Broker | FinTelegram News

Category: Broker

September 6, 2021

Initial review of funded trading provider BluFX

BluFX is an unregulated venture offering traders funded accounts on a subscription basis and calls its offer revolutionary. Starting with GBP 99 p.m., one allegedly receives a funded trading account. The UK-registered companies BluFX Ltd and Blueprint Capital Limited (LinkedIn) are presented as related entities. The Chinese citizen Yu Song, born in February 1987, controls both companies and serves as a director in both. Neither company has an FCA license, and no regulated entity is provided in the public presentations. Here is our initial review of BluFX.

July 26, 2021

Attention! Funded trading clients could violate regulatory requirements

We have received initial feedback on our articles about funded trading accounts from our alert whistleblowers. One interesting opinion on the legal and regulatory situation for funded traders, i.e. the clients of funded trading providers like Topstep et al, points out that they would have to register with the competent regulator. The apparently legally competent whistleblower, therefore, recommends that all such traders in the U.S. to seek legal advice and conduct due diligence. He also believes that the U.S. CFTC, for example, will take action against Topstep et al.

July 26, 2021

Review: Funded trading provider Topstep and its business model

Founded in 2012, Chicago-based TopstepTrader LLC did business as TopstepTrader (www.topsteptrader.com) until recently. Sometime in the last few months, it was renamed Topstep (www.topstep.com) a/k/a TopstepFX (www.topstepfx.com). All domains are currently redirected to the main domain www.topstep.com. This is now allegedly operated by Topstep LLC in Chicago. We have not found this company. Michael Patak is named as the economic owner and main principal. There are currently 191 people connected to the traded funding provider on LinkedIn.

Funded Trading

July 25, 2021

Funded Trading Accounts – Ripping off inexperienced traders?

It sounds fantastic what is promised on the websites of the providers of funded trading accounts such as Topstep or XLtrade. They promise potential traders do not need their own money for trading, but they will provide it. Even though traders don't need their own funds, they may keep up to 80% of the profits made while the providers bear the losses. Currently, Topstep and XLtrade are doing massive advertising on Google and social media. The catch of the story is that you have to pay setup fees, pass a costly trial period before you may or may not get access to funds.

November 5, 2020

Praxis Cashier announced the acquisition of IC Markets as forex client

The unregulated Cyprus-registered Praxis Cashier System Ltd (Praxis Cashier) of Amit Klachko announced the acquisition of IC Markets (www.icmarkets.com) as a new Forex and CFD client. IC Markets is a globally operating regulated broker scheme established by Andrew Budzinski in Australia in 2007. Its different entities are regulated by Australian ASIC, Cyprus CySEC, and FSA Seychelles.

August 31, 2020

Instagram hashtag broker tsunami – Red-listed EagleFX and its influencers

The world has changed massively for investors in recent years with social media. As in politics, decisions about investments are increasingly being influenced by Instagram, Facebook, YouTube or WhatsApp, and Telegram. The old-fashioned bank or investment advisor has been replaced by apps and by the new guild of influencers which often work as affiliates of financial services providers such as EagleFX. Influencers are a new profession and social role model. Hashtags are the most important sales instrument for financial providers and their influencers.

The Unraveling of Rabidi and the Rise of the SoftSwiss Network: Our Updated Forensic Report

A few months ago, FinTelegram released a first forensic report on the bankruptcy of Rabidi N.V., a Curacao-registered online casino operator with hundreds of millions in revenues — and no traceable assets by the time of its collapse in May 2024. That report already raised serious questions about the opaque structures behind Rabidi’s operations and its successor, Liernin Enterprises Ltd.

DeFi Decoded: Smart Contracts – The Code Behind the DeFi Revolution

Smart contracts are the invisible architects of decentralized finance. These self-executing lines of code run everything from token swaps to lending platforms without middlemen. But while they offer autonomy, they also introduce new risks—bugs, exploits, and irreversible mistakes. In this fourth installment of our FinTelegram DeFi Series, we explain what smart contracts are.

CFTC

Despite New Crypto Friendlyness: No Settlement Between U.S. CFTC And KuCoin?

A planned settlement between the U.S.CFTC and crypto exchange KuCoin is now in limbo due to a reported policy shift within the CFTC. This change is attributed to the Trump administration’s new approach, which deprioritizes enforcement actions against crypto companies. As a result, a CFTC attorney said that it is "unlikely that such authorization will be granted in the near term" regarding the settlement approval.

SEC’s New Era: Paul Atkins Sworn In—Will Crypto Finally Get the Regulatory Clarity It Deserves?

The U.S. Securities and Exchange Commission (SEC) has entered a new chapter with the swearing-in of Paul S. Atkins as its 34th Chairman, a move widely anticipated to mark a dramatic pivot in how the agency approaches crypto and DeFi regulation. For years, the financial industry—especially the burgeoning digital asset sector—has bristled under the SEC’s “Regulation by Enforcement” strategy.

Crypto Mogul Changpeng Zhao – Fallen, Rich, and Rising Again?

As spring 2025 blooms and Easter’s themes of rebirth fill the air, Changpeng Zhao emerges as one of the most controversial figures of startup mythology: a man who fell spectacularly, paid a price—then rose again, wealthier and louder than ever. Once the almighty architect of Binance, CZ now resides in Dubai with a net worth that Forbes estimates at $63 billion.