XTB shares fell for a second consecutive session today (Monday), sliding to an intraday low of 86.40 PLN before recovering to around 89.22 PLN, a decline of roughly 2.5% on the day. The pullback, which stretches over two trading sessions, has taken the Warsaw-listed broker (WSE: XTB) to its lowest level since February 24, and represents a roughly 9% retreat from the stock's all-time high of 96.94 PLN reached just two weeks ago on March 10.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)The pressure dates back to March 19, when XTB published its consolidated annual report for 2025, showing record revenues that masked a sharp deterioration in profitability. Trading the following day opened with heavy selling, with shares dropping from around 94.98 PLN to an intraday low of 90.10 PLN before closing at 91.58 PLN, the steepest single-session decline the stock had seen since November 2025.XTB’s Record Revenue, Shrinking ProfitsThe numbers at the top of the income statement were unambiguously strong. Total operating income rose 14.6% year-over-year to PLN 2.15 billion in 2025, a company record, according to the annual report.But operating costs rose nearly three times faster, up 48.2% to PLN 1.31 billion, leaving net profit at PLN 644.2 million, down 24.8% from PLN 856.9 million in 2024. Earnings per share fell from PLN 7.29 to PLN 5.48 over the same period.The single largest driver of the cost increase was marketing. XTB's marketing bill rose 69.6% to PLN 584.9 million in 2025, including PLN 405 million in online spending alone, up from PLN 262.3 million a year earlier. Staff costs followed, rising 32.6% to PLN 413 million, while IT and licensing expenses nearly doubled to PLN 73 million from PLN 39.4 million. The net profit margin contracted from roughly 46% in 2024 to around 30% in 2025, a shift investors are struggling to look past.Two further line items stand out from the report. Financial costs surged from PLN 1.1 million in 2024 to PLN 94.6 million in 2025, driven almost entirely by foreign exchange losses of PLN 93.1 million, primarily the result of PLN strengthening against the dollar and euro. Revenue per active client also fell 32.5%, from PLN 2.7 thousand to PLN 1.8 thousand, a metric that reflects the dilutive effect of bringing in large volumes of lower-activity accounts.The Cost Guidance That Unnerved MarketsIf the 2025 numbers were the catalyst, it is the company's own forward-looking commentary in the annual report that has kept sellers engaged. The management board states directly in the report: "In 2026, total operating costs may be up to approximately 30% higher compared to what we observed in 2025. The Management Board's priority is the continued growth of the client base and building a global brand. As a result, marketing expenditures may increase by approximately 50% compared to the previous year," according to the 2025 annual report. The company adds that in the medium term, meaning the 2027 to 2029 horizon, marketing costs could grow 30% to 40% annually, with the assumption that the average cost of client acquisition remains broadly in line with the 2023 to 2026 range.For investors who had priced in both growth and margin recovery, that kind of guidance leaves little room for optimism in the near term. The firm had forecast full-year 2025 net profit of around PLN 673 million back in January, a figure that ultimately proved reasonably close to the mark, though the context of the cost trajectory heading into 2026 has shifted the picture considerably.The Client BetCEO Omar Arnaout has been consistent in framing client acquisition as the company's defining priority, and the 2025 numbers bear that strategy out. XTB added 864,286 new clients during the year, a 73% jump from 498,438 in 2024, pushing the total base past 2.16 million. In an interview published in February, Arnaout called reaching two million new clients annually "completely realistic" within a few years, noting that "it took us 20 years to have a million clients" and that "in 2025, we acquired over 860,000 clients."Moreover, asked in an April 2025 interview at XTB's Warsaw headquarters which KPIs matter more, revenue and profit or client acquisition, Arnaout did not hedge:"I would be lying if I said profit wasn't important to us. But I'll be honest. Even when we present slightly worse financial results to institutional investors, if we see that our client acquisition was very high, clients are actively using our application and are satisfied with it, and deposits were strong with significant increases in trading volumes, personally, that's more important to me than the financial results. It builds a base for a significant increase in profits over time. The end goal will always be reaching the highest level of profits."That view is difficult to reconcile with the market's reaction, and the tension is a familiar one for XTB investors. The company keeps delivering on client growth, while the market keeps discounting the earnings that growth produces. The average cost per new client acquisition was PLN 677 in 2025, broadly in line with prior years, but that efficiency metric does not, on its own, resolve the question of whether the aggressive spend is a temporary investment or a structural shift in the cost base.Profitability per lot, a key operating metric, also deteriorated, falling 21.8% to PLN 215 from PLN 275 in 2024. Volume grew sharply but at diminishing returns. On a quarterly basis, Q4 2025 was the weakest period of the year, with net profit of just PLN 160.3 million, compared to a peak of PLN 302.7 million in Q2.Africa Exit and Institutional WeaknessThe annual report also disclosed the sale of XTB's South African subsidiary for $645,000 to an unnamed buyer, closing out an eight-year attempt to enter the African continent that never generated a single client transaction. The deal, signed on February 17, 2026, and still pending FSCA regulatory approval, represents a minor write-off in financial terms, but it underscores a pattern of geographic retreats outside XTB's European core.Separately, the company's institutional segment, operated under the X Open Hub brand, saw revenues fall 48.3% year-over-year to PLN 42.5 million in 2025, a notable reversal from the PLN 82.3 million generated in 2024. The segment, which provides liquidity and trading technology to other financial institutions, is known for revenue volatility, but the scale of the decline adds another layer of nuance to what was otherwise a strong top-line year.Technicals Remain StrongFrom a technical perspective, the picture remains within a broader consolidation range. The stock has been trading between approximately 86 PLN, a support level defined by the gap formed during the January and February rally, and approximately 96 PLN, the vicinity of the all-time high.At 89.22 PLN, the shares sit closer to the lower end of that range than the upper, but remain well above the early 2025 lows that preceded the strong rally now partially reversing. XTB shares have experienced sharp pullbacks before, including a 25% decline from peak to trough in mid-2025, only to recover fully and push to new highs.Whether this episode follows a similar path depends on whether investors conclude that the company's aggressive spending is building lasting franchise value, or eating into the very earnings that justified the stock's premium valuation in the first place. This article was written by Damian Chmiel at www.financemagnates.com.

CMC Markets has launched a multi-asset platform that allows retail clients to hold equity investments and trade derivatives within a single account, the FTSE 250 broker (LSE: CMCX) announced today (Monday), broadening its product line beyond its core derivatives business into the fast-growing commission-free investing market.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)The platform offers access to more than 12,000 global shares and ETFs with no trading commission and no platform or holding fees. A 0.5% foreign exchange conversion fee may apply for international transactions, the company said. CFDs and options across a range of global markets remain available alongside the new investing capability through the same account.Zero Commission Extends to UK and EU Share CFDsAlongside the platform launch, CMC Markets said it is also cutting commissions to zero on UK and European share CFDs, a category that excludes Greece. The firm said the move is designed to give clients more flexibility to switch between outright equity positions and leveraged products without additional cost friction."Removing commission on UK and European CFD shares allows our clients to trade more efficiently," said Vaughn Affonso, Co-Head of Dealing at CMC Markets. "At a time of increased investor interest and rotation from US markets into the UK and Europe, this provides a cost-effective way for clients to access new opportunities and manage their capital more dynamically."Monday's launch effectively closes the chapter on CMC Invest as a standalone product in the UK. The investing sub-brand was launched by CMC in October 2022 as a deliberate attempt to diversify away from CFDs, offering commission-free access to US and UK-listed shares, ETFs and investment trusts through a separate platform with a different identity. At the time, it was explicitly positioned as operating independently from CMC's core derivatives business.EU-UK Capital Rotation Shapes the TimingThe launch lands as some investors have been moving capital away from US equities toward European and British markets, a dynamic Affonso referenced directly. CMC, which partnered with Revolut in mid-2024 to distribute CFD access through the neobank's app, appears to be positioning its retail platform to benefit from the same shift.The firm also faces a more competitive domestic backdrop. Commission-free stock trading has become a baseline expectation in the UK retail market, with platforms including Trading 212 and Freetrade having already trained a large segment of younger investors on zero-cost models. CMC's move to match those terms, while bundling in a derivatives offering, represents an attempt to differentiate on breadth rather than price alone.Chris Cheverall, Head of UK at CMC Markets, said the combined offering is built around clients who want flexibility. "By offering investing and trading side by side, we're making it easier for clients to choose the approach that suits them," he said. "You might want to own shares in companies like Nvidia as part of a long-term strategy, or trade those same markets more actively using leverage - and now you can do both through a single CMC Markets platform."Three-Phase Roadmap Still UnfoldingMonday's launch is the first stage of a longer product vision CMC outlined last November, when the company described a three-phase plan culminating in a "Super App" that would unify traditional and decentralised finance on a single platform. The Super App phase, which the company said would incorporate tokenised assets, stablecoins and DeFi products alongside tax-advantaged wrappers like SIPPs and ISAs, has not yet been given a public launch date.CMC has been assembling the technical building blocks for that ambition. In May 2025, the broker increased its stake in blockchain firm StrikeX Technologies from 33% to 51% to gain control over the company's Web3 infrastructure, while later in the year it opened a new office in Warsaw as part of an ongoing expansion of its operational footprint.Shares Pull Back at the OpenCMC Markets shares did not react positively to the Monday announcement, falling more than 2% to around 330 pence at the London open. The stock had tested its highest levels since late 2024, reaching 345 pence on Friday before pulling back at the start of the new week.The modest selloff follows a period of strong momentum for the company. CMC's shares surged more than 40% after beating its full-year income guidance and reporting first-half pre-tax profit of £49.3 million on net operating income of £186.2 million in November 2025, at which point it also raised its full-year outlook by 10%. With the multi-asset platform now live, the market will be watching closely to see whether the commercial results justify the product investment the company has been signalling for months. This article was written by Damian Chmiel at www.financemagnates.com.

BHM Capital Financial Services posted a 27% jump in total revenue to $56.1 million (AED 205.98 million) for the full year 2025, according to results the Dubai-listed firm released Sunday. Net profit rose 14.94% to $11.7 million (AED 43.08 million), compared with $10.2 million (AED 37.48 million) the prior year.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)The numbers represent a rebound in top-line momentum after a year of more modest gains. In 2024, BHM Capital grew revenue by roughly 19% and profit by a similar margin. Before that, 2023 was a breakout year for the company, when net profit more than doubled and revenues climbed 60% on the back of a surge in listing advisory work and margin trading.Balance Sheet Crosses $547 Million for the First TimeTotal assets grew 31.12% to $547 million (AED 2.01 billion) at the end of 2025, up from $419 million (AED 1.54 billion) a year earlier, the company said. Three years ago, in 2022, total assets stood at roughly $207 million (AED 760 million), meaning the firm's balance sheet has grown nearly threefold over that period.Chief Executive Abdel Hadi Al Sa'di acknowledged a difficult operating environment in his comments on the results. "These achievements come at a time when global and regional markets are navigating exceptionally challenging conditions," he said.[#highlighted-links#] "Nevertheless, we remain optimistic about the outlook of our markets and our industry. BHM Capital continues to operate with strength and stability, maintaining business momentum while pursuing... expansion initiatives."The more striking balance sheet move was in shareholders' equity, which nearly doubled to $138.6 million (AED 509.24 million) from $71.7 million (AED 263.44 million), a 93.30% increase. That gain far outpaces what net profit alone could explain, a gap the company did not address in its announcement. The increase likely reflects a capital raise or equity issuance during the year, though BHM Capital offered no breakdown of the specific drivers.Profit Margin Narrows as Costs RiseRevenue grew nearly 27%, but net profit grew at only 15%, pointing to higher operating expenses relative to income. The company attributed top-line growth to increased trading activity, expansion of financial services, and continued client acquisition, but provided no itemized breakdown of costs in its press release.That gap between revenue growth and profit growth is worth watching. In 2023, the firm managed to grow both at roughly similar rates. In 2025, the divergence suggests either higher headcount costs, platform investment, or increased competition pushing up client acquisition expenses, though none of those factors were confirmed in the results announcement.Al Sa'di pointed to digital platforms and new financial products as growth priorities going into 2026. "We remain focused on expanding our market presence, enhancing our digital platforms, and introducing... financial solutions that meet the evolving needs of investors," he said. "Looking ahead to 2026, we aim to build on this momentum and achieve even stronger results."BHM Capital Captures Over 40% of New DFM AccountsOn the retail side, BHM Capital said it opened almost 35,000 new trading accounts during 2025, representing approximately 40% of the 86,473 total new accounts opened across the Dubai Financial Market for the year. The firm said this makes it the leading broker on the exchange for attracting new investors.The UAE capital markets have become a busy battleground for financial firms. Interactive Brokers opened an office in the Dubai International Financial Center in late 2024, citing surging regional demand, and CFD brokers have flocked to Dubai in growing numbers, though most hold only limited-scope licenses that allow marketing but not full local operations.The retail appetite for UAE markets has been increasingly evident across the industry. Capital.com reported that 52% of its H1 2025 global trading volume came from the MENA region, with UAE traders driving more than 70% of that figure alone.Institutional Reach Underpins Retail GainsBHM Capital is listed on the DFM and regulated by the UAE Capital Market Authority. Beyond retail brokerage, the firm operates in market making, prime brokerage, fixed income, and corporate advisory. In 2022, it facilitated Swissquote's access to securities listed on the Dubai Financial Market through its Direct Market Access route, an early example of its push to serve global institutions seeking regional exposure.The firm also ranked first on the DFM by traded volume in December 2025, capturing a 13.41% market share with 1.32 billion shares traded, according to previously published data. This article was written by Damian Chmiel at www.financemagnates.com.

Finance Magnates has launched the FM Intelligence Portal, a new digital platform that brings together market data, compliance tracking, and custom research in one place. The portal is presented as “One Dashboard. All the Intelligence You Need” and is built to help financial firms make smarter business decisions using verified data.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)A New Portal Built for Faster, Better DecisionsThe FM Intelligence Portal is designed to help firms move away from scattered data sources and manual research. The FM Intelligence Portal provides users with clear monthly industry data, focused alerts, and a single place to review trading trends, competitor activity, regulatory updates, and risk signals. Two Core Intelligence Areas: Market and ComplianceThe portal is built around two main product areas: 'Market' and 'Compliance'.Under Market, users can access the following:FX/CFD Heat Map to track where trading demand is growingMarket Movement to monitor fast-moving assetsBroker Volumes to review market share and competitor shiftsPlatform Comparison to follow changes in platform demand and adoptionUnder 'Compliance', users can access the following:Recent Regulation for new directives and decisions from global regulatorsFines & Warnings for enforcement summaries and fraud alertsLicence & Registration continuous Monitoring to verify regulatory status and market compliance globallyBuilt for Financial Firms Across Key SectorsThe FM Intelligence Portal is designed for a wide range of financial professionals, including brokerages, fintech providers, compliance and legal teams, payment providers, prop trading firms, investors, and analysts. Companies can utilise the platform for competitor tracking, market analysis, due diligence, trend monitoring, licence verification, and risk assessment.Subscription Plans for Smaller Teams, Plus Custom ResearchThe portal is offered through paid subscription plans for smaller teams.Market Data Pro is listed at €599 per month, billed annually at €7,188.Compliance Pro is listed at €99 per month, billed annually at €1,188.FM Intelligence also offers custom reports for firms that need research tailored to their business goals, including competitor reviews, market entry, and board-level updates.Ramzi Ahmad, Director of Intelligence at Finance Magnates, said:“The FM Intelligence Portal was built for firms that need clear, trusted information in one place. From broker volumes and platform trends to regulation, fines, and licence monitoring, the portal helps teams act with more confidence and plan with better data.”Why the FM Intelligence Portal MattersThe portal helps firms to:Make informed business decisionsDefine strategy with confidenceAccess market data and compliance updates in one platformUse a product built for the financial industryThis positions the FM Intelligence Portal as both a research tool and a practical business resource for firms that need to respond more quickly to market and regulatory changes.Trusted by Leading Financial BrandsFM Intelligence supports decision-making across the financial industry, with data collected by the team used by established brands including Blueberry, AvaTrade, iFOREX, Tickmill, IC Markets, Deriv, Libertex, FortMarkets, and Spotware. These companies rely on the data for benchmarking, market review, strategic planning, product development, and broader business analysis.Financial firms can now sign up for the FM Intelligence Portal and choose the plan that best fits their needs, whether they are looking for market data, compliance coverage, or custom research support.Sign up for FM Intelligence Portal This article was written by Finance Magnates Staff at www.financemagnates.com.

Wallester, the European leader in payment infrastructure and card issuing, has been named the #1 fastest-growing company in the Fintech, Financial Services & Insurance category in the 2026 FT1000, compiled by the Financial Times and Statista.The company placed 38th overall among Europe’s 1,000 fastest-growing companies, a significant jump from 47th in 2025, and retained first place among all Estonian companies on the list for the second consecutive year. Over the latest ranking period, Wallester achieved a compound annual growth rate (CAGR) of 178.9%, reflecting sustained expansion driven by increasing demand for embedded finance solutions.The FT1000 ranks European companies by the highest percentage CAGR in revenues between 2021 and 2024. Since its introduction in 2017, the ranking has become one of the most widely recognised growth benchmarks in Europe, attracting attention from investors, business leaders, and policymakers.Scaling with substance: A year of global expansionWallester’s ascent to the Top 40 follows a landmark year of "Scaling with Substance." Financial results show the company grew from €790,267 in 2021 to over €9.1 million in 2023, reaching €17.2 million in audited revenue in 2024 – an 87% year-over-year increase.In 2025, the company strengthened both its operational capabilities and international footprint to support continued growth:Strategic Infrastructure: Wallester unveiled its new international headquarters in Tallinn’s Golden Gate building and opened a new strategic office in Cannes, France, expanding its team to over 200 employees across Estonia, Latvia, France, and the UK.Elite Leadership: To manage this expansion, the company made key executive appointments, including Edgars Valmers as Chief Commercial Officer to drive European growth, and Indrek Tibar as Head of AML, setting a "gold standard" for fintech compliance and regulatory integrity.Product innovation and market dominanceThe company continues to lead the market through two core product lines designed for the modern enterprise:Wallester Business: A comprehensive corporate expense management platform that now supports more than 7,000 active clients. In 2025, the platform introduced disposable virtual cards, 24/7 instant currency exchange across ten currencies, and direct accounting integrations with Xero and QuickBooks.Wallester White-Label: A scalable card-issuing infrastructure solution enabling companies to launch branded Visa programmes across the EEA and the UK without requiring their own payment institution licence. The solution currently powers 43 active partner programmes, reflecting growing demand for embedded financial capabilities among digital platforms.Industry recognitionThe FT1000 #1 Fintech placement adds to a series of elite recognitions received over the past twelve months, including:Deloitte Technology Fast 50 Central Europe – 6th placeEurope Fintech Awards – Fintech of the Year and Fintech Partner AwardPaytech Awards – Best Spend Management SystemFinder Provider of the Year Awards – Best Business Expenses ProviderSifted 100: DACH & CEE Leaderboard – 44th overall (4th in Estonia)CEO perspective"Being recognised by the Financial Times as Europe’s fastest-growing fintech is an important milestone for our company," said Sergei Astafjev, CEO and Co-Founder of Wallester. "Over the past several years, we have focused on building robust financial infrastructure – investing in technology, compliance, and operational resilience. As embedded finance becomes increasingly important for businesses across Europe, platforms that combine scalability with regulatory strength will play a key role in the next stage of fintech development."About WallesterWallester is an Estonian Financial Supervisory Authority-regulated payment institution and Visa Principal Member, offering card issuing and payment infrastructure across the European Economic Area and the United Kingdom. Founded in 2016, the company serves businesses through two product lines: Wallester Business, a corporate expense management platform with virtual and physical Visa cards, and Wallester White-Label, a turnkey card issuing solution for companies looking to embed financial services under their own brand. Wallester is headquartered in Tallinn, with offices in Riga, Cannes, and the UK. The company employs more than 200 people. This article was written by FM Contributors at www.financemagnates.com.

eToro founder shareholder leaves UK Board Another wave of leadership changes swept the industry this week. Anthony Wollenberg, a founder shareholder and non-executive director of eToro UK, left the company’s board after serving for over 14 years. The move, disclosed in recent filings with Companies House, marked the departure of one of the last board members tied to the platform’s formative period in the UK under FCA regulation.A veteran London-based solicitor aged 76, Wollenberg first joined the board on March 2, 2012, when eToro was still an emerging name in online trading. His long tenure spanned the firm’s transformation from a small, socially focused trading venture into one of the leading global players in fintech.Disclose more about the exit of Anthony Wollenberg from eToro UK Board.RKX Financial appoints ex-Doo Group executive as CEOAt the same time, Roman Kalinin was appointed as the Chief Executive Officer of RKX Financial. He brings extensive experience in the trading and brokerage industry, having previously served as Chief Growth Officer at Doo Group and Sales Director at Doo Prime.Kalinin’s move comes as Doo Group undergoes a global restructuring. The firm recently began scaling back its operations in Cyprus, with reports indicating that Doo Prime was vacating its Limassol office after staff reductions. Show more about RKX Financial's appointment of Roman Kalinin as CEO. DIGITEC appoints CME veteran to lead revenue opsDIGITEC, a Hamburg-based FX swaps and NDF pricing technology provider, appointed Jessica Roberts as Head of Revenue Operations and Enablement. It adds a veteran of CME Group and EBS BrokerTec to its growing London office. Roberts joins from CME, where she spent more than seven years in two senior roles, most recently serving as Senior Director of Sales Operations and Enablement. In her new role at DIGITEC, Roberts will oversee revenue strategy and execution, with responsibility for aligning the company’s sales, marketing, and customer success functions. Highlight more about DIGITEC’s appointment of Jessica Roberts as Head of Revenue Operations.Andreas Pilavakis departs FunderProAdditionally, this week, Andreas Pilavakis left FunderPro to become Chief Operating Officer (COO) at GOAT Funded Futures, the futures-focused division of proprietary trading firm GOAT Funded Trader. He previously served as Head of Operations at FunderPro for about 19 months before departing in March, and he is performing his new role remotely from Limassol.Join the inaugural Finance Magnates Singapore Summit 2026, which will bring together brokers, fintechs, banks, EMIs, wealth managers, and hedge funds across APAC.This move marks Pilavakis's first C-suite position in a four-year career largely spent at Cyprus-based proprietary trading firms. He began his prop firm career in 2022 at The Trading Pit as a customer support manager, later becoming head of customer support and then operations manager.Find out more about Andreas Pilavakis's exit from FunderPro for COO role at GOAT Funded Futures.Saxo Bank veteran Casper Solbakken steps downCasper Andreas Solbakken is leaving Saxo Bank after more than two decades with the company. He has been a long-serving executive at the Danish financial institution, contributing to its growth and development over the years.His departure follows recent ownership changes at Saxo Bank. Earlier this month, J. Safra Sarasin Group finalized its acquisition of a majority stake in the trading platform and appointed Daniel Belfer as the new Chief Executive Officer.Display more about the exit of Casper Andreas from Saxo Bank. XS.com names new Retail Sales HeadAnother change came from XS.com, where the firm hired Simon-Peter Massabni as Head of Retail Sales. Massabni, who most recently worked as Country Manager for MENA Commercial Management at Exness, will lead the company’s efforts to grow its retail business globally.He spent nearly three years at Exness in the MENA Commercial Management role, based in Limassol, Cyprus, where he helped set regional commercial plans, managed acquisition and retention activities, oversaw partnership programs, and monitored performance across Middle Eastern and North African markets.Investigate more about XS.com's naming of new Retail Sales Head. This article was written by Jared Kirui at www.financemagnates.com.

XTB has agreed to sell its South African subsidiary for $645,000, closing out what turned out to be an eight-year attempt to enter the African continent, one that never got off the ground.The Polish broker disclosed the deal in its 2025 annual report, filed this week, noting that a conditional sale agreement for 100% of XTB Africa PTY Ltd. was signed on February 17, 2026, with a buyer it did not name. The transaction remains pending regulatory approval from South Africa's Financial Sector Conduct Authority (FSCA), which must sign off on the change in ownership before the deal is finalized.The subsidiary, which received its FSCA operating license in August 2021, never conducted any client-facing operations, according to the annual report. The company described the sale as resulting from "the subsidiary not commencing operational activities," offering no further explanation.Eight Years, No Clients, One LicenseXTB first established the South African entity in 2018 and spent more than two years waiting for the FSCA to approve its application before finally securing the license. In early 2022, the company said it planned to start forex trading operations in South Africa in the second half of that year, calling the market a priority for its international expansion push. That timeline slipped, and then slipped again, until the company made no further public commitments about the market.The annual report's treatment of the sale is minimal. XTB Africa PTY Ltd. appears in the subsidiary table with one line of description - that it holds an FSCA license and has never operated - and the sale itself is dispatched in two sentences under post-balance-sheet events.There is no explanation from CEO Omar Arnaout, whose letter to shareholders discusses Brazil, Indonesia, Chile, and the UAE at length but does not mention Africa.The carrying value of XTB Africa on the company's books stood at PLN 2.34 million as of December 31, 2025, roughly equivalent to the $645,000 sale price at current exchange rates. XTB is selling the unit for approximately what it has on paper, recovering little from eight years of incorporation costs, legal fees, and license maintenance. The buyer, described only as "the purchasing party," is acquiring a fully-licensed South African brokerage for a price well below what an FSCA license typically costs to obtain from scratch.A Pattern of Retreats Beyond EuropeSouth Africa is not the only market where XTB has pulled back. The company began liquidating its Turkish subsidiary in September 2020, following regulatory changes that gutted the country's leveraged trading market in 2017. That process remains incomplete more than five years later, with the Turkish entity still listed in the annual report as undergoing liquidation.More recently, XTB halted new account registrations in Brazil after ending a local partnership, and the 2025 annual report reveals the company is now weighing all options for that market, including a full exit, citing what it described as "local protectionism." A Brazilian special purpose vehicle was incorporated as recently as February 2026, suggesting the company has not yet made a final decision, but the language in the report is cautious.“Due to local market conditions, we decided to temporarily suspend further development in that market [Brazil]," Arnaout commented in the newest report, “focusing instead on growing our client base in Chile, while closely monitoring the long-term potential of the Latin American region.”The contrast with XTB's European and Middle Eastern operations is sharp. XTB posted record revenues in 2025, with total operating income climbing to PLN 2.15 billion, driven almost entirely by its European client base and a surging Middle East business. Latin America and Asia contributed just PLN 33 million combined, roughly 1.5% of total revenues.Indonesia, where XTB injected additional capital in July 2025, remains on a short leash. XTB's CEO has previously described Indonesia as "a country with a question mark" that must prove itself, setting clear performance benchmarks for the subsidiary.Legal Head Departs After 16 YearsAlongside the Africa news, XTB disclosed that Jakub Kubacki, its head of legal affairs and a board member since 2018, submitted his resignation on March 3, 2026, citing "important personal reasons." His departure takes effect on June 30, 2026, giving the company roughly four months to manage succession.Kubacki joined XTB in 2010 as a junior lawyer and rose to oversee the company's compliance, legal management, and internal control systems. His 16 years at the firm cover most of XTB's transformation from a mid-sized Polish broker into a publicly traded company with 15 regulated entities. No replacement has been named. This article was written by Damian Chmiel at www.financemagnates.com.

New US playbook for crypto assetsThis week, the U.S SEC and the CFTC jointly issued new guidance clarifying how federal laws apply to crypto. The duo outlined the conditions under which a token transitions from being a security to a commodity.SEC Chairman Paul S. Atkins said that the new guide “acknowledges what the former administration refused to recognize – that most crypto assets are not themselves securities.”TODAY ?: The Commission issued an interpretation that clarifies the application of federal securities laws to crypto assets.This is a major step to provide greater clarity regarding the Commission’s treatment of crypto assets.Read the release here: https://t.co/DDykVLHZQI pic.twitter.com/zbLFS2JH6g— U.S. Securities and Exchange Commission (@SECGov) March 17, 2026What does it mean for brokers? The framework sets clearer boundaries for participation in crypto while redefining their approach to risk oversight and compliance in this evolving market. The risk is now in the day-to-day operations, where the status of a crypto asset can change depending on how it is marketed.Our interpretation on crypto assets—grounded in existing law and informed by extensive public input—acknowledges what the former administration refused to recognize...Most crypto assets are not themselves securities.pic.twitter.com/fbHan0vmmb— Paul Atkins (@SECPaulSAtkins) March 17, 2026It also marks a major milestone in crypto regulation, introducing a five-category classification system that replaces the previous regulatory uncertainty. However, by shifting from a disclosure-focused model to one centered on market conduct, the framework also raises concerns about potential gaps in investor protection and the balance between innovation and oversight.Banks apply insider trading rules to prediction marketsPolicies are also shifting in the fast‑moving prediction markets space. Big banks are starting to look at how their existing compliance rules apply to prediction markets. This is one of the first clear signs that event‑based trading is moving into formal corporate policy rather than sitting on the sidelines.Join the inaugural Finance Magnates Singapore Summit 2026, which will bring together brokers, fintechs, banks, EMIs, wealth managers, and hedge funds across APAC.JPMorgan Chase is among the first to review its internal rules on staff trading these contracts and may issue explicit guidance for its 320,000 employees on using platforms like Kalshi and Polymarket.Crypto exchanges push into TradeFiMeanwhile, in crypto land, diversification is quickly becoming the new house rule. Crypto platforms are increasingly moving into trading products that used to belong firmly to traditional finance.The latest example is Kraken, which in late February said it would offer perpetual futures on tokenized stocks to non-US clients, giving traders 24/7 access to equity-like price movements with up to 20x leverage and the ability to go long or short.These products initially track tokenized versions of major equity indices, commodities and well-known public companies. Perpetual futures are often described as the missing link in tokenized equities because they have no expiry date.IG considers crossing the AtlanticIG Group is considering shifting its listing from London to New York to deepen its footprint in one of the world’s biggest financial markets. The broker said it is reviewing where its shares are listed, where the company is legally based, and whether it should pursue acquisitions as part of a broader growth strategy. Chief Financial Officer Clifford Abrahams told Bloomberg that a U.S. listing could help IG stand out more among its competitors, draw in fresh investors, and give it more options for deal-making. He also noted that such a move could benefit employees by giving them better access to global capital markets and potentially more attractive equity-based incentives.IG reported record revenue of £1.12 billion in 2025, supported by strong double-digit growth in net trading revenue and a boost in new clients from its Freetrade integration. Net trading revenue for the 12 months to 31 December 2025 rose 10% to £1,004.6 million, up from £910.6 million in 2024.Swissquote bullish on 2026 revenueMore numbers came from Swissquote, where the firm expects to end 2026 with net revenue of CHF 760 million and pre-tax profit of CHF 385 million. It has also lifted its 2028 net revenue goal from CHF 900 million to CHF 950 million, but trimmed its pre-tax profit margin target from 55 percent to 53 percent. This guidance follows a strong 2025, when Swissquote reported net revenue of CHF 723.3 million and pre-tax profit of CHF 420.2 million, up 9.4 percent and 21.6 percent, respectively. Last year’s revenue was helped by higher trading activity, which pushed net fee and commission income up 17.5 percent to CHF 209.4 million and net trading income up 52.6 percent to CHF 119.5 million.Colmex Pro to exit CFDs, halts new clientsIt is not all well with some brokers in the CFD space, and Colmex Pro is the latest example. The Cyprus-regulated firm has stopped taking on new retail clients for contracts for difference (CFDs), as it gradually pulls out of the product line. Colmex Pro says this move is part of a longer-term plan to shift its business toward investment products and market access services. The broker now plans to focus on offerings such as equities, ETFs and other exchange-traded instruments.HTFX to exit UK after dropping CySEC licenseHTFX is scaling back its regulated presence in Europe after applying to cancel its Financial Conduct Authority (FCA) licence on January 7, 2026. The application came shortly after the broker officially renounced its CySEC licence earlier in the month, signalling a broader withdrawal from two major European regulatory markets. Corporate filings show that HTFX’s ownership has undergone significant changes since 2023.Before October of that year, control rested with Lijun Li and an offshore company, which held authority from August 2022. The UK entity is now managed by Stephen Williams and Levy Benarroch, serving as director and CEO, respectively. The company’s dual exit from CySEC and the FCA underscores a clear shift away from the region’s tightly regulated frameworks. Admirals not onboarding CFD users under Jordan and Kenya LicensesAdmirals stopped onboarding clients under its Jordanian license in the fourth quarter of 2025 and has also ceased taking on new clients through its Kenyan entity. Instead, new traders from both countries are now being registered under the company’s Seychelles license. A customer service executive told Finance Magnates that clients had been notified about the shift and were offered solutions tailored to regulatory requirements and individual needs. However, the representative said the company could not share additional details for compliance reasons.iFOREX shares stagnateIt’s been two weeks since any activity was seen in iFOREX Financial Trading Holdings shares on the London Stock Exchange, and the lack of movement is drawing attention. The CFD broker, which finally listed on the LSE’s Main Market on February 25 after an eight-month delay, was trading around 207 pence per share—about 6% higher than its 195p offer price.However, this slight gain doesn’t reveal much about investor sentiment or trading momentum. When iFOREX launched its IPO at 195 pence per share, it issued 4.49 million new shares, equal to just 20.2% of its total share capital. None of the existing investors sold their stakes, keeping most of the stock tightly held. The offering raised £8.75 million, giving the company an overall valuation of roughly £43.3 million, but with so few shares in public hands, the market now feels more frozen than free.Is the Comoros license mirage ending?The only legitimate financial regulator in the Union of Comoros is the Banque Centrale des Comores, despite claims from a few island-based authorities. Some entities suggest that a small fee and tropical branding can buy regulatory legitimacy, but that couldn’t be further from the truth. The Union of Comoros consists of three islands off the East African coast—Ngazidja (Grande Comore), Mwali (Mohéli) and Ndzwani (Anjouan). While the country has a history of political and legal quirks, its financial regulation is more complicated than advertised. Two local bodies, the Anjouan Offshore Finance Authority (AOFA) and the Mwali International Services Authority (MISA), claim to issue banking, forex, and insurance licenses. However, their authority to do so is highly questionable.CFD brokers face tougher UK reporting rulesStill in the regulatory front, the FCA confirmed new rules to improve how financial firms, including CFD brokers, report operational incidents and issues involving third-party providers. The regulator said the updated framework will make reporting clearer, more consistent, and easier to follow. It is also meant to help authorities respond faster to serious disruptions such as cyberattacks or power outages, while giving firms clearer guidance on what and when to report. The changes follow a rise in cyber threats and operational risks across the sector. According to the FCA, more than 40% of cyber incidents reported in 2025 involved third-party providers. Recent outages affecting services linked to Cloudflare and Amazon Web Services have underscored the industry’s growing dependence on external technology partners.Brokers confident in Singapore’s FX growthFinally, as foreign exchange (FX) trading activity continues to rise in Singapore, market participants express confidence that the country’s connectivity and trading infrastructure can support both current and future demand. Industry stakeholders say the systems in place are well-equipped to handle growing transaction volumes and increasing global participation.According to the Bank for International Settlements’ triennial survey of global FX and OTC derivatives markets, Singapore’s average daily FX trading volume rose by 60% between April 2022 and April 2025. The growth was largely driven by strong trading in the US dollar, Japanese yen, and euro, cementing Singapore’s position as one of the world’s leading FX hubs.At the same time, Singapore’s Monetary Authority of Singapore is advancing its leadership in asset tokenization through Project Guardian, launched in 2022. The initiative has already seen money market funds and bonds tokenized and settled on-chain, reflecting the country’s balanced approach to innovation and regulation. This article was written by Jared Kirui at www.financemagnates.com.

Kalshi has raised more than $1 billion in new funding, valuing the prediction market platform at $22 billion, according to people familiar with the matter. The funding round comes amid a fresh setback in Nevada, where a state court imposed a 14‑day restraining order forcing the prediction market to stop offering sports, entertainment and election contracts while regulators press their case that it is operating as an unlicensed gambling operator.Kalshi was temporarily barred by a judge from offering its prediction market contracts in Nevada, after state regulators said the company didn’t have a gaming license. https://t.co/in8URVlJWj— Bloomberg (@business) March 20, 2026The order, issued by Nevada’s First Judicial District Court after a federal appeals panel cleared the way for state enforcement to proceed, bars Kalshi from taking bets in the state at least until an April 3 hearing on the longer‑term status of prediction markets there.Funding Led by CoatueThe Wall Street Journal reported that Coatue led the latest investment, which follows a previous $1 billion round backed by Paradigm, Sequoia Capital, Andreessen Horowitz, ARK Invest, and CapitalG. The round, led by Coatue Management, doubles the company’s valuation from December, when it was worth about $11 billion.Kalshi’s annualized revenue has reached about $1.5 billion, with trading volume in February topping $10 billion—twelve times higher than six months ago. The funding highlights continued investor interest in prediction markets, despite political and regulatory challenges surrounding the sector’s legality and oversight.Keep reading: Polymarket Grabs Nearly 55% of Prediction Markets as Iran Bets Test CFTC CrackdownThe latest setback in Nevada underscores how exposed Kalshi still is to state-level enforcement, even as investors mark it up to $22 billion. In February, a panel of judges on the U.S. Court of Appeals for the Ninth Circuit refused Kalshi’s emergency bid to pause civil action by Nevada regulators, effectively clearing the way for the state to move ahead with allegations that the CFTC-regulated platform is running unlicensed sports betting under the guise of prediction markets.Join the inaugural Finance Magnates Singapore Summit 2026, which will bring together brokers, fintechs, banks, EMIs, wealth managers, and hedge funds across APAC.Legal experts say the ruling strengthens the hand of state gaming boards in their clashes with federally supervised event-contract venues, and it adds to a growing list of forums where Kalshi has struggled to convince courts that commodity-derivatives rules preempt traditional gambling law.Legal Scrutiny MountsArizona’s attorney general this week filed criminal charges accusing Kalshi of operating an illegal gambling business. The company denied the claims, saying it remains compliant under federal rules. Kalshi operates as a federally regulated exchange under the Commodity Futures Trading Commission, which allows it to offer event-based contracts nationwide.An Ohio federal judge recently refused Kalshi’s request to block state enforcement, saying Ohio’s power to regulate gambling outweighs the company’s arguments about how its platform operates. The Arizona case is the first time a state has brought criminal charges against Kalshi. The move also pushes back against a growing effort in Washington to put prediction markets under federal control alone, widening the rift between U.S. regulators and state authorities. CFTC Chair Michael Selig has taken a more aggressive stance, ordering the agency to step into court fights and arguing that federal derivatives law, not state gambling rules, should govern event contracts. He portrays the string of state actions against Kalshi, Coinbase, Crypto.com and Polymarket as part of a coordinated state-level campaign. This article was written by Jared Kirui at www.financemagnates.com.

After a week of geopolitical shock, prediction markets have returned to routine. Trading continues, positions are opened and closed, and the machinery keeps running. On the surface, it looks like business as usual. But a few developments were hard to miss. Platforms have started testing price competition, while banks and regulators are raising more questions about insider trading — a sign they are beginning to take the risks of this market more seriously. Here’s what mattered this week. What Moved Prediction Markets This Week Pricing Starts to Matter One of the more practical shifts this week came from pricing. MEXC introduced zero-fee trading, a model familiar from crypto and derivatives, showing platforms are now competing more directly for trading flow. shift changes the focus. When pricing becomes part of the competition, traders begin to compare execution, liquidity, and product quality — not just access. Rules Are No Longer Theoretical Banks are beginning to apply insider trading frameworks to prediction markets, treating them as an extension of existing financial activity. Enforcement is moving in parallel. Kalshi is facing charges in Arizona over alleged unlicensed gambling activity, highlighting how differently these markets can be interpreted depending on jurisdiction. Prediction markets are being tested against the same legal frameworks as everything else.Kalshi’s CEO called the Arizona charges “a clear overreach,” framing the case as a broader fight over federal versus state authority.The rule of law applies to everyone - including state governments.The Arizona Attorney General’s charges are baseless and a clear overreach. It’s gamesmanship from a politician who’s up for reelection.The charges claim that putting money on “a contingent future event or… https://t.co/TU4I8HV1CT— Tarek Mansour (@mansourtarek_) March 18, 2026 Liquidity Concentrates, Institutions Hesitate Polymarket now accounts for roughly 55% of global prediction market activity, with geopolitical events continuing to drive volume. The platform also signed a partnership with Major League Baseball, giving it access to official data for event-based contracts — a step toward more structured inputs. However, strong liquidity and high-profile partnerships have not yet translated into institutional participation. Reports suggest funds are actively monitoring the space but are not trading. The reasons are familiar: regulatory uncertainty, uneven liquidity, and unresolved questions about how these contracts should be classified. For now, prediction markets are visible — but not yet widely used by institutional investors. Quote of the Week After a period of lawsuits and uncertainty, the Commodity Futures Trading Commission is starting to define its position more clearly. The agency released long-awaited guidance and opened a rule-making process, signalling that prediction markets are now firmly on its agenda.Prediction markets are one of the most exciting innovations in financial markets. Yet for too long, the @CFTC has failed to provide guidance for these markets being used by millions of Americans. This ends today. Read what steps the agency is taking here⬇️…— Mike Selig (@ChairmanSelig) March 12, 2026 Number of the Week $600 million. That’s how much state regulators say they are losing in sports betting tax revenue as prediction markets operate outside existing licensing frameworks. Authorities in eleven U.S. states have issued cease-and-desist orders against prediction market platforms, arguing they effectively function as unlicensed sportsbooks. The Friction of the Week If prediction markets can’t be stopped, they are likely to be steered. That seems to be the logic emerging on the regulatory side. The Commodity Futures Trading Commission has begun clarifying how these markets should operate, releasing guidance and opening a formal rule-making process. At the same time, state regulators are taking a different approach — issuing cease-and-desist orders and treating the same activity as unlicensed gambling. The result is a split system. Until that gap closes, the market will keep operating in both worlds at once. Bottom Line This week reinforced an ongoing trend. Prediction markets are now being treated like markets — priced, regulated, and questioned on the same terms as everything around them. But that process is uneven. They were built to price uncertainty. Now they are being tested by it. This article was written by Tanya Chepkova at www.financemagnates.com.

Coinbase has launched stock perpetual futures for eligible non-US users, expanding its offering of crypto, equities, and prediction markets. The launch comes as perpetual futures have gained broader adoption, with monthly volumes on decentralized exchanges exceeding US$1.2 trillion in 2025, as investors used perps to manage risk amid flat spot markets.“Everything Exchange” Adds Equity Perpetuals AbroadThe company said in a blog post on Friday that the product is not available to US persons at this time, but it is “working to expand this offering to additional regions in the future.”Join the inaugural Finance Magnates Singapore Summit 2026, which will bring together brokers, fintechs, banks, EMIs, wealth managers, and hedge funds across APAC.The contracts are accessible on Coinbase Advanced for retail users and Coinbase International Exchange for institutions. They provide leveraged, cash-settled exposure to major US stocks and indices, including Apple and Nvidia, in a format familiar to crypto traders.The launch follows Coinbase’s earlier moves to offer regulated crypto futures and 24/5 cash equities in the US, alongside Kalshi-powered prediction markets in all 50 states. The company has described its platform as an “everything exchange” where users can switch between tokens, stocks, and event contracts.Equity Perpetuals Available Outside United StatesStock perpetuals form a central part of Coinbase’s 2026 strategy, which emphasizes stablecoins, its Base layer-2 network, and a multi-asset brokerage model. ?JUST IN: COINBASE LAUNCHES 24/7 STOCK PERPETUAL FUTURES FOR NON-U.S. TRADERS@Coinbase has launched perpetual futures on U.S. equities for non-U.S. traders, offering round-the-clock exposure to Apple, Microsoft, Nvidia, and S&P 500 ETFs with up to 20x leverage.The product… pic.twitter.com/DxSoqD5YXS— BSCN (@BSCNews) March 20, 2026Coinbase CEO Brian Armstrong said in January that the company’s top priority is to expand the everything exchange globally across crypto, equities, prediction markets, and commodities, covering spot, futures, and options.Currently, the equity perpetuals are available only to non-US customers. In Europe, Coinbase launched perpetual futures for Coinbase Advanced users in 26 countries under its Markets in Financial Instruments Directive entity earlier in March. This article was written by Tareq Sikder at www.financemagnates.com.

XTB reported its highest-ever annual revenues in 2025, but the broker's bottom line told a different story as a near-doubling of marketing expenditure and swelling headcount costs dragged net profit down by almost a quarter, according to the company's consolidated annual report published today (Friday).The Warsaw-listed fintech (WSE: XTB) generated total operating income of PLN 2.15 billion last year, up 14.6% from PLN 1.87 billion in 2024. Net profit, however, fell to PLN 644.2 million from PLN 856.9 million a year earlier, a 24.8% decline that the company attributed to a PLN 427 million increase in operating costs."2025 was a breakthrough year for XTB,” Omar Arnaout, the CEO of XTB, commented. “It was during this period that we fully saw the results of strategic decisions made in previous years - both in terms of the scale of our operations, growth momentum, and the increasing trust of clients worldwide."Marketing Tab Climbs to PLN 585 MillionThe most significant driver of the earnings compression was marketing spend, which climbed PLN 240 million year-on-year to PLN 584.9 million, an increase of nearly 70%. The company said the rise reflected broader online and offline campaign activity, including what it described as its largest-ever global branding push in the second half of the year.[#highlighted-links#] Salaries and employee benefits rose 32.6% to PLN 413 million, while other external services, including IT systems and licenses, increased 67.7% to PLN 132.8 million. Total operating expenses reached PLN 1.31 billion, up 48.2% from PLN 886.7 million in 2024.The cost surge coincided with a deliberate push to accelerate client acquisition. XTB added 864,286 new clients during the year, up 73% from 498,438 in 2024, and the firm's total client base crossed 2.16 million. As FinanceMagnates.com reported in February, Chief Executive Omar Arnaout has said reaching two million new clients annually "is completely realistic" within a few years, noting it took the firm 20 years to accumulate its first million accounts. The number of active clients grew 69.7% to just over 1.19 million.Profitability Per Lot Feels the SqueezeWhile volume metrics improved sharply, the revenue generated from each unit of activity fell. Profitability per lot in CFD derivatives declined to PLN 215 from PLN 275 a year earlier, a 21.8% drop. CFD turnover in lots rose 41.3% to 8.87 million, while turnover by notional value in CFDs climbed 83% in dollar terms to $4.81 billion. Revenue from the retail business grew 17.4% to PLN 2.1 billion, while institutional revenue through the X Open Hub brand fell 48.3% to PLN 42.5 million, reflecting lower liquidity provision activity in that segment.From a geographic perspective, Central and Eastern Europe remained the largest contributor, generating PLN 1.45 billion in consolidated operating income, up 18.1% year-on-year. Poland alone accounted for approximately 54.4% of consolidated revenues, the company said. XTB captured 441,500 new Polish brokerage accounts in 2025, representing about 33% of all securities accounts registered with Poland's Central Securities Depository, KDPW.Gold and Index CFDs Drive Revenue MixCommodity CFDs, driven largely by gold, natural gas, and cocoa, accounted for 43.7% of gross revenue from financial instrument operations, the company said, while index-based CFDs grew their share to 36.0% from 33.3%, buoyed by strong turnover on instruments linked to the US 100, German DAX, and US 500 indices. Revenue from stocks and ETFs more than doubled to PLN 78.3 million, up 155.5% from PLN 30.7 million in 2024, as XTB continued developing its investment plans and savings products. Net interest income on client cash rose 32.3% to PLN 78 million, reflecting a 56.3% increase in client cash balances, partly offset by lower prevailing interest rates compared to the prior year."The year 2025 demonstrated that we are capable of growing dynamically, while also acting responsibly and with a long-term perspective,” the CEO of XTB concluded.Shares Test Four-Month Lows After ReportThe release of the full annual report weighed on the stock Friday. XTB shares fell more than 3.3% in Warsaw trading, testing intraday lows of 91.24 zlotys, the steepest single-session decline since November 13, 2025. The selloff, while notable, leaves the stock within range of its all-time high of 96.94 zlotys, which the shares touched on March 10. Analysts at Noble Securities had maintained a "buy" rating on the stock in January, with a price target of 95.70 zlotys, citing expectations of a financial rebound in the fourth quarter driven by higher trading volatility and client inflows.Looking ahead, XTB said it plans to introduce spot cryptocurrency trading, a redesigned version of its investment plans product, extended trading hours, and options trading capabilities. The firm also received a brokerage license in Chile in February 2025 and obtained authorization to operate in Brazil, though it said it paused further Brazilian development to focus on the Chilean market and monitor Latin American conditions. The CEO has highlighted spot crypto as a key tool to reduce the group's dependence on CFD revenue, which still accounts for the vast majority of income, toward a more diversified model over the medium term. This article was written by Damian Chmiel at www.financemagnates.com.

Silver price is having a brutal week. The metal has fallen for four straight sessions, losing nearly 20% from Monday's closing highs in what is turning into one of the sharpest multi-day corrections of 2026. On Friday, March 20, 2026, spot silver is down over 1% and trading near $72 per ounce - its lowest price since early February and now deeply into the support zone that has stopped every significant selloff since the start of this year. The question that every silver trader is asking right now is the same one I am asking on my chart: is $70 going to hold for the third time, or is this the break that opens the real downside?In this article, I will break down technical analysis of the XAG/USD chart, examine why the metal is selling off so hard, and compile the most significant silver price predictions for 2026. Based on my over 15 years of experience as an analyst and retail investor, here is what I am watching.Follow me on X for real-time silver market analysis: @ChmielDkWhy Silver Is Crashing? The Fed Delivered a Body BlowWednesday's Federal Reserve decision was the trigger, but the setup had been building for weeks. The Fed held rates at 3.5%-3.75% and revised its 2026 dot plot down to just one cut, citing persistent inflation from oil prices elevated by the Strait of Hormuz situation. For silver - which had run from $40 to $121 in roughly fourteen months almost entirely on dovish Fed expectations and dollar weakness - the signal hit like a sledgehammer. The hawkish hold pushed the Dollar Index above 99.9 and Treasury yields to 4.2%, both direct headwinds for non-yielding precious metals.Silver amplifies gold's moves in both directions, and my Thursday gold analysis confirmed exactly that pattern: gold dropped 6% over two sessions while silver dropped nearly 20% from its weekly high. Join the inaugural Finance Magnates Singapore Summit 2026, which will bring together brokers, fintechs, banks, EMIs, wealth managers, and hedge funds across APAC.Silver Technical Analysis: $70 Holds for the Third Time - For NowAs my chart shows, silver has fallen for four consecutive sessions and from Monday's intraday peak to Friday's low near $71, the decline is approaching 20%. However, the most important observation on my chart is not the scale of the fall - it is what is happening at the bottom. The $70 support level has now held for the third time since the start of 2026. That is not a coincidence. It represents a genuine zone where buyers have repeatedly stepped in, and as long as it continues to hold on a closing basis, the consolidation structure I have been tracking for six weeks remains intact.In the context of swing trading this consolidation, the current position at the bottom of the range - with $70 holding - points to a bounce back toward the upper boundary as the higher-probability near-term move. The path upward has obstacles: a local resistance around $80.50, defined by the December 26 highs, will create friction on any recovery. Above that, the upper consolidation boundary at $90-$94 - last tested on February 27 and March 2, where a bearish engulfing pattern caused a sharp reversal - remains the ceiling of the range.But I must be honest about the downside scenario on my chart, because it is serious. A daily close below $70 changes everything. Below that level, the next meaningful support is the 200-day MA at approximately $62. Below $62, the final structural support before a truly significant retracement is the October 2025 historical highs at $55 per ounce.From Friday's $72, that extreme scenario represents a potential decline of approximately 25%. The Cycle Warning: A 3-4 Year Bear Market?Most silver commentary focuses on the next few weeks. @CyclesFan is thinking in years. His January 28 post - which generated 37,000 views - delivered a blunt warning: "This is going to end badly. We have a 7-year cycle low coming in late 2029. Once this parabolic rally tops, if it hasn't topped already, silver is headed into a 3-4 year bear market."This is going to end badly. We have a 7 year cycle low coming in late 2029. Once this parabolic rally tops, if it hasn't topped already, silver is headed into a 3-4 year bear market.https://t.co/Er8v7bxscP— CyclesFan (@CyclesFan) January 28, 2026Whether the January 29 high was the cycle top that he was warning about, or whether it was only a temporary peak before an eventual higher high, is the question that determines whether the how high can silver go analysis targeting $300 in 2026 is still live, or whether CyclesFan's 3-4 year bear market has already begun.The BIS quarterly review adds institutional weight to the caution: their March 2026 analysis frames the January spike and crash as a classic boom-bust driven by speculative excess rather than a durable repricing of fundamental value. The silver market's 21:1 paper-to-physical leverage ratio means that when the speculative community exits, the unwind is not proportional to the entry - it is dramatically faster and deeper.Silver Price Predictions 2026: The Full SpectrumThe analyst forecast range for silver in 2026 is among the widest of any asset class, reflecting genuine disagreement about whether January's $121 high was a peak or a preview. The earlier How Low Can Silver Go analysis established the downside framework at $55-$62. The institutional forecasts for year-end cluster in a more optimistic range, but have been shifting lower as the March correction deepens.UBS holds the most pessimistic institutional year-end target at $85, representing roughly 18% upside from Friday's $72 price. Commerzbank's mid-year estimate of $92 sits similarly. CoinCodex's algorithmic model flags $56.82 as its near-term target but projects recovery toward $83.92 by year-end. At the bull end, GoldSilver's Alan Hibbard expects silver to "perform better in 2026 than it did in 2025" and would "not be surprised to see the price increase by over $100 per ounce to $175+". Robert Kiyosaki's $200 silver prediction, made in the context of his "biggest bubble bust" scenario, sits at the extreme end. Bank of America's Michael Widmer maintains his extraordinary $135-$309 target based on gold-silver ratio compression and industrial demand.FAQ, Silver Price AnalysisWhy is silver crashing this week?Silver has fallen four consecutive sessions for a total decline approaching 20% from Monday's intraday high, triggered by Wednesday's hawkish Federal Reserve decision that cut 2026 rate cut projections from two to one while citing persistent oil-driven inflation from the Strait of Hormuz situation. How low can silver go in 2026?As shown on my chart, the $70 lower consolidation boundary is the critical line in the sand - it has held for the third time this year and is currently being tested. A sustained break below $70 targets the 200-day MA at $62, then the October 2025 historical highs at $55 - representing approximately 25% further downside from Friday's $72. What is the silver price prediction for 2026?The range spans from CoinCodex's near-term $56.82 and UBS's pessimistic $85 year-end target to Bank of America's $135-$309 and GoldSilver's $175+ bull case. My technical analysis identifies $120 (the January all-time high) as the bull target if the $94 upper consolidation boundary breaks with conviction, and $55 as the bear target if $70 fails. The May Fed meeting is the next major catalyst that could determine which scenario dominates the second quarter.Is $70 a genuine support level for silver?Yes - and my chart shows it has proven so on two prior occasions in 2026, generating meaningful recoveries each time. The level coincides with the December 2025 lows and the February 2026 lows, making it a structurally significant zone with genuine buying interest. This article was written by Damian Chmiel at www.financemagnates.com.

Customer deposits held by US retail forex brokers fell sharply in January, with the industry's combined total dropping to $472.96 million, the lowest figure recorded in more than two years and well below a high-water mark of $557.5 million set back in June 2024.Every broker tracked in the monthly CFTC financial disclosure data posted a decline from December's levels, and four of the six platforms are sitting below where they were twelve months ago. The data, drawn from the Commodity Futures Trading Commission's (CFTC) mandatory Futures Commission Merchant (FCM) filings, capture total retail forex obligations, effectively, the pool of customer assets each regulated dealer holds on behalf of its US clients.OANDA's Decline Deepens Under New OwnershipNo broker has lost more ground than OANDA. January's figure of $133.7 million represents an 8% drop from December and a 19% collapse year-on-year, when OANDA was still managing $165.6 million in US retail forex deposits. The slide is hard to disentangle from the ownership change that reshaped the broker's profile last year. Prop trading giant FTMO acquired OANDA in early 2025, and by March 2026 OANDA had formally transitioned its prop trading clients to the FTMO brand, narrowing the scope of its US retail operation in the process.OANDA's share of total US retail forex deposits now stands at roughly 28%, down from a position that once put it firmly in second place with greater distance behind Gain Capital.Gain Capital Holds Firm, Though Its Lead NarrowsGain Capital, which operates the Forex.com platform in the United States, remains the dominant player with $203.1 million in January, still commanding 42.9% of the total market. But the number itself has pulled back from the $211.8 million it held at year-end, and it is running 4% below the $211.5 million reported in January 2025, when the broker was benefiting from strong monthly inflows.Join the inaugural Finance Magnates Singapore Summit 2026, which will bring together brokers, fintechs, banks, EMIs, wealth managers, and hedge funds across APAC.The broker has not posted a meaningful breakout since touching $226.6 million in March 2025. That plateau, combined with a post-summer cooling across the market, suggests demand in US retail forex is under genuine pressure. Gain Capital's market share above 44% in the second half of 2024 has gradually eroded, and the December 2025 data now looks more like a temporary stabilization.Charles Schwab and tastyfx Lose GroundCharles Schwab's forex unit shed just over 5% in January, falling to $58.6 million from $61.8 million in December. That marks a roughly $2.6 million shortfall against the same month last year, though Schwab's year-on-year decline of 4.3% is relatively contained compared to broader industry weakness.tastyfx, the US retail forex brand of London-listed IG Group, which rebranded from IG US in 2024, dropped 3.7% on the month to $44.6 million. Of the four brokers showing annual declines, tastyfx is the most modest, down just 1.7% year-on-year. The broker launched Prime accounts in September 2025 targeting professional traders with a 6% promotional annual yield on cash deposits, a product designed to attract larger clients and retain high-value balances.Interactive Brokers and Trading.com Swim Against the TideAgainst an otherwise uniform picture of decline, Interactive Brokers and Trading.com stand out as the only two brokers showing positive deposits compared to January 2025. Interactive Brokers held $30.1 million in retail forex assets at end-January, down 7.3% from December but up 16.4% year-on-year - a contrast that reflects how badly the broker had underperformed a year ago when deposits had already fallen to a low base. In November 2025, Interactive Brokers' deposits plunged 20% in a single month, making the subsequent recovery, including a 21% surge in December, look more like oscillation than a trend.Trading.com, the smallest platform by absolute deposit size at $2.86 million, posted the shallowest monthly decline of any broker, shedding just 1.4% from December. More notable is the year-on-year comparison: Trading.com's deposits are up 25.4% from a year ago, continuing a growth trajectory that, while small in absolute dollar terms, is consistent and directionally distinct from the rest of the market.US retail forex brokers operating as Futures Commission Merchants or Retail Foreign Exchange Dealers are required to report monthly financial disclosures to the CFTC, including adjusted net capital figures and total retail forex obligations. All six brokers covered here remain in compliance with NFA membership and CFTC registration requirements as of the January reporting date. This article was written by Damian Chmiel at www.financemagnates.com.

Multi-asset broker HFM has struck a multi-year partnership with Arsenal, becoming an Official Global Partner of the north London side. “This partnership marks an exciting milestone for HFM as we align with one of football’s most iconic clubs,” Efthymios Mesis, Chief Marketing Officer at HFM, said. The agreement grants the broker matchday branding at Emirates Stadium and exposure across Arsenal’s digital ecosystem, including its recently launched media platform. It also opens the door to player-led campaigns and fan-facing experiences, expected to roll out later this year.HFM itself is a product of the industry’s gradual repositioning. Formerly known as HotForex, the firm rebranded in 2022 to reflect a broader suite of products beyond foreign exchange. Brokers Are Racing to F1Football, once the default choice for branding exposure in the industry, is no longer the sole arena of interest. An increasing number of brokers, including IC Markets, AvaTrade and Vantage, have turned to Formula One. Join the inaugural Finance Magnates Singapore Summit 2026, which will bring together brokers, fintechs, banks, EMIs, wealth managers, and hedge funds across APAC.Formula One’s own numbers tell a clear story. In the first half of 2025, China accounted for 221 million fans, a year-on-year increase of 39%, and the sport is thriving in Latin America and the Middle East – all key regions for retail brokers. Still, the sums involved are not trivial. According Marios Chalis, Chief Marketing Officer at Libertex, which sponsors now-Audi’s F1 team (previously Kick Sauber), even lower-tier Formula One sponsorships can command around US$5 million.Others have framed the shift in more strategic terms. Peter Aust, COO of FxPro, described the broker’s long-standing McLaren Formula One partnership as a response to the sport’s evolving audience. “As the popularity of trading continues to expand globally, aligning with a sport and a team that is simultaneously growing younger and more diverse directly supports FxPro’s long-term growth ambitions,” he said to Finance Magnates. This article was written by Adonis Adoni at www.financemagnates.com.

Bitget said its contracts for difference business reached a record single-day trading volume of more than $6 billion. The company said this marks a new high and reflects its expansion into multi-asset trading including CFDs and tokenized equities, as the exchange broadened its product offering.The increase comes as trading activity spreads across several markets at once. Users are no longer focused on a single asset class. Instead, activity has grown across commodities, currencies, and indices.Market Swings Drive Multi-Asset TradingRecent market conditions contributed to this shift. Gold rose to record levels amid safe-haven demand. Oil prices, major currency pairs, and global indices also showed sharp movements, driven by geopolitical developments and interest rate expectations.Join the inaugural Finance Magnates Singapore Summit 2026, which will bring together brokers, fintechs, banks, EMIs, wealth managers, and hedge funds across APAC.The firm said traders are increasingly engaging across multiple asset classes rather than reacting to isolated market events.Gracy Chen, CEO of Bitget, said, “Markets are moving together more than ever.” She added that “surpassing $6 billion in a single day” reflects where users are focusing activity.Traders Access Multiple Markets Through BitgetBitget said its CFD product allows users to trade contracts linked to global assets while using USDT as margin. This removes the need to move funds between separate trading environments.Its Universal Exchange model combines crypto, commodities, forex, and indices within a single account, allowing users to move between markets more easily.The company said the volume reflects growing demand for platforms offering access to multiple asset classes in one place. It added that trading activity is becoming more interconnected across markets.Investors Fuel Bitget US Stock ActivityBitget previously reported strong activity in tokenized equities. Last year, its USDT-margined stock futures tied to 25 U.S. stocks surpassed $1 billion in cumulative trading volume, driven by trades in Tesla, Apple, and other major companies. The milestone came two weeks after the platform reached $500 million, reflecting growing investor interest in tokenized stock products. This article was written by Tareq Sikder at www.financemagnates.com.

A German court has initiated a trial against the former CEO of the Israeli company Airsoft for providing its brokerage technology to scammers. According to prosecutors, the financial losses suffered by victims totalled more than 94 million euros.The Trial of a Tech ProviderAs reported by OCCRP, the CEO of the tech provider, who was in charge from March 2015 until at least the end of June 2021, has been charged with four counts of commercial and organised fraud.Notably, Airsoft itself did not scam anyone, but it allegedly provided technology tools to scammers.In 2023, FinanceMagnates.com reported raids on the Tel Aviv office of Airsoft by Israeli authorities over the company’s links to forex fraud.The indictment filed by the German authorities added that the former CEO “knowingly and willingly” provided the company’s “brokerage all-in-one solution” software to criminal groups across multiple countries, which was “central to the fraud”.According to the indictment, several fake trading platforms, including Huludox, Fibonetix, Nobeltrade, Tradecapital, and Forbslab, used Airsoft’s technology. The German court had already convicted the leaders of those platforms last year, who ran scams through call centres in several countries, including Bulgaria, Serbia, Ukraine, Georgia, Israel, and Kosovo.Read more: Belgian Watchdog Battles a New Breed of “Boiler-Room” Scam Wrapped in Corporate BrandingWho Is Really Responsible?The OCCRP report also mentioned that the former Airsoft CEO “partially admitted” the facts of the case but “largely denied” the allegations of criminal wrongdoing.As the company allegedly charged scammers as part of its revenue, a standard revenue-sharing business model in the brokerage industry, it became directly complicit in the fraudulent activities.The defendant’s lawyers, however, are questioning the legal basis of the case.“The central question before the court is at what point, and under what legal conditions, a software provider may be held criminally liable for the misuse of its product by third parties,” the lawyers of the defendant told the US-based non-governmental organisation that supports investigative journalism.The indictment, on the other hand, alleges that “in some cases — depending on the respective authorisations — the involvement of Airsoft employees was required, which did indeed occur.” This article was written by Arnab Shome at www.financemagnates.com.

Although there are more than a week of trading days left in March, IG Group is expecting to close the first quarter of the year with about £300 million, 7 per cent higher than the corresponding period a year ago.It has also launched a new £125 million share buyback programme.A Great Year for IG Group, FinanciallyIn the three months ended February, the London-listed broker generated total revenue of £274.2 million, 2 per cent higher, with organic revenue on a continuing operations basis stable at £266 million. Its net trading revenue grew by 5 per cent to £247.2 million.Read more: IG Group Posts Record £1.12bn Revenue, Launches Strategic Review as Customer Growth Accelerates“With commercial momentum building, we now expect 2026 organic total revenue growth from this higher base towards the top end of our mid-to-high single-digit target range, excluding contributions from Freetrade and Independent Reserve,” the broker’s latest yearly financial results, released yesterday (Thursday), noted.The figures came as IG closed the 2025 calendar year with total revenue of £1.12 billion, driven by double-digit growth in net trading revenue and a rise in new customer numbers.Its outlook for 2026 is also positive, with EBITDA expected to be broadly in line with the current consensus of £538.1 million.Analysts expect IG’s total revenue for 2026 to be £1.16 billion, of which £1.06 billion is expected to come from trading revenue. For the following year, the total figure is expected to be higher, at almost £1.24 billion, with EBITDA of £579.1 million.“Beyond 2026, given the momentum behind recent product launches and the strength of our pipeline, we now expect organic total revenue growth towards the top end of our guided range,” the broker noted.“Group EBITDA margins are expected to be sustained in the mid-40s percentage range as investment in growth is offset by structurally declining fixed costs to serve, enabled by AI, digital servicing, and automation.”[#highlighted-links#] The Goal Is to Maximise Shareholder ValueIG has also been expanding its presence through acquisitions – it completed the Freetrade acquisition last year and recently bought Independent Reserve, a crypto exchange. Pro forma total revenue in 2025 was £32.2 million for Freetrade and £19.3 million for Independent Reserve.The broker’s net interest income in 2026 is expected to be approximately £110 million based on current rate expectations.Meanwhile, IG is reportedly considering a US listing as it evaluates its presence in London. The decision is expected to be made by autumn 2025.The London-headquartered broker also ran a campaign recently against the stamp duty imposed on stock investments to improve investor sentiment in the UK stock market. Its priority, however, is now to maximise shareholder value. This article was written by Arnab Shome at www.financemagnates.com.

Interviewee: Adam Phillips, CEO of FXTQ1. Could you briefly introduce your development history and business layout? What are your current primary markets and core services?Adam PhillipsI’ve spent over 25 years in the 'engine room' of global finance—managing institutional mandates, setting up prime brokerage relationships with the likes of UBS and Deutsche Bank, and executing billions in monthly volume. When I took the role as CEO of FXT, I didn't see it as just a leadership change, but a mission to bring that institutional-grade discipline to the retail and wholesale market. I wanted to build the broker that I, as a practitioner, would want to use.FXT is headquartered in Sydney, and while we have a large footprint in the APAC region, we are rapidly expanding our global reach to meet the needs of serious, self-directed traders everywhere. Our core service isn't just 'providing a platform'; it provides a coherent, engineered ecosystem. We offer over 500 instruments—FX, Precious Metals, Stocks, Crypto—all under one roof, but the real 'product' is our in-house tech stack.We own WebTrader, the App, and the Funds Management System. We don't white-label our core; we engineer it. This is a critical distinction because it allows us to significantly reduce 'platform risk.' While the markets will always be uncertain, your broker shouldn't be. By owning the technology, we ensure that when our clients act—whether they are trading directly or allocating to a fund—they stay in control. We’ve moved away from the generic 'low spreads' talk to focus on how our systems behave when it matters most.Q2. What role or mission do you believe your company undertakes within the current forex ecosystem?Adam PhillipsFor us it all starts from a simple insight:“The market will always be uncertain. Your platform shouldn’t be.”Most traders are okay with market risk – that’s the game they’ve chosen. What really frustrates them is platform risk: platforms that freeze when things move, costs that only show up after the trade, or money that’s easy to deposit but hard to withdraw.So, our role in the FX ecosystem is to remove as much of that platform uncertainty as we can.Internally, it’s our North Star, as a team - we call that idea ‘Engineered Trust’.By that we mean: we don’t just rent some technology and put a logo on it. We build and control the important parts ourselves – the trading platforms, the systems that handle orders and risk, how prices and costs are shown, and how client money moves in and out.Out in the world, we talk about this through the lense “In Control” – because that’s what we want our clients to feel at the moment they act.The market can move. That’s its job.Our job is to be the part of a distinctive trading experience you can 100% rely on.Q3. Compared with other brokers, what unique advantages does your company offer in terms of technological innovation or client experience?Adam PhillipsMost brokers in this industry are essentially a collection of third-party vendors taped together. They license a platform from one provider, bolt on a bridge from another, and route orders through an external aggregator. That model creates massive blind spots—latency you can’t diagnose and execution behavior you can’t fully control. At FXT, our fundamental advantage is our End-to-End Proprietary Stack. Because we built our own execution, pricing, and routing systems from the ground up, we have total control over the moment of action—the exact millisecond where a client’s intent becomes a market reality.This isn't just about speed; it’s about reliability. We’ve invested heavily in proximity hosting near major financial hubs to ensure that when volatility spikes, our infrastructure thrives. In this business, trust is earned during market chaos. When markets are calm, every broker looks the same, but when 'black swan' events hit, institutional-grade engineering is what separates a serious broker from a marketing-led firm.A practical example of this rigor is our Funds Management System . In most places, these are afterthoughts or third-party plugins. At FXT, it’s a core pillar. We built it to serve professional money managers with the same level of granular reporting and sub-millisecond execution that I demanded when I was managing $40M+ mandates for institutional clients. If you are running complex strategies across hundreds of sub-accounts, you don’t just need 'copy trading'—you need precision, auditability, and total visibility. We provide the tools that allow a manager to run their book like a professional fund.That same institutional precision extends to our Social Trading infrastructure. Unlike legacy copy systems that introduce lag or proportional distortion, FXT delivers zero latency for copy accounts from source account—ensuring followers receive execution in real time, not seconds later when the opportunity has moved. Our dashboard provides clear performance analytics and transparent trade metrics, so clients understand drawdown, risk profile and consistency before allocating capital. Most importantly, we’ve engineered our allocation engine to support fractional micro-lot execution. That means a $50 investment can follow a signal account holding $30,000 with precision. We allow fractions of micro lots to be traded onto follower accounts, ensuring proportional accuracy rather than rounded, distorted position sizing. This is institutional-grade allocation logic delivered to retail scale.We also focus on what I call Radical Transparency. In an industry often built on information asymmetry, we lead with data. We surface spreads, swaps, and margin health clearly within the UI, designing the interface to support better decision-making rather than emotional overtrading. We don't build a casino; we build a cockpit.Ultimately, our philosophy is centered on Client Longevity. We want our clients to stay in the game longer, trade with clearer information, and compound their skills over years. If we aren’t helping you manage risk—through better technology and clearer data—then we are part of the risk. That institutional mindset—prioritizing survival and disciplined growth over reckless volume—is the edge that sets FXT apartQ4. How does your company ensure the safety of client funds?Adam PhillipsSecurity is the foundation of 'Engineered Trust.' We operate under strict regulatory oversight, including ASIC, and we treat client money handling with the same rigor I applied under NFA and FINRA jurisdictions. Segregated accounts and top-tier banking relationships are non-negotiable.Regarding 'information asymmetry,' this is where transparency wins. We explain how we make money in plain language. We don't allow third-party funding. We make offboarding and withdrawals as seamless as onboarding. This article was written by FM Contributors at www.financemagnates.com.

Compagnie Financière Tradition (SWX: CFT), an inter-dealer broker and operator of a Japanese retail forex trading platform, ended 2025 with CHF 134.2 million in net group profit, which increased by 22.2 per cent in constant currencies. The profit was made on annual revenue of almost CHF 1.12 billion, up 11.3 per cent.Revenue from its inter-dealer broking business (IDB) increased by 11.2 per cent at constant exchange rates to CHF 1.16 billion, while revenue from the online forex trading business for retail investors in Japan (non-IDB), from its Gaitame operations, rose by 18.8 per cent to CHF 39.6 million.Its operating margin also improved to 14.5 per cent from 11.9 per cent.[#highlighted-links#] Another Good Year for the Swiss GroupWhen it comes to combined revenue with joint ventures, the figure came in at CHF 1.2 billion, 11.4 per cent higher than the previous year. The operating profit from this was CHF 187.4 million.The Swiss company highlighted that it operated last year “in a complex macroeconomic environment marked by the shift of the major central banks’ monetary policies towards cautious easing and by a rise in international trade tensions, notably the introduction of significant U.S. tariffs that triggered retaliatory measures and increased global geopolitical uncertainty.”These developments prompted investors to actively reassess and reposition their portfolios, generating a substantial increase in transaction volumes across all asset classes and regions.“The Group was able to capitalise on these market conditions while continuing its organic growth strategy,” the company added.However, its performance was affected by the strengthening of the Swiss franc during the year, particularly against the U.S. dollar and the Japanese yen.Outlook Is BullishIn the current year, the group is witnessing a “positive trend”, which continues from recent years.“The priority remains the pursuit of growth primarily through organic development, in particular through targeted recruitment aimed at expanding its product offering across different geographic regions,” the company added. This article was written by Arnab Shome at www.financemagnates.com.