Tariffs Boost Trading, MetaTrader Crashed. Will We See More CFDs Brands in Football?

Tariffs Pushed Trading Volumes

The beginning of last quarter was dramatic. US President Donald Trump’s tariff plans brought havoc to the markets, creating massive volatility. However, one industry flourished – retail brokers.

As the markets became volatile, traders’ activity jumped, sending trading volumes soaring, which are directly related to brokers’ revenue.

IG Group said it “performed strongly” in April due to elevated volatility across asset classes, which resulted in higher client trading activity than expected in typical market conditions. VT Markets also handled $720 billion in trading volume in April 2025, marking its “strongest-ever” monthly figure.

NRDX was another broker that reported over 60 per cent of its active clients opened new positions, particularly shorting affected indices and commodities.

GCEX, a provider of prime brokerage services, also disclosed that FX spot trading volumes on its platform surged by nearly 250 per cent following Trump’s announcements, stating it recorded “some of its strongest trading days.” Meanwhile, Tom Higgins, CEO of Gold-i, said his platform “saw a tenfold increase in FX and equity index price rates and about five times as much trading activity.”

eToro Goes Public, but iForex Awaits

eToro’s years of waiting finally ended last May as the broker went public on Nasdaq. Demand for the retail broker’s stock was so strong that the company had to increase the size and valuation of its IPO.

The Israeli broker listed at a valuation of $4.2 billion, and upon listing, added over a billion more to its market cap.

While the eToro listing grabbed headlines, iForex, a CFDs broker, floated its plan to go public in London. Although iForex is not as big as eToro, it is still very popular in the CFDs space. Interestingly, the broker generated 35 per cent of its revenue from Japan, 17 per cent from India, and 20 per cent from the Middle East, but it is not regulated in any of those markets.

The CFDs broker, however, is yet to share its anticipated listing valuation or other IPO details.

Although iForex wanted to list its shares at the end of June, an investigation by a British Virgin Islands regulator delayed its plans. The broker is regulated in the BVI and Cyprus. Now the question remains: will iForex go public in Q3?

Can IG Save London?

Although iForex wants to IPO in London, the city’s capital market is struggling. New listings in the UK raised only £74.7 million in Q1 2025 compared to £8.9 billion in the US. Many London-listed companies are also fleeing the city.

And IG now wants to save London’s markets. The CFDs broker launched a campaign to push policymakers to scrap stamp duty on equity investments and incentivise British stock investors.

The broker has waged a war against the much-loved cash ISAs. It even signed former tennis star Pat Cash (maybe because of his surname?!) for a campaign against cash savings. The “cash returns” play on words is catchy, but Cash played tennis for Australia (although he now lives in the UK). Could IG not have found a more British player (Raheem Sterling!)?

Meanwhile, IG now offers cryptocurrency trading but has shuttered its local South African business.

MetaTrader Crashed in China

Chinese traders encountered a serious problem: they could not access MetaTrader servers. The issue persisted for over a week as new users could not locate broker servers through the trading applications. Existing users who had previously logged into broker servers continued trading without interruption.

FinanceMagnates.com found that the issue occurred at least twice and was resolved after MetaQuotes released an emergency update.

But what happened? As always, MetaQuotes stayed quiet and released no public details around the issue.

However, the connectivity problems coincided with broader regulatory pressures on foreign trading platforms in China. Many Chinese nationals have been required to install the government’s “National Anti-Fraud Centre” application, which industry sources believe may flag MT4 and MT5 software as potentially fraudulent.

Meanwhile, trading volume on MT5 has finally surpassed MT4, almost 15 years after MetaQuotes launched the newer platform. Does this mean MT4 will slowly phase out? Or will MetaQuotes continue supporting the legacy platform?

My Forex Funds Wins

After fighting the CFTC for about two years, My Forex Funds had its last laugh. A New Jersey court dismissed the case against the prop firm and sanctioned the regulator.

The court’s decision was not due to the regulator’s failure to prove that My Forex Funds was fraudulent, but because of its questionable tactics to freeze the platform’s funds. The regulator must now pay the prop firm’s legal fees and costs.

Before the CFTC’s actions, My Forex Funds was massive. Its prop trading business generated at least $310 million in fees. The platform reportedly served more than 135,000 customers between November 2021 and its shutdown.

However, the business was forced to close its doors as the CFTC froze its funds and accounts. Will My Forex Funds make a comeback? After all, prop trading is still very profitable.

Regulators Are Going After Finfluencers

Regulators are finally going after so-called finfluencers with full force. The FCA in the UK made three arrests as part of its broader crackdown on “rogue influencers.” The British regulator also issued seven cease-and-desist letters, published 50 warnings, and invited four finfluencers for interviews.

You may also like: Finfluencers Had a Good Run, but the Party may Fizzle Out

The FCA was just one of nine global agencies that launched a crackdown on these illegal finfluencers.

ASIC, the Aussie counterpart of the FCA, also confirmed it issued warning notices to 18 social media finfluencers suspected of unlawfully promoting high-risk financial products like CFDs. Other agencies also issued warnings and published cautionary notices.

One regulator went a step further. Although not part of the joint effort, the regulator in Dubai mandated licences for finfluencers, making it the first region to require such approval for influencers.

Will We See More FX Brands on Football Shirts?

A massive opportunity has emerged in the English Premier League. City regulators are considering banning the display of gambling brands on the top domestic football league’s shirts. Meanwhile, 11 out of 20 Premier League teams had gambling brands as main sponsors last season.

Read more: Football Sponsorship Shake-Up—CFDs Brokers Could Score as Betting Brands Get Benched

This means those 11 teams may have to find new shirt sponsors. The opportunity? “Premier League front-of-shirt sponsorship is a thinly traded marketplace, with only four to five teams per season,” according to Sporquake’s CEO, Matt House. “So, with availability doubling and the biggest buyer exiting, simple supply and demand economics suggest the market is likely to be softer year-on-year, presenting a buying opportunity for non-betting brands.”

Who are these non-betting brands? CFD brokers could be one. FxPro, FBS and Plus500 have all previously placed their branding on the front of various football club shirts, while other brokers have promoted their brands on and off jerseys.

These brokers also don’t hesitate with spending. Swissquote spent $15 million on sports sponsorships in the 2024–25 season, followed by eToro and Plus500 at $10.7 million and $10.5 million, respectively. Other major spenders include Libertex, AvaTrade, Vantage, Doo Group and CFI Group.

However, it might be hard to outspend deep-pocketed crypto companies, which are much bigger than CFD brands.

Crypto.com emerged as the top sports spender last season, spending $213 million, followed by Coinbase, OKX and Gate.io at $80 million, $71 million and $53 million, respectively. Binance shelled out $31 million, while Kraken spent $27 million.

So, will we see more CFD brands on Premier League shirts in the upcoming season, or will crypto dominate?

Tariffs Pushed Trading Volumes

The beginning of last quarter was dramatic. US President Donald Trump’s tariff plans brought havoc to the markets, creating massive volatility. However, one industry flourished – retail brokers.

As the markets became volatile, traders’ activity jumped, sending trading volumes soaring, which are directly related to brokers’ revenue.

IG Group said it “performed strongly” in April due to elevated volatility across asset classes, which resulted in higher client trading activity than expected in typical market conditions. VT Markets also handled $720 billion in trading volume in April 2025, marking its “strongest-ever” monthly figure.

NRDX was another broker that reported over 60 per cent of its active clients opened new positions, particularly shorting affected indices and commodities.

GCEX, a provider of prime brokerage services, also disclosed that FX spot trading volumes on its platform surged by nearly 250 per cent following Trump’s announcements, stating it recorded “some of its strongest trading days.” Meanwhile, Tom Higgins, CEO of Gold-i, said his platform “saw a tenfold increase in FX and equity index price rates and about five times as much trading activity.”

eToro Goes Public, but iForex Awaits

eToro’s years of waiting finally ended last May as the broker went public on Nasdaq. Demand for the retail broker’s stock was so strong that the company had to increase the size and valuation of its IPO.

The Israeli broker listed at a valuation of $4.2 billion, and upon listing, added over a billion more to its market cap.

While the eToro listing grabbed headlines, iForex, a CFDs broker, floated its plan to go public in London. Although iForex is not as big as eToro, it is still very popular in the CFDs space. Interestingly, the broker generated 35 per cent of its revenue from Japan, 17 per cent from India, and 20 per cent from the Middle East, but it is not regulated in any of those markets.

The CFDs broker, however, is yet to share its anticipated listing valuation or other IPO details.

Although iForex wanted to list its shares at the end of June, an investigation by a British Virgin Islands regulator delayed its plans. The broker is regulated in the BVI and Cyprus. Now the question remains: will iForex go public in Q3?

Can IG Save London?

Although iForex wants to IPO in London, the city’s capital market is struggling. New listings in the UK raised only £74.7 million in Q1 2025 compared to £8.9 billion in the US. Many London-listed companies are also fleeing the city.

And IG now wants to save London’s markets. The CFDs broker launched a campaign to push policymakers to scrap stamp duty on equity investments and incentivise British stock investors.

The broker has waged a war against the much-loved cash ISAs. It even signed former tennis star Pat Cash (maybe because of his surname?!) for a campaign against cash savings. The “cash returns” play on words is catchy, but Cash played tennis for Australia (although he now lives in the UK). Could IG not have found a more British player (Raheem Sterling!)?

Meanwhile, IG now offers cryptocurrency trading but has shuttered its local South African business.

MetaTrader Crashed in China

Chinese traders encountered a serious problem: they could not access MetaTrader servers. The issue persisted for over a week as new users could not locate broker servers through the trading applications. Existing users who had previously logged into broker servers continued trading without interruption.

FinanceMagnates.com found that the issue occurred at least twice and was resolved after MetaQuotes released an emergency update.

But what happened? As always, MetaQuotes stayed quiet and released no public details around the issue.

However, the connectivity problems coincided with broader regulatory pressures on foreign trading platforms in China. Many Chinese nationals have been required to install the government’s “National Anti-Fraud Centre” application, which industry sources believe may flag MT4 and MT5 software as potentially fraudulent.

Meanwhile, trading volume on MT5 has finally surpassed MT4, almost 15 years after MetaQuotes launched the newer platform. Does this mean MT4 will slowly phase out? Or will MetaQuotes continue supporting the legacy platform?

My Forex Funds Wins

After fighting the CFTC for about two years, My Forex Funds had its last laugh. A New Jersey court dismissed the case against the prop firm and sanctioned the regulator.

The court’s decision was not due to the regulator’s failure to prove that My Forex Funds was fraudulent, but because of its questionable tactics to freeze the platform’s funds. The regulator must now pay the prop firm’s legal fees and costs.

Before the CFTC’s actions, My Forex Funds was massive. Its prop trading business generated at least $310 million in fees. The platform reportedly served more than 135,000 customers between November 2021 and its shutdown.

However, the business was forced to close its doors as the CFTC froze its funds and accounts. Will My Forex Funds make a comeback? After all, prop trading is still very profitable.

Regulators Are Going After Finfluencers

Regulators are finally going after so-called finfluencers with full force. The FCA in the UK made three arrests as part of its broader crackdown on “rogue influencers.” The British regulator also issued seven cease-and-desist letters, published 50 warnings, and invited four finfluencers for interviews.

You may also like: Finfluencers Had a Good Run, but the Party may Fizzle Out

The FCA was just one of nine global agencies that launched a crackdown on these illegal finfluencers.

ASIC, the Aussie counterpart of the FCA, also confirmed it issued warning notices to 18 social media finfluencers suspected of unlawfully promoting high-risk financial products like CFDs. Other agencies also issued warnings and published cautionary notices.

One regulator went a step further. Although not part of the joint effort, the regulator in Dubai mandated licences for finfluencers, making it the first region to require such approval for influencers.

Will We See More FX Brands on Football Shirts?

A massive opportunity has emerged in the English Premier League. City regulators are considering banning the display of gambling brands on the top domestic football league’s shirts. Meanwhile, 11 out of 20 Premier League teams had gambling brands as main sponsors last season.

Read more: Football Sponsorship Shake-Up—CFDs Brokers Could Score as Betting Brands Get Benched

This means those 11 teams may have to find new shirt sponsors. The opportunity? “Premier League front-of-shirt sponsorship is a thinly traded marketplace, with only four to five teams per season,” according to Sporquake’s CEO, Matt House. “So, with availability doubling and the biggest buyer exiting, simple supply and demand economics suggest the market is likely to be softer year-on-year, presenting a buying opportunity for non-betting brands.”

Who are these non-betting brands? CFD brokers could be one. FxPro, FBS and Plus500 have all previously placed their branding on the front of various football club shirts, while other brokers have promoted their brands on and off jerseys.

These brokers also don’t hesitate with spending. Swissquote spent $15 million on sports sponsorships in the 2024–25 season, followed by eToro and Plus500 at $10.7 million and $10.5 million, respectively. Other major spenders include Libertex, AvaTrade, Vantage, Doo Group and CFI Group.

However, it might be hard to outspend deep-pocketed crypto companies, which are much bigger than CFD brands.

Crypto.com emerged as the top sports spender last season, spending $213 million, followed by Coinbase, OKX and Gate.io at $80 million, $71 million and $53 million, respectively. Binance shelled out $31 million, while Kraken spent $27 million.

So, will we see more CFD brands on Premier League shirts in the upcoming season, or will crypto dominate?



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