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FXCM gets $7 mln fine from CFTC, sells US business to Gain Capital
Iepriekšējās 1 2 Nākamais
mlawson71

Biedrs kopš Dec 11, 2015  1486 ieraksti mlawson71 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.

togr

Biedrs kopš Feb 22, 2011  3710 ieraksti vontogr (togr) 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.

I like what I trade, I trade what I like
bestdarngood

Biedrs kopš Nov 12, 2010  172 ieraksti bestdarngood 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.

See my profile or message me for my latest EA
theHand

Biedrs kopš Sep 20, 2014  360 ieraksti theHand Feb 08 2017 at 07:00
Trump's actually gone after the Dodd Frank Act, which I think is partly or solely responsible for US forex traders misery. Things like FIFO etc...

So if you're a retail fx trader, things might take a change for the better soon.

johnnapiranha

Biedrs kopš Jun 28, 2015  10 ieraksti johnnapiranha 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.
evolutioncapital

Biedrs kopš Mar 31, 2014  8 ieraksti evolutioncapital Feb 08 2017 at 08:02
FXCM was the best...

IDGAF
togr

Biedrs kopš Feb 22, 2011  3710 ieraksti vontogr (togr) Feb 08 2017 at 08:39
evolutioncapital posted:
FXCM was the best...

FXCM was misleading customers and regulators.

I like what I trade, I trade what I like
benedetto4

Biedrs kopš Nov 29, 2016  3 ieraksti benedetto4 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. mad

Tbone46

Biedrs kopš Dec 05, 2014  2 ieraksti Tbone46 Feb 09 2017 at 08:07
Will FXCM UK be effected too by the decistion with FXCM in the US and should i withdraw my money from FXCM UK or not?

TiffanyK

Biedrs kopš Feb 12, 2016  360 ieraksti Tiffany (TiffanyK) 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 smiley

Accept the loss as experience
Iepriekšējās 1 2 Nākamais
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