Coinbase and Robinhood Futures Arms Now Hold More Client Money Than the US Retail Forex Pool

AvaTrade has agreed to acquire most of FXCM, NAGA has raised $8 million in new financing and Wise is seeking a tax settlement in the UK, according to the latest roundup of forex and CFD broker, fintech and digital-asset news. The items spanned company deals, executive changes and regulatory developments across the retail trading industry.

XTB expanded its overnight trading in US stocks, while Trade Nation agreed to buy FXCM's UK client book, a separate transaction from AvaTrade's larger deal for the broker. Fortrade reported higher revenue, and Trading 212 posted a 70% increase in revenue.

Funding, valuations and people moves

Nasdaq Ventures invested in One Trading, and Vest Labs raised $13 million. Crypto exchange OKX was reported to have reached a $25 billion valuation. Trading-software provider Devexperts appointed a new chief executive, and Saxo Bank reduced the time it takes to onboard clients.

Brokers were also contending with a quieter market. Low volatility has been a recurring pressure point for retail firms whose revenue is closely tied to trading activity, and the founder of CMC downplayed the extent of the hit to the business.

On the regulatory front, the CFTC moved to allow perpetual index futures, a product structure that has mainly been offered on offshore venues. Meanwhile, the futures arms of Coinbase and Robinhood now hold more client money than the entire US retail forex pool, illustrating how retail derivatives flow continues to shift toward crypto-native and app-based platforms.