AvaTrade Bids for FXCM as Crypto Exchange Weighs Its Own Offer

AvaTrade has submitted an offer to acquire FXCM, the retail forex broker now operating under Jefferies’ Stratos entity, according to two people familiar with the matter. A separate, unnamed crypto exchange is also weighing a bid, the sources said, requesting anonymity because the discussions remain private.

Jefferies took full ownership of FXCM in September 2023 through a foreclosure on loans extended after the 2015 Swiss franc shock, and renamed the operating business Stratos. The bank’s relationship with FXCM began with a $300 million rescue loan after the SNB removed its cap on the franc, leaving FXCM clients with $225 million in negative balances. Jefferies later clarified the net loan at $279 million, according to regulatory filings.

The value of the acquisition target lies primarily in its regulatory permissions rather than current earnings. FXCM holds licenses in five jurisdictions: the FCA (UK), ASIC (Australia), CySEC (Cyprus/EU), FSCA (South Africa), and ISA (Israel). It also has a client base reported at about 110,000 and platforms including Trading Station, MetaTrader 4/5, and TradingView.

The UK entity, Stratos Markets Ltd, reported turnover of roughly $103,000 in 2024, down from $1.7 million in 2023, with losses exceeding $2 million in both years, according to Companies House filings. That single-entity figure illustrates why a sale price would be based on licenses, brand, and client book rather than earnings multiples.

The interest from a crypto exchange follows a 2025 pattern of crypto-native firms spending billions for regulated trading infrastructure: Coinbase agreed to buy Deribit for about $2.9 billion, Kraken acquired NinjaTrader for $1.5 billion, and Robinhood completed its $200 million purchase of Bitstamp. Jefferies advised Kraken on the NinjaTrader deal, giving the bank direct exposure to crypto buyers.

No party has confirmed a transaction. Jefferies has not disclosed a sale process in its filings, the bid and interest remain unverified, and the $5.5 million carrying value on Jefferies’ books reflects acquisition accounting, not market price. The client figure dates to 2023 and may have shifted after layoffs at FXCM and its sister platform Tradu reported in December 2025.