Despite the large-scale failure of many Internet based US technology companies known as the dot-com bubble, in 1998 Ilya Sorokin formed a group of Information Technology and Forex (foreign exchange) experts and incorporated ActForex, Inc. in 2000. Prior to the development of online trading technology, the only entities trading currency were large banks and some large international corporations and nearly all of these trades were executed via telephone. During this era online trading was just a nascent industry in equities, and interest in the retail spot Forex market was just emerging.
The technical challenges and lack of broadband Internet made the task of creating such a platform formidable. In spite of this, ActForex created a proprietary software engine, known today as ActTrader, which became the core technology for retail spot Forex trading. Although retail Forex trading accounts for approximately 18% of Forex trading volume compared to institutional trading volume, retail Forex trading nonetheless continues to grow significantly year over year.