FX week in review: Saxo Bank cuts countries; ActivTrades loss, Robinhood AI acquisition, Admirals mgmt change

Which countries did Saxo Bank list in a note to its institutional partners, stating that it was stopping to onboard clients from certain geographies?

What led to a 45% Revenue drop, and a large net loss, at Retail FX and CFDs broker ActivTrades?

What AI based company did Robinhood just buy?

What (further) Management Board changes were made at Estonia based broker Admirals?

Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:


Saxo Bank informs its partners about changes to country presence. FNG Exclusive… FNG has learned that multi-asset investment specialist Saxo Bank has published a notice to its partners about an important change to Saxo’s service. After careful consideration, Saxo has made the decision to stop onboarding clients in certain countries, effective from 1 July 2024. This decision aligns with Saxo’s overall risk appetite and aims to enhance operational efficiency, while meeting regulatory requirements.

ActivTrades sees Revenues drop 45% in 2023 as resources diverted to StreamBank. London based Retail FX and CFDs broker ActivTrades has released its financial results for 2023, indicating a continued slide in both top and bottom line results which began in the second half of 2022. After reporting record first half 2022 Revenues of £32 million but then second half 2022 Revenues of just £18 million, ActivTrades continued on a downward trend in 2023 reporting full year 2023 Revenues of just £27.5 million (USD $35 million), down 45% from 2022’s £50.2 million. The drop in Revenues was accompanied by a Net Loss of £5.8 million in 2023 at ActivTrades, down from a Profit of £16.3 million the previous year.

Robinhood acquires of AI-powered investment research platform Pluto. Robinhood Markets, Inc. today announced the acquisition of Pluto Capital Inc., an artificial intelligence (AI) powered investment research platform. Pluto Founder and CEO, Jacob Sansbury, has joined the Robinhood team to accelerate our product roadmap and help integrate AI-powered capabilities across the Robinhood platform.

Copy trading provider Pelican integrates with the DXtrade CFDs platform. Copy trading provider Pelican has announced a new partnership with Devexperts’ DXtrade, the trading platform powering both big-name and start-up FX, CFD, and crypto brokers. The Pelican copy trading will natively function within the DXtrade platform, providing traders with the best-in-class multi-asset copy trader engine. DXtrade users can access the Pelican network (+9,000 signals) from within the DXtrade platform.

Top FX industry executive moves reported at FNG this week included:

Dany Mawas

❑ Dany Mawas promoted to Markets.com CCO.

❑ Admirals Group adds Eduard Kelvet and Lauri Reinberg to its Management Board.

Exclusive: Capital.com hires Revolut exec Tarek Mahassen as Head of Risk.

Exclusive: Former TopFX exec Rami Fleifel joins MetaQuotes as Sales Manager.

Exclusive: CMC Markets marketing exec Grant Ellis moves to Finalto.

Exclusive: XS.com adds SwissFS exec Rami Sami as Senior BizDev Manager.

❑ GCEX Dubai appoints Saeed Al Darmaki as Non-Exec Director.

❑ OANDA Marketing Manager Sylwester Jezierski moves to AvaTrade.

Exclusive: Patricia Lyn Dixon joins Capital.com from Amazon as Global Head of Programmatic.