The founders of Praxis were early employees and held senior executive positions at FXCM, (FXCM:NYSE). At its height, FXCM was the largest OTC retail FX/CFD firm in the world. Larry and Mike have over 50 years of combined experience in this highly lucrative and complex niche industry. They’ve successfully built and managed teams world-wide and have duplicated their success building Praxis. Larry and Mike’s accomplishments and expertise are uncommon and unparalleled in the FX/CFD industry.

Larry McGonegal

Co-Founder & Head of Trading

Larry was head dealer at FXCM from 2003 till early 2014. During his tenure, monthly notional volume grew to over 400 billion. Larry is one of the very few OTC FX/CFD dealers that has managed billion-dollar trades and exposure at any given time.

In the mid-2000’s, Larry co-launched FXCM’s CFD business which quickly became a significant revenue source. Metals was one of the more lucrative products which Larry personally oversaw.

Since leaving FXCM, Larry has started and sold several highly profitable risk management firms and was one of the first dealers to successfully make a market in novel CFD’s.

Michael Brescia

Co-Founder & CEO

Mike was one of the first employees at FXCM in 2001. He started and managed FXCM’s introducing broker and institutional division worldwide. Mike grew his department from $0 in annual revenue to over $250 million by 2010, making it the largest and most successful institutional business in the FX/CFD industry.

During Mike’s tenure, venerable financial firms including Charles Schwab, E*Trade, Man Financial, Refco Financial, Deutsche Bank, Samsung Securities, Hyundai Financial, the Korean Sovereign Wealth Fund (KIC), CITIC, CICC, Gaitame, GMO Click, Maybank, Cortal Consors, the Jakarta Futures Exchange (JFX) amongst numerous other global firms became FXCM clients.

Mike was also responsible for FXCM’s highly active and successful mergers and acquisitions and venture capital team and a member of several executive committees.

Mike partnered with Larry in early 2017 to co-launch their CFD business making them one of the earliest market-makers in this product.