The week brought developments across retail trading, broker
earnings, fintech and digital assets, with online reputation, profitability and
changing trading behaviour among the recurring themes.
Broker operations also saw several changes, from iFOREX
revising its earnings outlook to AvaTrade closing its Polish branch. At the
same time, copy trading continued to gain traction among retail clients, while
ETF options and leveraged products expanded their role in trading activity.
Elsewhere, the US Senate blocked the CLARITY Act, while
Revolut reopened discussion around a potential London listing. The week also
featured a closer look at NAGA’s return to profitability and its plans to use
AI across the business.
Trustpilot has placed formal consumer
warning banners on 21% of 100 retail broker profiles reviewed by Finance
Magnates. The platform says such warnings can follow suspected misuse,
including fabricated reviews or selectively solicited feedback. The issue can
work in either direction, with businesses accused of artificially improving
ratings or being targeted by negative activity.
A warning hides a broker’s
TrustScore and restricts some account functionality. Trustpilot says the
restrictions are reviewed periodically and generally remain for about six
months, depending on the severity of the case. The findings highlight the role
review platforms continue to play in how retail brokers manage their online
reputation and client feedback.
NAGA Returns to Profit After Restructuring
Octavian Patrascu, the CEO of NAGA
In an interview with Finance Magnates, NAGA CEO Octavian
Patrascu discussed the
company’s return to profitability following its merger with CAPEX.com. The
2023 reverse merger brought almost $20 million in new capital, with half used
for legacy loans and the remainder for growth.
The turnaround included cutting
underperforming business units and changing NAGA’s geographic mix, with Europe,
the Middle East and Latin America each accounting for roughly a third. Latin
America’s contribution to group revenue rose from 5% to 22%.
Patrascu also
discussed NAGA’s use of AI in marketing and customer support, saying the
technology had increased marketing output while helping resolve about 66% of
customer enquiries. He said AI would form part of the company’s next growth
phase.
iFOREX Cuts H1 EBITDA Estimate to $1.4 Million
Itai Sadeh, the CEO of the iForex Group
iFOREX cut its first-half adjusted
EBITDA estimate to about $1.4 million from $2.4 million after reviewing its
interim accounts. The London-listed CFD broker said a higher liability for
amounts owed to clients at June 30 created a related non-cash expense. Revenue
and net cash at the end of June were unchanged from its previous update.
The company
maintained full-year adjusted EBITDA guidance of $0.5 million to $2.5 million,
saying the accounting effect had largely reversed after the period ended. The
latest revision follows an earlier cut in August, when iFOREX cited weaker July
trading income. The broker is due to publish its full interim results on
September 24.
Copy Trading Reaches Quarter of VARIANSE Clients
Yiota Hadjilouka, Chief Operating Officer, at Spotware, Source: LinkedIn
About a quarter of VARIANSE’s
cTrader clients now use the platform’s built-in copy trading service,
according to the broker. Three strategy providers highlighted by VARIANSE
attracted between about $500,000 and $2 million in investor allocations.
One
strategy passed 2,000 followers and reached about $2 million in allocations
within three months, while another attracted more than 900 investors and about
$500,000. A third, semi-automated gold strategy raised about $1.2 million from
high-net-worth investors.
The cases show different routes into copy trading,
including public strategy records, broker partner networks and existing
investor relationships. Investors can allocate capital to strategies, stop
copying and set an equity stop loss.
AvaTrade to Close Polish Branch
Patryk Schulmeister (Photo: LinkedIn)
AvaTrade is closing its
Polish branch almost six years after opening the office in 2020. Patryk
Schulmeister, the broker’s Managing Director for Polish operations, confirmed
the closure while announcing his departure from the company.
He said Polish
clients and partners would continue to be supported through AvaTrade’s
international operations, although he did not specify which entity would
provide that support. The Polish office was opened to provide a localised
trading experience.
AvaTrade retains regulatory authorisations in Cyprus and
Ireland, alongside licences in several other jurisdictions. The closure comes
as the broker continues operating across multiple markets and products,
including forex, CFDs and a futures platform launched in 2024.
Senate Blocks CLARITY Act Crypto Bill
The US Senate failed to advance the Digital Asset Market
Clarity Act after
a September 15 cloture vote ended 50-49, below the 60 votes required. The
outcome effectively freezes the crypto market structure bill for now. Senator
Elissa Slotkin opposed the measure, citing what she described as insufficient
ethics provisions, as well as concerns over enforcement, money laundering and
national security.
🚨 BREAKING: The Senate just BLOCKED advancement of the Trump and Scott Bessent-backed CLARITY ACT, landmark crypto regulatory framework regulation
This is cloture, so it needed 60 VOTES.
The final vote: 49-50
Even if it did pass the Senate after cloture, it still has to go… pic.twitter.com/RmhX4ZO2rj
— Eric Daugherty (@EricLDaugh) September 15, 2026
The House passed the bill in July 2025. It would divide
digital asset oversight between the SEC and CFTC, extend Bank Secrecy Act
requirements to crypto intermediaries and build on the stablecoin framework
established by the GENIUS Act. Industry representatives described the Senate
vote as a delay and said existing regulators could still provide clarity.
Revolut Considers Dual Nasdaq and London Listing
Revolut is considering a
dual listing on Nasdaq and the London Stock Exchange, marking the first
public confirmation that the UK-based fintech is examining both markets. CEO
Nik Storonsky said the US remained his preferred market because of its greater
liquidity and larger pool of institutional and individual investors.
His comments
come despite previous criticism of London’s market structure, including its
liquidity and 0.5% tax on share purchases. The UK has since introduced a
three-year exemption from the tax for qualifying new listings admitted from
November 2025. Revolut has not said whether the change influenced its plans.
The company has previously said an IPO would not take place before 2028 and has
not disclosed which market would host the primary listing.
Overall, 0DTE options volume is up 46.2% year to date to more than 20 million contracts per day.
— Cboe (@Cboe) July 24, 2026
ETF Options and Leveraged Products Expand
ETF trading continued to shift towards options and leveraged
products, with Cboe
data showing average daily ETF options volume more than 31% higher year on year
in the first half of 2026 and just over 35% higher through August.
The growth
has involved both retail and institutional investors, while SPY accounted for
42% of ETF options volume. The market for leveraged and inverse ETFs has also
expanded sharply, with the number of US products rising from 28 in 2023 to 486
in 2026.
These instruments have become a significant retail trading vehicle,
while ETF options allow investors to express views on volatility, protection,
income and short-term price moves without trading the underlying fund directly.
The week brought developments across retail trading, broker
earnings, fintech and digital assets, with online reputation, profitability and
changing trading behaviour among the recurring themes.
Broker operations also saw several changes, from iFOREX
revising its earnings outlook to AvaTrade closing its Polish branch. At the
same time, copy trading continued to gain traction among retail clients, while
ETF options and leveraged products expanded their role in trading activity.
Elsewhere, the US Senate blocked the CLARITY Act, while
Revolut reopened discussion around a potential London listing. The week also
featured a closer look at NAGA’s return to profitability and its plans to use
AI across the business.
Trustpilot has placed formal consumer
warning banners on 21% of 100 retail broker profiles reviewed by Finance
Magnates. The platform says such warnings can follow suspected misuse,
including fabricated reviews or selectively solicited feedback. The issue can
work in either direction, with businesses accused of artificially improving
ratings or being targeted by negative activity.
A warning hides a broker’s
TrustScore and restricts some account functionality. Trustpilot says the
restrictions are reviewed periodically and generally remain for about six
months, depending on the severity of the case. The findings highlight the role
review platforms continue to play in how retail brokers manage their online
reputation and client feedback.
NAGA Returns to Profit After Restructuring
Octavian Patrascu, the CEO of NAGA
In an interview with Finance Magnates, NAGA CEO Octavian
Patrascu discussed the
company’s return to profitability following its merger with CAPEX.com. The
2023 reverse merger brought almost $20 million in new capital, with half used
for legacy loans and the remainder for growth.
The turnaround included cutting
underperforming business units and changing NAGA’s geographic mix, with Europe,
the Middle East and Latin America each accounting for roughly a third. Latin
America’s contribution to group revenue rose from 5% to 22%.
Patrascu also
discussed NAGA’s use of AI in marketing and customer support, saying the
technology had increased marketing output while helping resolve about 66% of
customer enquiries. He said AI would form part of the company’s next growth
phase.
iFOREX Cuts H1 EBITDA Estimate to $1.4 Million
Itai Sadeh, the CEO of the iForex Group
iFOREX cut its first-half adjusted
EBITDA estimate to about $1.4 million from $2.4 million after reviewing its
interim accounts. The London-listed CFD broker said a higher liability for
amounts owed to clients at June 30 created a related non-cash expense. Revenue
and net cash at the end of June were unchanged from its previous update.
The company
maintained full-year adjusted EBITDA guidance of $0.5 million to $2.5 million,
saying the accounting effect had largely reversed after the period ended. The
latest revision follows an earlier cut in August, when iFOREX cited weaker July
trading income. The broker is due to publish its full interim results on
September 24.
Copy Trading Reaches Quarter of VARIANSE Clients
Yiota Hadjilouka, Chief Operating Officer, at Spotware, Source: LinkedIn
About a quarter of VARIANSE’s
cTrader clients now use the platform’s built-in copy trading service,
according to the broker. Three strategy providers highlighted by VARIANSE
attracted between about $500,000 and $2 million in investor allocations.
One
strategy passed 2,000 followers and reached about $2 million in allocations
within three months, while another attracted more than 900 investors and about
$500,000. A third, semi-automated gold strategy raised about $1.2 million from
high-net-worth investors.
The cases show different routes into copy trading,
including public strategy records, broker partner networks and existing
investor relationships. Investors can allocate capital to strategies, stop
copying and set an equity stop loss.
AvaTrade to Close Polish Branch
Patryk Schulmeister (Photo: LinkedIn)
AvaTrade is closing its
Polish branch almost six years after opening the office in 2020. Patryk
Schulmeister, the broker’s Managing Director for Polish operations, confirmed
the closure while announcing his departure from the company.
He said Polish
clients and partners would continue to be supported through AvaTrade’s
international operations, although he did not specify which entity would
provide that support. The Polish office was opened to provide a localised
trading experience.
AvaTrade retains regulatory authorisations in Cyprus and
Ireland, alongside licences in several other jurisdictions. The closure comes
as the broker continues operating across multiple markets and products,
including forex, CFDs and a futures platform launched in 2024.
Senate Blocks CLARITY Act Crypto Bill
The US Senate failed to advance the Digital Asset Market
Clarity Act after
a September 15 cloture vote ended 50-49, below the 60 votes required. The
outcome effectively freezes the crypto market structure bill for now. Senator
Elissa Slotkin opposed the measure, citing what she described as insufficient
ethics provisions, as well as concerns over enforcement, money laundering and
national security.
🚨 BREAKING: The Senate just BLOCKED advancement of the Trump and Scott Bessent-backed CLARITY ACT, landmark crypto regulatory framework regulation
This is cloture, so it needed 60 VOTES.
The final vote: 49-50
Even if it did pass the Senate after cloture, it still has to go… pic.twitter.com/RmhX4ZO2rj
— Eric Daugherty (@EricLDaugh) September 15, 2026
The House passed the bill in July 2025. It would divide
digital asset oversight between the SEC and CFTC, extend Bank Secrecy Act
requirements to crypto intermediaries and build on the stablecoin framework
established by the GENIUS Act. Industry representatives described the Senate
vote as a delay and said existing regulators could still provide clarity.
Revolut Considers Dual Nasdaq and London Listing
Revolut is considering a
dual listing on Nasdaq and the London Stock Exchange, marking the first
public confirmation that the UK-based fintech is examining both markets. CEO
Nik Storonsky said the US remained his preferred market because of its greater
liquidity and larger pool of institutional and individual investors.
His comments
come despite previous criticism of London’s market structure, including its
liquidity and 0.5% tax on share purchases. The UK has since introduced a
three-year exemption from the tax for qualifying new listings admitted from
November 2025. Revolut has not said whether the change influenced its plans.
The company has previously said an IPO would not take place before 2028 and has
not disclosed which market would host the primary listing.
Overall, 0DTE options volume is up 46.2% year to date to more than 20 million contracts per day.
— Cboe (@Cboe) July 24, 2026
ETF Options and Leveraged Products Expand
ETF trading continued to shift towards options and leveraged
products, with Cboe
data showing average daily ETF options volume more than 31% higher year on year
in the first half of 2026 and just over 35% higher through August.
The growth
has involved both retail and institutional investors, while SPY accounted for
42% of ETF options volume. The market for leveraged and inverse ETFs has also
expanded sharply, with the number of US products rising from 28 in 2023 to 486
in 2026.
These instruments have become a significant retail trading vehicle,
while ETF options allow investors to express views on volatility, protection,
income and short-term price moves without trading the underlying fund directly.
www.financemagnates.com