Weekly Review: Prop Firm Match Loses Partners; eToro to Expand in Argentina
The week brought significant developments across retail
trading, fintech and financial regulation. Prop Firm Match faced a growing
backlash from prop trading firms over its affiliate tracking practices, while
eToro agreed to acquire an Argentine fintech business as it continued expanding
through acquisitions.
Capital.com also secured a new regulatory licence in
Singapore and appointed a former IG executive to lead its local operations.
London’s trading industry is coming home!
Regulatory developments included new UK initiatives covering
quantum computing and financial crime, alongside changes to transaction
reporting requirements. South Africa’s regulator also made its withdrawal of
Mixirite’s licence final.
Meanwhile, artificial intelligence remained a key
industry topic, with discussions focusing on how brokers attract customers
through AI search and whether investment in the technology can deliver a
lasting competitive advantage.
Prop
Firm Match has lost around 21 prop trading firm partners after
acknowledging that clicks on firm profiles and promotional codes opened partner
websites through its affiliate links. The exits include Apex Trader Funding,
Tradeify, Lucid Trading, Goat Funded Trader, FundingPips and Blue Guardian.
The
platform said it disabled the functionality on 29 October and estimated that
the potential impact on referral attribution represented a low single-digit
percentage of its commissions.
Three years ago, Prop Firm Match launched. Two traders saw a gap in the market for a platform providing simplicity and transparency for prop firm traders. We developed new features not seen before: verified reviews, payout tracking across all payment methods, live spreads, rule overviews, simple ways to compare prop firms, and prop firm expos.
Three years in, PFM has had over 25M website visits, reached over 370,000 members, and has given out free challenge accounts worth over $1,400,000 to the PFM community. Over 100 firms apply to be listed each year and go through one of the industry’s most rigorous compliance processes.
We also got something wrong. Until yesterday, when someone clicked on a firm or a code on our site, a new tab would open the firm’s site through our affiliate link. This should not have happened. We take full responsibility for it. We have reached out to each of our partners to review this together and reconcile any inaccuracies. We respect any decisions firms have made based on this.
We truly appreciate the partners and traders who value the relationship we have built together over the years. We promise you that we will learn from this, hold ourselves to the highest standard, and come back stronger and better.
— Prop Firm Match (@PropFirmMatch) October 31, 2026
However, a source close to the matter said
misattributed sales could have appeared as ordinary referrals because tracking
cookie periods varied between firms. FundingPips’ CEO also said his company had
identified the practice in August. The platform has invited current and former
partners to review its findings.
eToro Agrees to Acquire Argentine Fintech LB Finanzas
eToro has agreed to acquire Argentine
financial app LB Finanzas for an undisclosed amount, marking its fourth
acquisition of 2026. The transaction remains subject to customary closing
conditions and is intended to establish a stronger local presence in Latin
America.
LB Finanzas operates an investment platform offering access to
equities, cryptocurrencies and payment services. It is regulated by Argentina’s
National Securities Commission and Central Bank. The acquisition adds local
operations and regulatory infrastructure to eToro’s regional expansion plans.
Earlier this year, the company agreed to acquire crypto wallet provider Zengo,
completed its purchase of Israeli exchange Bit2C and announced an agreement to
acquire US brokerage TradeZero, which is expected to close in 2027.
Capital.com Secures Singapore Licence
Tony Lim, Chief Executive Officer, Singapore, Capital.com
Capital.com
has received a licence from the Monetary Authority of Singapore (MAS),
allowing its local entity to offer securities, collective investment schemes
and over-the-counter derivatives, including contracts for differences (CFDs).
The broker plans to begin onboarding clients in early 2027. It has appointed
Tony Lim as Chief Executive of its Singapore operations. Lim previously spent
nine years at IG Group’s Singapore division as CEO and Managing Director. The
appointment follows Capital.com’s recent regulatory expansion in South Africa
and its recruitment of local executives in Brazil and Chile.
The broker has
also been exploring licensing opportunities in markets including Japan and
Turkey as it expands its international operations.
FCA Invites Financial Firms to Test Quantum Computing
Jessica Rusu, Chief Data, Information and Intelligence Officer, Source: FCA
The UK Financial Conduct Authority (FCA) has invited
financial firms, quantum computing providers and research institutions to test
whether quantum technology can improve money laundering and fraud detection.
Participants will join its new Quantum Experimentation Group and work with an
artificial dataset developed by the regulator. The trials will compare quantum
machine learning approaches with conventional techniques to address financial
crime problems identified by the FCA. Registration closes on 31 December, with
the programme scheduled to begin in the first quarter of 2027.
The initiative
follows the regulator’s wider preparations for quantum computing, including a
separate warning about the need to adopt encryption capable of withstanding
future quantum attacks.
South Africa Makes Mixirite Licence Withdrawal Final
South Africa’s Financial Sector Conduct Authority (FSCA) has
made the withdrawal of Mixirite’s
financial services licence final, citing material breaches of financial
sector laws and failures in client protection.
The decision takes immediate
effect after the regulator concluded that the company no longer meets the
requirements to operate as a financial services provider. The investigation
found that Mixirite’s agents used aggressive sales techniques, while
unauthorised individuals provided financial advice.
The regulator also
identified promises of unrealistic or guaranteed returns, inadequate
suitability assessments and governance failures. Mixirite did not oppose the
final withdrawal but disputed the findings. Separately, the FSCA expanded its
investigation to include four other companies: Complyxpert, Start Stream, Rayn
Investments and Advice 365.
Brokers Face New Challenges as AI Chatbots Change
Customer Discovery
Artificial intelligence chatbots are changing how
retail traders discover and compare brokers, with industry experts warning
that strong Google rankings no longer guarantee visibility. Andy Francos,
Growth Consultant at Pepperstone, said AI assistants increasingly provide
prospective customers with shortlists before they visit individual broker websites.
Wordflow founder Zay Yang highlighted that regulators, comparison platforms and
independent media frequently appear ahead of brokers’ own websites in
AI-generated recommendations. The experts said brokers need accurate,
accessible information about licensing, fees and account offerings, preferably
presented in plain text rather than scripts or PDFs.
Third-party coverage and
credible industry references are also becoming important as AI search engines
increasingly determine which brands users consider.
AI Investment Could Raise Costs Without Giving Retail
Brokers a Lasting Advantage
Artificial
intelligence could help retail brokers improve customer acquisition,
automate support and provide more sophisticated trading tools, but the
technology may not create a lasting competitive advantage, according to a
Finance Magnates analysis by Paul Golden.
Natural language screeners, portfolio
analysis and automated execution are among the features changing the trading
experience. However, widely available AI models could make these services
difficult to differentiate.
Brokers also face integration, monitoring and
compliance costs, while increased customer engagement does not necessarily
translate into better retention or profitability. The analysis highlights
another challenge: as traders increasingly use independent AI agents to compare
platforms and execute transactions, brokers could lose control of customer
relationships to technology providers.
FCA Revises UK Transaction Reporting Rules
The FCA has finalised changes to the UK’s
MiFIR transaction reporting framework, aiming to reduce industry costs by
more than £100 million annually. The reforms will cut reportable fields from 65
to 52, remove around seven million instruments traded exclusively on EU venues
from UK reporting requirements and eliminate duplicate reporting of FX
derivatives under MiFIR.
The maximum period for correcting historical reporting
errors will also fall from five years to three. The regulator estimates that
firms currently spend £493 million annually on transaction reporting. However,
implementation will require changes to reporting systems, data management and validation
processes.
Quinn Perrott, Co-CEO of TRAction, highlights the operational work
firms will need to undertake to adapt to the revised requirements. The new
regime will become fully effective on 3 April 2028, although some changes can
be adopted earlier.
Finance Magnates Awards 2026 Winners Announced
Finance Magnates has announced the winners of the Finance Magnates Awards 2026, recognising leading companies and CEOs across online trading, fintech, payments and financial services.
The awards honour firms across global, regional and national markets, alongside two CEOs named CEO of the Year 2026 in the B2C and B2B categories.
Finance Magnates CEO Neophytos Papageorgiou
Here are all the winners:
- Best Multi-Asset Investment Provider 2026: Freedom24
- Best Real-Time Risk Management Solution 2026: iSAM Securities
- Best Liquidity Provider 2026: Exinity Connect
- Best Trading Infrastructure Provider 2026: FinPrime Group
- Best Regulatory & Licensing Partner 2026: FiveComply
- Best Africa Payments Infrastructure 2026: Kora
- Best Technology Provider 2026: FYNXT
- Best Brokerage Services Provider 2026: Freedom24
- Best Enterprise Prop Trading Infrastructure 2026: Axcera
- Best Risk Management Technology Provider 2026: Tapaas
- Best Crypto Payments Technology for Brokers 2026: Overchain
- Best Bridge Provider 2026: Centroid Solutions
- Broker of the Year 2026 (Indonesia): Headway
- Most Innovative Broker 2026 (UAE): CFI Financial Group
- Most Transparent Broker 2026 (Indonesia): TradingPRO
- Most Innovative Trading Platform 2026 (Colombia): LBX
- Best Emerging Prop Firm 2026 (Japan): Fundora
- Best Futures Market Analysis Platform 2026 (USA): Bookmap
- Broker of the Year 2026 (Malaysia): Headway
- Best Trading Conditions 2026 (Germany): RoboMarkets
- Best Customer Support Experience 2026 (Philippines): Olymptrade
- Best Trading Conditions 2026 (LATAM): HFM
- Most Trusted Broker 2026 (MENA): TMGM
- Best Rising Broker 2026 (Asia): Octrado
- Most Established Broker 2026 (MENA): CFI Financial Group
- Most Disruptive Broker 2026 (MENA): Base Markets
- Most Customer-Focused Broker 2026 (Asia): TradingPRO
- Broker of the Year 2026 (Africa): Headway
- Best Trading Conditions 2026 (EU): TMGM
- Most Innovative Prop Trading Firm 2026 (EU): AIFO
- Most Accessible Trading Platform 2026 (MENA): Olymptrade
- Most Established Broker 2026: Tickmill
- Best Overall Broker 2026: Fotmarkets
- Most Transparent Broker 2026: RoboMarkets
- Most Trusted Broker 2026: TradingPRO
- Best Multi-Asset Prop Trading Firm 2026: FundedNext
- Most Established Prop Firm 2026: FundingPips
- Best Rising Star Broker 2026: IQ Broker
- Most Innovative Broker 2026: FXT
- Best Trading Environment 2026: Elev8
- B2C CEO of the Year 2026: Ziad Melhem, CEO of CFI Financial Group
- B2B CEO of the Year 2026: Cristian Vlasceanu, CEO of Centroid Solutions
The week brought significant developments across retail
trading, fintech and financial regulation. Prop Firm Match faced a growing
backlash from prop trading firms over its affiliate tracking practices, while
eToro agreed to acquire an Argentine fintech business as it continued expanding
through acquisitions.
Capital.com also secured a new regulatory licence in
Singapore and appointed a former IG executive to lead its local operations.
London’s trading industry is coming home!
Regulatory developments included new UK initiatives covering
quantum computing and financial crime, alongside changes to transaction
reporting requirements. South Africa’s regulator also made its withdrawal of
Mixirite’s licence final.
Meanwhile, artificial intelligence remained a key
industry topic, with discussions focusing on how brokers attract customers
through AI search and whether investment in the technology can deliver a
lasting competitive advantage.
Prop
Firm Match has lost around 21 prop trading firm partners after
acknowledging that clicks on firm profiles and promotional codes opened partner
websites through its affiliate links. The exits include Apex Trader Funding,
Tradeify, Lucid Trading, Goat Funded Trader, FundingPips and Blue Guardian.
The
platform said it disabled the functionality on 29 October and estimated that
the potential impact on referral attribution represented a low single-digit
percentage of its commissions.
Three years ago, Prop Firm Match launched. Two traders saw a gap in the market for a platform providing simplicity and transparency for prop firm traders. We developed new features not seen before: verified reviews, payout tracking across all payment methods, live spreads, rule overviews, simple ways to compare prop firms, and prop firm expos.
Three years in, PFM has had over 25M website visits, reached over 370,000 members, and has given out free challenge accounts worth over $1,400,000 to the PFM community. Over 100 firms apply to be listed each year and go through one of the industry’s most rigorous compliance processes.
We also got something wrong. Until yesterday, when someone clicked on a firm or a code on our site, a new tab would open the firm’s site through our affiliate link. This should not have happened. We take full responsibility for it. We have reached out to each of our partners to review this together and reconcile any inaccuracies. We respect any decisions firms have made based on this.
We truly appreciate the partners and traders who value the relationship we have built together over the years. We promise you that we will learn from this, hold ourselves to the highest standard, and come back stronger and better.
— Prop Firm Match (@PropFirmMatch) October 31, 2026
However, a source close to the matter said
misattributed sales could have appeared as ordinary referrals because tracking
cookie periods varied between firms. FundingPips’ CEO also said his company had
identified the practice in August. The platform has invited current and former
partners to review its findings.
eToro Agrees to Acquire Argentine Fintech LB Finanzas
eToro has agreed to acquire Argentine
financial app LB Finanzas for an undisclosed amount, marking its fourth
acquisition of 2026. The transaction remains subject to customary closing
conditions and is intended to establish a stronger local presence in Latin
America.
LB Finanzas operates an investment platform offering access to
equities, cryptocurrencies and payment services. It is regulated by Argentina’s
National Securities Commission and Central Bank. The acquisition adds local
operations and regulatory infrastructure to eToro’s regional expansion plans.
Earlier this year, the company agreed to acquire crypto wallet provider Zengo,
completed its purchase of Israeli exchange Bit2C and announced an agreement to
acquire US brokerage TradeZero, which is expected to close in 2027.
Capital.com Secures Singapore Licence
Tony Lim, Chief Executive Officer, Singapore, Capital.com
Capital.com
has received a licence from the Monetary Authority of Singapore (MAS),
allowing its local entity to offer securities, collective investment schemes
and over-the-counter derivatives, including contracts for differences (CFDs).
The broker plans to begin onboarding clients in early 2027. It has appointed
Tony Lim as Chief Executive of its Singapore operations. Lim previously spent
nine years at IG Group’s Singapore division as CEO and Managing Director. The
appointment follows Capital.com’s recent regulatory expansion in South Africa
and its recruitment of local executives in Brazil and Chile.
The broker has
also been exploring licensing opportunities in markets including Japan and
Turkey as it expands its international operations.
FCA Invites Financial Firms to Test Quantum Computing
Jessica Rusu, Chief Data, Information and Intelligence Officer, Source: FCA
The UK Financial Conduct Authority (FCA) has invited
financial firms, quantum computing providers and research institutions to test
whether quantum technology can improve money laundering and fraud detection.
Participants will join its new Quantum Experimentation Group and work with an
artificial dataset developed by the regulator. The trials will compare quantum
machine learning approaches with conventional techniques to address financial
crime problems identified by the FCA. Registration closes on 31 December, with
the programme scheduled to begin in the first quarter of 2027.
The initiative
follows the regulator’s wider preparations for quantum computing, including a
separate warning about the need to adopt encryption capable of withstanding
future quantum attacks.
South Africa Makes Mixirite Licence Withdrawal Final
South Africa’s Financial Sector Conduct Authority (FSCA) has
made the withdrawal of Mixirite’s
financial services licence final, citing material breaches of financial
sector laws and failures in client protection.
The decision takes immediate
effect after the regulator concluded that the company no longer meets the
requirements to operate as a financial services provider. The investigation
found that Mixirite’s agents used aggressive sales techniques, while
unauthorised individuals provided financial advice.
The regulator also
identified promises of unrealistic or guaranteed returns, inadequate
suitability assessments and governance failures. Mixirite did not oppose the
final withdrawal but disputed the findings. Separately, the FSCA expanded its
investigation to include four other companies: Complyxpert, Start Stream, Rayn
Investments and Advice 365.
Brokers Face New Challenges as AI Chatbots Change
Customer Discovery
Artificial intelligence chatbots are changing how
retail traders discover and compare brokers, with industry experts warning
that strong Google rankings no longer guarantee visibility. Andy Francos,
Growth Consultant at Pepperstone, said AI assistants increasingly provide
prospective customers with shortlists before they visit individual broker websites.
Wordflow founder Zay Yang highlighted that regulators, comparison platforms and
independent media frequently appear ahead of brokers’ own websites in
AI-generated recommendations. The experts said brokers need accurate,
accessible information about licensing, fees and account offerings, preferably
presented in plain text rather than scripts or PDFs.
Third-party coverage and
credible industry references are also becoming important as AI search engines
increasingly determine which brands users consider.
AI Investment Could Raise Costs Without Giving Retail
Brokers a Lasting Advantage
Artificial
intelligence could help retail brokers improve customer acquisition,
automate support and provide more sophisticated trading tools, but the
technology may not create a lasting competitive advantage, according to a
Finance Magnates analysis by Paul Golden.
Natural language screeners, portfolio
analysis and automated execution are among the features changing the trading
experience. However, widely available AI models could make these services
difficult to differentiate.
Brokers also face integration, monitoring and
compliance costs, while increased customer engagement does not necessarily
translate into better retention or profitability. The analysis highlights
another challenge: as traders increasingly use independent AI agents to compare
platforms and execute transactions, brokers could lose control of customer
relationships to technology providers.
FCA Revises UK Transaction Reporting Rules
The FCA has finalised changes to the UK’s
MiFIR transaction reporting framework, aiming to reduce industry costs by
more than £100 million annually. The reforms will cut reportable fields from 65
to 52, remove around seven million instruments traded exclusively on EU venues
from UK reporting requirements and eliminate duplicate reporting of FX
derivatives under MiFIR.
The maximum period for correcting historical reporting
errors will also fall from five years to three. The regulator estimates that
firms currently spend £493 million annually on transaction reporting. However,
implementation will require changes to reporting systems, data management and validation
processes.
Quinn Perrott, Co-CEO of TRAction, highlights the operational work
firms will need to undertake to adapt to the revised requirements. The new
regime will become fully effective on 3 April 2028, although some changes can
be adopted earlier.
Finance Magnates Awards 2026 Winners Announced
Finance Magnates has announced the winners of the Finance Magnates Awards 2026, recognising leading companies and CEOs across online trading, fintech, payments and financial services.
The awards honour firms across global, regional and national markets, alongside two CEOs named CEO of the Year 2026 in the B2C and B2B categories.
Finance Magnates CEO Neophytos Papageorgiou
Here are all the winners:
- Best Multi-Asset Investment Provider 2026: Freedom24
- Best Real-Time Risk Management Solution 2026: iSAM Securities
- Best Liquidity Provider 2026: Exinity Connect
- Best Trading Infrastructure Provider 2026: FinPrime Group
- Best Regulatory & Licensing Partner 2026: FiveComply
- Best Africa Payments Infrastructure 2026: Kora
- Best Technology Provider 2026: FYNXT
- Best Brokerage Services Provider 2026: Freedom24
- Best Enterprise Prop Trading Infrastructure 2026: Axcera
- Best Risk Management Technology Provider 2026: Tapaas
- Best Crypto Payments Technology for Brokers 2026: Overchain
- Best Bridge Provider 2026: Centroid Solutions
- Broker of the Year 2026 (Indonesia): Headway
- Most Innovative Broker 2026 (UAE): CFI Financial Group
- Most Transparent Broker 2026 (Indonesia): TradingPRO
- Most Innovative Trading Platform 2026 (Colombia): LBX
- Best Emerging Prop Firm 2026 (Japan): Fundora
- Best Futures Market Analysis Platform 2026 (USA): Bookmap
- Broker of the Year 2026 (Malaysia): Headway
- Best Trading Conditions 2026 (Germany): RoboMarkets
- Best Customer Support Experience 2026 (Philippines): Olymptrade
- Best Trading Conditions 2026 (LATAM): HFM
- Most Trusted Broker 2026 (MENA): TMGM
- Best Rising Broker 2026 (Asia): Octrado
- Most Established Broker 2026 (MENA): CFI Financial Group
- Most Disruptive Broker 2026 (MENA): Base Markets
- Most Customer-Focused Broker 2026 (Asia): TradingPRO
- Broker of the Year 2026 (Africa): Headway
- Best Trading Conditions 2026 (EU): TMGM
- Most Innovative Prop Trading Firm 2026 (EU): AIFO
- Most Accessible Trading Platform 2026 (MENA): Olymptrade
- Most Established Broker 2026: Tickmill
- Best Overall Broker 2026: Fotmarkets
- Most Transparent Broker 2026: RoboMarkets
- Most Trusted Broker 2026: TradingPRO
- Best Multi-Asset Prop Trading Firm 2026: FundedNext
- Most Established Prop Firm 2026: FundingPips
- Best Rising Star Broker 2026: IQ Broker
- Most Innovative Broker 2026: FXT
- Best Trading Environment 2026: Elev8
- B2C CEO of the Year 2026: Ziad Melhem, CEO of CFI Financial Group
- B2B CEO of the Year 2026: Cristian Vlasceanu, CEO of Centroid Solutions
