex brokers updates, found nowhere else Forex Magnates: And yet another Forex Ponzi scheme! This time targeting Korean-AmericansI’m constantly trying to warn naive (and sometimes the most sophisticated) investors that people promising unthinkable returns but refusing to disclose all the financial details are rip off artists. If you do not have a clear cut description/prospectus/term sheet of what products are being invested in, where the assets are being held and who is monitoring the performance (like KPMG, E&Y, etc.) – chances are good that you have been approached by a scammer looking to part you from your hard earne
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