Is FXCM going out of business? - Page 2
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  1. #11
    Jason Rogers's Avatar
    Jason Rogers is offline Verified Broker Support and Analyst for FXCM FX-Men Honorary Member
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    Quote Originally Posted by kashix View Post
    On a side note, how long will FXCM continue to operate for their current US customers? Will I be able to use Marketscope with GAIN capital? What happens to my myfxbook stats? I'm really thinking of closing shop here. Imo, I don't see a recovery and any funds with FXCM is at high risk.
    Hi Kashix,

    FXCM has signed a non-binding letter of intent with GAIN Capital Holdings, Inc. (“GAIN”) under which GAIN would purchase FXCM's US customer accounts. The transaction is subject to regulatory approval and a definitive agreement. FXCM and GAIN are working to determine the timing for the account transfer and expect to provide further information in that regard in the coming days.

    We will for the interim period continue to service its U.S. customers and to provide top quality trade execution pending the customer-account sale and business withdrawal. FXCM will also be working diligently to be sure that an account transition to GAIN’s retail brand, FOREX.com, will be orderly, expeditious and seamless.

    We want to express our most sincere thanks to all our US customers who have been with us over the years and wish you all the best following this transition.
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  2. #12
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    Thank you Jason, that clarifies the issue.

  3. #13
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    More clarification here on the NFA's website.

    https://www.nfa.futures.org/news/new...ArticleID=4786

    Likewise there is up to date information/news on forexmagnates, including a mention of Liquidity Provider.

    Difficult situation for US traders, hope you guys get everything sorted soonest.

  4. #14
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    Quote Originally Posted by peterma View Post
    Difficult situation for US traders, hope you guys get everything sorted soonest.
    Lets hope so that this matter comes to resolution, i am not sure why there is always issues with US traders and the online brokers. I have seen many online brokers does not accept the traders from US either.

  5. #15
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    Quote Originally Posted by Jason Rogers View Post
    Hi Kashix,

    FXCM has signed a non-binding letter of intent with GAIN Capital Holdings, Inc. (“GAIN”) under which GAIN would purchase FXCM's US customer accounts. The transaction is subject to regulatory approval and a definitive agreement. FXCM and GAIN are working to determine the timing for the account transfer and expect to provide further information in that regard in the coming days.

    We will for the interim period continue to service its U.S. customers and to provide top quality trade execution pending the customer-account sale and business withdrawal. FXCM will also be working diligently to be sure that an account transition to GAIN’s retail brand, FOREX.com, will be orderly, expeditious and seamless.

    We want to express our most sincere thanks to all our US customers who have been with us over the years and wish you all the best following this transition.
    I have open trades with fxcm, and I am a US customer. Is my account safe? Should I close these trades (at a loss) and withdrawal immediately? I am very concerned. I found this out thanks to message boards. I've gotten emails this week from fxcm with nothing said to indicate that any problem exists or assure me my funds are safe.

  6. #16
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    I'd definitely make a call to FXCM client services and ask the question directly, since it involves open trades. At least, that's the approach I would take as step one, of many.

  7. #17
    Jason Rogers's Avatar
    Jason Rogers is offline Verified Broker Support and Analyst for FXCM FX-Men Honorary Member
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    Quote Originally Posted by johnnapiranha View Post
    I have open trades with fxcm, and I am a US customer. Is my account safe? Should I close these trades (at a loss) and withdrawal immediately? I am very concerned. I found this out thanks to message boards. I've gotten emails this week from fxcm with nothing said to indicate that any problem exists or assure me my funds are safe.
    Welcome to the forum, Johnna

    If you would like to withdraw your funds and close your US account, then you can do so whenever you like provided your trades are all closed. That said, please note that while part of our settlement with the NFA and CFTC was to close our US subsidiary, there will be no changes for clients outside of the US.

    Since FXCM US has not been a contributor to overall profits for the firm over the past few years, FXCM will target significant cost cutting by closing the US entity. Specifically, withdrawing from this business will free approximately $52 million in capital. We will use the proceeds from any sale of the US accounts, as well as the large amount of regulatory capital currently tied up, to reduce the balance of our loan from Leucadia. With the reduction of this loan balance, along with sales of non-core assets that were previously announced, FXCM could be in a position to fully pay off the Leucadia loan before the end of this year.

    With this exit, FXCM will be in a better position to service our international customers and focus on our profitable subsidiaries. Our full financials can be found here and we will announce our Q4 and Full year 2016 financials in the next few weeks.

    If you would like to keep your trades open, then please review this post where I discuss how FXCM has signed a non-binding letter of intent with GAIN Capital Holdings, Inc. (“GAIN”) under which GAIN would purchase FXCM's US customer accounts allowing you to keep your trades open: http://forums.babypips.com/fxcm/8472...tml#post803327
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  8. #18
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    Anyone have any good places to transfer FXCM account or open an new one other than GAIN Capital Holdings ?

  9. #19
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    Quote Originally Posted by Dice1976 View Post

    Anyone have any good places to transfer FXCM account or open a new one other than GAIN Capital Holdings ?
    Here are some choices --- The Offshore Broker List.

    .

  10. #20
    Found this on the internet

    financefeeds.com/fxcm-and-ceo-drew-niv-banned-from-us-full-details-of-fxcms-several-years-of-trading-against-customers/

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