This week in the Forex and CFD sectors brought notable developments, including significant acquisitions and the emergence of new opportunities in the market.
Kraken, a well-known cryptocurrency exchange, confirmed its acquisition of NinjaTrader, a platform specializing in retail futures trading, for an impressive $1.5 billion. This move positions Kraken as a major player in the U.S. futures market, boosting its ambitions across multiple asset classes, including traditional equities and payment services. The transaction marks a significant step for Kraken as it diversifies its offerings and aims for broader market influence.
In another noteworthy transaction, VP Capital Ltd., the investment arm of London entrepreneur Viktor Prokopenya, announced the sale of Currency.com, a cryptocurrency exchange, to a group of investors represented by CXNEST Ltd. This acquisition wraps up an 18-month negotiation process, resulting in a change of ownership that may reshape the platform’s future direction.
On the retail trading front, Robinhood has made strides into the sports betting sector by enhancing its app to include a “prediction markets” hub. This feature allows users to engage in trading contracts on outcomes of major events, with initial offerings centered around predicting potential targets for the Federal Reserve’s interest rates and outcomes of popular college basketball tournaments.
Swissquote, a leading Swiss online banking and trading provider, reported exceptional financial performance in 2024, achieving record revenue and net profits. The firm indicated an ambitious target of reaching CHF 500 million in profit, fueled by robust client trading volumes, which averaged $118 billion monthly during the latter half of the year. This strong performance reflects a positive trend as the company enters 2025 with significant momentum.
Similarly, UP Fintech Holding Limited, which operates the Tiger Brokers platform, reported record quarterly revenues exceeding $100 million for the fourth quarter of 2024, despite experiencing a decline in net profit. Their trading volumes also reached a record $198 billion in Q4, emphasizing the brokerage’s strong market activity and ongoing growth.
Alongside these business developments, the industry witnessed various executive movements. Axi welcomed a new member, Pavlina Charalampous, who previously held roles at PrimeXBT and Tickmill, to its sponsorship marketing team. Meanwhile, Spotware’s Chief Product Officer, Denis Kiselev, has departed, and Trading 212’s Chairman, Andrew Bole, has stepped down. Additionally, Dubai-based broker Stonefort has appointed Ahtesham Amin Syed as its Head of Sales, while Elena Yiangou, formerly of BDSwiss, joins Finera as its Head of Marketing.
In technological leadership changes, Gleb Kaplan, coming from Equiti, has been brought on board by EC Markets as their UK Head of Technology, while Mikkel Kallerup Olsen, who led research and development at Finalto, is leaving his position. Moreover, Debbie Georgiou, a lead figure at Deriv Prime, has also departed from her role. Finally, in a notable exit from Saxo Bank, UK director Michael Ridley has resigned, signaling a shift in the company’s leadership dynamics.
This week’s events in the Forex and CFD space point to a rapidly evolving landscape, with significant mergers and acquisitions, innovative expansions into new markets, and pivotal personnel movements shaping the future of these sectors. The combination of record performance from established firms and strategic shifts by emerging players suggests a vibrant and competitive environment ahead for traders and investors alike.