To use chat, please login.
Back to contacts

USA broker suggestions based on your personal experience?

researchpro
Oct 07 2015 at 12:56
8 posts
Hi, I have to choose a United States broker in order to run my EA. I live in U.S. I would hate to have to use a dealing desk broker but there are so few choices. FXCM scares me now since they almost went belly up, and their stock has never recovered, which says a lot too.
Any other ideas based on your own personal experience?
Thanks
Jason Rogers (jasonrogers)
Oct 07 2015 at 21:11
272 posts
FXCM scares me now since they almost went belly up

Hi Researchpro,

As Mark Twain might have said, 'The reports of my death have been greatly exaggerated.'

It's important to note that despite the events of January 15th, FXCM's capitalization remains at levels similar to before the SNB event: https://bit.ly/10Pq5FJ

You asked specifically about the US, so below are the latest capital figures for our US entity as compared to all other US-regulated forex brokers (RFEDs) as reported to the CFTC.



The column that says 'Total Amount of Retail Forex Obligation' shows the amount of money retail traders have on deposit with FXCM US which is over 50% greater than what is on deposit with the number 2 forex broker in the US.

Our customer equity grew by $68 million or 10% last quarter. While $47 million of that increase was due to our acquisition of CitiFXPro, the remainder was organic. It's a strong vote of confidence that Citibank chose FXCM for its customers when they decided to exit the business in June.

You asked specifically about the US, so below are the latest capital figures for our US entity as compared to all other US-regulated forex brokers (RFEDs) as reported to the CFTC.

and their stock has never recovered, which says a lot too.

The stock price is a reflection of shareholder value as a result of the Leucadia loan. While I can't personally comment on it beyond citing info that's already publicly available, below are comments from a recent LeapRate article: https://bit.ly/1hrl2nz

most of the overall writeoff/loss is non cash and non operational, and has nothing to do with FXCMs operations and corporate health, but rather with accounting charges FXCM needs to take due to US GAAP accounting rules thanks to the future benefit that FXCM gave up to Leucadia.

The terms of the Leucadia loan impact FXCM shareholders, not FXCM account holders. I'm not authorized to comment on our stock, but you're welcome to contact our Investor Relations department with any related questions: https://bit.ly/1SEYg7W
Rihan
RSTrading
Oct 09 2015 at 09:21
385 posts
I must add. FXCM's tradestation platform is schweet!

I just want to put it out there that this is a total independent remark.
Please login to comment .