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FXCM gets $7 mln fine from CFTC, sells US business to Gain Capital
Feb 07, 2017 at 12:30
Vues 1,095
17 Replies
Membre depuis Dec 11, 2015
posts 1462
Feb 07, 2017 at 12:30
In a surprising twist of regulatory fate, FXCM – the largest US retail forex broker – got banned from doing business there and was fined $7 million by the CFTC, all in the fateful afternoon of February 6, 2017. The reason: misleading customers and regulators.
(https://www.forexbrokerz.com/news/FXCM-lies-to-clients-NFA-gets-7-mln-fine-from-CFTC-sells-US-business-to-Gain-Capital)
According to a statement from FXCM's main competitor – Gain Capital – it is in talks to acquire FXCM's retail clients and transfer them to its retail platform Forex.com by the end of February.
Additionally, the National Futures Association (NFA) has barred FXCM and its founders and principals Dror Niv, William Ahdout, and Ornit Niv from membership and from acting as a principal of an NFA Member. This, in essence means that FXCM cannot do business in the US any longer.
(https://www.forexbrokerz.com/news/FXCM-lies-to-clients-NFA-gets-7-mln-fine-from-CFTC-sells-US-business-to-Gain-Capital)
According to a statement from FXCM's main competitor – Gain Capital – it is in talks to acquire FXCM's retail clients and transfer them to its retail platform Forex.com by the end of February.
Additionally, the National Futures Association (NFA) has barred FXCM and its founders and principals Dror Niv, William Ahdout, and Ornit Niv from membership and from acting as a principal of an NFA Member. This, in essence means that FXCM cannot do business in the US any longer.
Membre depuis Feb 22, 2011
posts 4573
Feb 07, 2017 at 15:50
mlawson71 posted:
In a surprising twist of regulatory fate, FXCM – the largest US retail forex broker – got banned from doing business there and was fined $7 million by the CFTC, all in the fateful afternoon of February 6, 2017. The reason: misleading customers and regulators.
(https://www.forexbrokerz.com/news/FXCM-lies-to-clients-NFA-gets-7-mln-fine-from-CFTC-sells-US-business-to-Gain-Capital)
According to a statement from FXCM's main competitor – Gain Capital – it is in talks to acquire FXCM's retail clients and transfer them to its retail platform Forex.com by the end of February.
Additionally, the National Futures Association (NFA) has barred FXCM and its founders and principals Dror Niv, William Ahdout, and Ornit Niv from membership and from acting as a principal of an NFA Member. This, in essence means that FXCM cannot do business in the US any longer.
While I believe FXCm was cheating their clients I also know Forex.com. I had to left Forex.com as they had serious issues with the trades I would say they were cheating much more.
Membre depuis Nov 12, 2010
posts 160
Feb 08, 2017 at 03:26
I have accounts with Oanda, Forex.com, and FXCM. FXCM is the best out of the 3 so it is a shame that this has happened for me since we US Citizens are losing choices in what we can use each year...
If only someone else could take the place of FXCM and offer great pricing and execution in the USA.
If only someone else could take the place of FXCM and offer great pricing and execution in the USA.
See my profile or message me for my latest EA
Membre depuis Jun 28, 2015
posts 9
Feb 08, 2017 at 07:42
well gee, glad I saw this since I'm a US trader with active trades open with FXCM. Do I have really much other choice in the US, but to go with forex.com? as soon as I close my remaining trades, I'm pulling out my money. any advice?
Cut it while it's hot.
Membre depuis Mar 31, 2014
posts 8
Feb 08, 2017 at 08:02
FXCM was the best...
IDGAF
Membre depuis Feb 22, 2011
posts 4573
Feb 08, 2017 at 08:39
evolutioncapital posted:
FXCM was the best...
FXCM was misleading customers and regulators.
forex_trader_380202
Membre depuis Nov 29, 2016
posts 3
Feb 09, 2017 at 08:02
It is unfortunate as one of the main brokers this disabled by operating against its clients with a high frequency algorithm, deserved sanction, justice late but arrived. 😡
Feb 09, 2017 at 14:19
FXCM UK will most likely be affected too because they all are under FXCM trademark. Maybe not like FCXM in US but still. However this doesn’t mean you have to withdraw everything and quit working with them. Just check if there will be major changes and if they will be in your favor. Then you can easily make a decision yourself 😄
Accept the loss as experience
Membre depuis Dec 11, 2015
posts 1462
Feb 10, 2017 at 12:58
More details are emerging about the deal between FXCM and Gain Capital. (https://www.forexbrokerz.com/news/Gain-Capital-to-pay-up-to-500-for-each-FXCM-client-conditions-apply) According to the latest filing of FXCM with the US Securities and Exchange Commission (SEC), Gain Capital will pay up to $500 for each FXCM client. There, however, are a number of conditions that will apply depending on how many trades these clients have made in the last weeks.
Feb 10, 2017 at 15:07
togr posted:
While I believe FXCm was cheating their clients I also know Forex.com. I had to left Forex.com as they had serious issues with the trades I would say they were cheating much more.
But have Forex.com said they are NDD or they were stating they are market makers at that time you traded with them? I think they are one of the largest market makers without pretending to be something else. But since you have experience with them, you can judge better 😄 I am glad that FXCM got what they deserved in the end.
Membre depuis Dec 11, 2015
posts 1462
Feb 13, 2017 at 12:08
US law firm has launched an investigation on potential claims against forex brokerage FXCM Inc. concerning possible violations of the federal securities laws, the company announced in a statement. (https://smnweekly.com/2017/02/08/us-law-firm-investigating-fxcm-seeks-to-form-collective-lawsuit-on-shareholders-behalf/)
For what it seems, the law firm is seeking to form a collective lawsuit on behalf of disgruntled shareholders.
I suppose it was a matter of time?
For what it seems, the law firm is seeking to form a collective lawsuit on behalf of disgruntled shareholders.
I suppose it was a matter of time?
forex_trader_349609
Membre depuis Aug 05, 2016
posts 8
Feb 21, 2017 at 08:01
mlawson71 posted:
US law firm has launched an investigation on potential claims against forex brokerage FXCM Inc. concerning possible violations of the federal securities laws, the company announced in a statement. (https://smnweekly.com/2017/02/08/us-law-firm-investigating-fxcm-seeks-to-form-collective-lawsuit-on-shareholders-behalf/)
For what it seems, the law firm is seeking to form a collective lawsuit on behalf of disgruntled shareholders.
I suppose it was a matter of time?
It was about time they took a spoonful of their own medicine. It went from being one of the best and most solid to being the heap of scammers. They probably got big as a result of scams made over the years.
Membre depuis Dec 11, 2015
posts 1462
Feb 27, 2017 at 12:23
(édité Feb 27, 2017 at 12:23)
FXCM announced it is changing its name to Global Brokerage Inc. Respectively, the ticker also changes – to GLBR.The changes come into effect today, February 27, 2015.
(https://www.forexbrokerz.com/news/FXCM-changes-name-to-Global%20Brokerage)
The company also announced the resignations of William Ahdout as a Director on the Company's Board of Directors and Drew Niv, as Director and Chairman of the Board and Chief Executive Officer.
Why the name change?
(https://www.forexbrokerz.com/news/FXCM-changes-name-to-Global%20Brokerage)
The company also announced the resignations of William Ahdout as a Director on the Company's Board of Directors and Drew Niv, as Director and Chairman of the Board and Chief Executive Officer.
Why the name change?
forex_trader_406416
Membre depuis Feb 24, 2017
posts 2
Mar 01, 2017 at 07:39
mlawson71 posted:
FXCM announced it is changing its name to Global Brokerage Inc. Respectively, the ticker also changes – to GLBR.The changes come into effect today, February 27, 2015.
(https://www.forexbrokerz.com/news/FXCM-changes-name-to-Global%20Brokerage)
The company also announced the resignations of William Ahdout as a Director on the Company's Board of Directors and Drew Niv, as Director and Chairman of the Board and Chief Executive Officer.
Why the name change?
"FXCM still has its regulated forex businesses in the UK and across the major EU markets Germany, Italy and France, Australia, Israel and South Africa, as well as in Hong Kong, New Zealand, Japan. The broker offers forex, CFDs, and spread betting services."
FXCM name now has a bad smell to it worldwide. Needs to change name.
Membre depuis Dec 11, 2015
posts 1462
May 12, 2017 at 13:32
They clearly have problems because recently Global Brokerage Inc., formerly known as FXCM Inc., informed the US Securities and Exchange Commission (SEC) of a notification from NASDAQ Global Market that it might delist it over falling market cap.
According to the filing, on May 2 NASDAQ informed Global Brokerage that for the prior 30 consecutive business days, the market value of the company’s publicly held shares was less than $15 million. (https://smnweekly.com/2017/05/09/nasdaq-warns-ex-fxcm-of-eventual-delisting-over-low-market-cap/) This does not meet NASDAQ’s requirements for continued listing on the exchange.
According to the filing, on May 2 NASDAQ informed Global Brokerage that for the prior 30 consecutive business days, the market value of the company’s publicly held shares was less than $15 million. (https://smnweekly.com/2017/05/09/nasdaq-warns-ex-fxcm-of-eventual-delisting-over-low-market-cap/) This does not meet NASDAQ’s requirements for continued listing on the exchange.
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