Weekly Roundup: XTB, Plus500 and Naga Earnings, Q3 Slowdown Hits Coinbase and More

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The days when retail traders sought only high leverage and low spreads are fading. Standard regulatory protections may no longer be enough, as FX/CFD clients increasingly demand enhanced financial security. Firms can now secure these protections starting at $30,000 per year, depending on their client base.

Notably, around 40 Lloyd’s of London firms now provide private insurance for client funds, indicating a broader industry shift towards greater financial accountability. Additional insurance services for client funds are becoming increasingly popular within the FX/CFD sector.

Plus500 invests heavily in marketing; IG and CMC find their niche

Marketing costs are substantial for any retail-focused company. For three London-listed forex and contract for difference (CFD) brokers—IG Group, CMC Markets, and Plus500—this is even more crucial. All three need to persuade new traders to deposit funds and engage with their platforms while reinforcing brand loyalty. So, what is the extent of these brokers’ marketing expenditures?

Has there been an increase or decrease in spending over time? And importantly, where is that marketing budget allocated? Regarding marketing investment, Plus500 currently leads its two London-listed competitors by a significant margin. The Israeli broker allocated $54.2 million to advertising and media buying commissions during the first half of 2024.

CySEC revokes voting rights from FXOpen EU’s sole shareholder

The Cyprus Securities and Exchange Commission (CySEC) has stripped Aliaksandr Klimenka of his voting rights as FXOpen’s sole shareholder due to concerns regarding his influence over company management. CySEC highlighted that this governance issue must be addressed by FXOpen EU Ltd within six months.

This past July, regulators discovered that Klimenka’s position as the sole indirect shareholder could potentially jeopardize the firm’s ability to manage itself effectively and prudently. The decision will suspend his indirect voting rights held through FXOpen Ltd but will take effect after a grace period of six months to allow FXOpen EU Ltd adequate time for resolution.

Alphabet stock climbs despite AMD challenges

Alphabet Inc., Google’s parent company, surged up the stock charts following an impressive quarterly report that exceeded revenue expectations significantly with results investors were highly pleased with. The cloud division was particularly notable in this performance—even overshadowing Alphabet’s traditional reliance on ad revenue—and solidifying its essential role amid ongoing digital transformations.

Google parent Alphabet reported lucrative returns from its AI investments,” citing a remarkable 35% increment in cloud revenues.
Read more: https://t.co/ca4v5iQqgq pic.twitter.com/AKHF0hazMf

In total revenues amounted to $88.27 billion later beating Wall Street forecasts compared with last year’s figure being $76…million from last year’s revenue report showing impressive growth primarily attributed to surging performance from Google Cloud offerings growing significantly bolstering potential growth for future markets even amid major shifting trends occurring across industries currently dominating tech sectors altogether evolving changing landscapes ahead moving forward experiencing evolution addressing perpetual challenges together moving onward too target key objectives served enhancing sustainable integration capable achieving desired outcomes eventually gaining traction persuading more audiences witnessed display amazing resilience throughout efforts applied comprehensively sustained whilst also providing engaging resources integrated displaying effective personnel actively supporting initiatives benefiting overall organization empowering stakeholders pushing limits embraced steadily amidst unrivaled competitiveness flourishing realms prevalent into redefining measures unquestionably anticipated beforehand toward innovative strategies envisioned attaining goals pivotal indeed navigating complexity curve transformational phases experienced seen broadly continuing strengthening various conceivable prospects endorsed generating higher acceptance attracting newer audiences expanding user bases exponentially ultimately reacting accordingly supportive environments fostered creating holistic engagement resonating profoundly among collective participants valued observations accumulated correlates noticeably underlying operational aspects guiding seamlessly reinforced endeavors constructed comprehensively ensuring inclusiveness making certain driven strategies successfully executed henceforth!
Pushing boundaries explored while commanding attention evoked commitment proven genuinely drawing interest encouraging investments pronounced value identification clarify objectives sufficiency needed positioning conclusively validated success tremendously reflected visible backdrop unveiled concerns effectively mitigated resolved dynamically edging forward ahead likely painting optimistic scenarios illuminated promising direction evolving rapidly!

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7 million after merger

NAGA Group published its half-year report, presenting unaudited financial results for the first six months of 2024. During this period, the company highlighted the completion of a merger with Key Way Group, the owner of CAPEX.com. The merger reportedly helped NAGA’s registered users, total deposits and trading volume nearly double.

NAGA reported revenue of €31.7 million on a pro forma basis in the first half of 2024, compared to €36.0 million in the first half of 2023. According to the company, this increase followed a strategic initiative aimed at enhancing profitability and operational efficiency, which included cutting unprofitable business units.

Robinhood records crypto gains in Q3

Robinhood experienced substantial gains from its crypto offerings, as trading volume on its platform surged to $14.4 billion—doubling previous figures. This resulted in a notable 65 percent rise in revenue for this sector to reach $61 million. In total, Robinhood’s revenue for Q3 2024 reached $637 million—an increase of 36%.

Of that total revenue, transaction-based income increased significantly to $319 million—up by 72 percent year-on-year. Despite these surges within cryptocurrency transactions, options trading remained Robinhood’s chief revenue source with contributions totaling $202 million—a rise of 63%. Revenue from stock trades also observed growth at a rate of 37%, totaling $37 million.

Q3 downturn hits Coinbase; pledges $25 million in political funding

Coinbase fell short regarding Wall Street projections for Q3 2024 revenues amounting to approximately $1.26 billion and instead reported figures closer to $1.2 billion. Earnings per share (EPS) were noted at $0.28—not meeting analyst forecasts set at around $0.45 per share; likewise with EBITDA reporting numbers standing at roughly Unlike expectations by approximately $20… Million .

@brian_armstrong:) pic.twitter.com/13VmI6CGe8
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In July, the regulator found that Klimenka’s influence as the sole indirect shareholder of FXOpen EU Ltd could potentially hinder the company’s capacity for sound and prudent management. CySEC’s decision will reportedly suspend Klimenka’s voting rights held indirectly through FXOpen Ltd. However, this suspension will take effect after a six-month grace period, allowing FXOpen EU Ltd time to find a viable solution.

Alphabet Stock Soars While AMD Faces Challenges

Alphabet, parent company of Google, climbed to the top of stock charts following an impressive quarterly report. Not only did the tech giant surpass revenue forecasts, but it did so with a commanding performance that investors appreciate. The real standout was cloud growth, surpassing Alphabet’s traditional dependence on advertising revenue and solidifying its position in the ongoing digital transformation.

Google parent Alphabet stated its AI investments are “paying off,” reporting a 35% surge in its cloud business. Read more: https://t.co/ca4v5iQqgq pic.twitter.com/AKHF0hazMf

— Reuters Business (@ReutersBiz) October 30, 2024

Alphabet reported total revenue of $88.27 billion—exceeding Wall Street expectations and up from $76.69 billion a year prior. Although Google Cloud didn’t expand significantly on its own, it played a crucial role in Alphabet’s recent growth momentum.

AMD Earnings Report: The Tech Titans Lead

The moment for AMD’s earnings call has arrived, capturing Wall Street’s attention as they focus on semiconductor firms driving value within tech industries’ most valuable players. Anticipation runs high as AMD gears up for their much-awaited third-quarter earnings call—investors are eager to see if their performance supports ongoing tech company rallies.

This year has seen major market rallies led primarily by technology giants in semiconductors due largely to an increasing global fascination with artificial intelligence (AI), which is both enhancing and complicating investment strategies.

“Gamification is Beneficial for Trading Industry”: CEO of Bullrush

The trading sector has traditionally been ruled by conventional brokers and proprietary trading firms operating demo accounts to attract potential traders. Now entering this space is Bullrush—a trading gamification platform prepared to disrupt with an innovative model designed to engage traders interactively through competitive activities and collaboration.

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By merging gaming elements with trading competitions,
Bullrush aims at revamping the experience for both veteran traders and novices alike via paid challenges,
educational initiatives,
community engagement opportunities among others.

See you next week!