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FXCM shut down (banned by CFTC from operating in the USA)


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FXCM shut down (banned by CFTC from operating in the USA)

  #41 (permalink)
 Magiklair 
Alexandria, Minnesota
 
Experience: Beginner
Platform: Ninja trader
Broker: IB / IQFeed
Trading: Forex
Posts: 135 since Jun 2014
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jodistrict View Post
FXCM still hasn't contacted its customers yet with any explanation. I have an FXCM account using NinaTrader. Ninjatrader has a Forex brokerage. I wonder if we can jut transfer to their broker, if we are already using NinjaTrader or was NinjaTrader actually an agent for FXCM?

I imagine they'll transfer everything over to Gain Capital. But I don't trust Gain Capital, based on the reviews and being fined for violations.

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  #42 (permalink)
 jodistrict 
san diego
 
Experience: Intermediate
Platform: FXCM MarketScope, NT, Interactive brokers, AMP
Broker: FXCM, Interactive Brokers
Trading: FOREX, IWM, SPY, XLE, NQ
Posts: 228 since Apr 2010
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Looks like its time to get out. I hope there won't be much problems. They already have had 150 layoffs.

FXCM lays off 150 employees and redoes Leucadia agreement in wake of US market exit | LeapRate

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  #43 (permalink)
 Magiklair 
Alexandria, Minnesota
 
Experience: Beginner
Platform: Ninja trader
Broker: IB / IQFeed
Trading: Forex
Posts: 135 since Jun 2014
Thanks Given: 30
Thanks Received: 38



jodistrict View Post
Looks like its time to get out. I hope there won't be much problems. They already have had 150 layoffs.

FXCM lays off 150 employees and redoes Leucadia agreement in wake of US market exit | LeapRate

Just submitted a wire transfer.. Haven't heard anything but negative reviews for Gain capital. So I'm out, maybe time to drop Ninja Trader. Unless they can come up with a decent Forex company

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  #44 (permalink)
 choke35 
Germany
 
Experience: Intermediate
Platform: Other
Trading: ES, YM, 6E
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fyi 2 links - just in case you were invested in FXCM stock or options:

FXCM NOTIFICATION: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of

Faruqi & Faruqi LLP - FXCM Inc.(FXCM)

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  #45 (permalink)
 BerkutFX 
Spicewood TX USA
 
Experience: Advanced
Platform: MT5, TS, NT
Trading: FX, Futures, ETF
Posts: 7 since Jun 2015
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Magiklair View Post
Just submitted a wire transfer.. Haven't heard anything but negative reviews for Gain capital. So I'm out, maybe time to drop Ninja Trader. Unless they can come up with a decent Forex company

I have no idea why Ninjatrader will not go out and connect with Tradersway, Tallinex, or FX Choice. It would be nice to finally have Ninjatrader connected to a proper FX broker who allows standard forex rules (not US Dodd-Frank restricted rules).

I am setting up to use MT5 with Amp and FX Choice for both futures & forex trading. FX Choice takes US customers for MT4 or MT5.

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  #46 (permalink)
 warcious 
Brisbane + Australia
 
Experience: Advanced
Platform: NinjaTrader
Broker: CQG, NinjaTrader Brokerage
Trading: NQ, FDAX
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sienna View Post
Ninja also has PhillipCapital as a Future's broker on its website. The Australian arm actually allows FX trading:
Forex Trading » PhillipCapital Australia
Would that be an option for US users of Ninja, or non-US clients?

Great news! as I use FXCM in Australia, I will contact them right away and find out if I can trade FX through PhillipCapital. I use them for Futures already.

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  #47 (permalink)
 warcious 
Brisbane + Australia
 
Experience: Advanced
Platform: NinjaTrader
Broker: CQG, NinjaTrader Brokerage
Trading: NQ, FDAX
Posts: 104 since Oct 2016
Thanks Given: 35
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Ninjatrader has contacted me and posted a FAQ regarding this FXCM issue:

Frequently Asked Questions | NinjaTrader

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  #48 (permalink)
 
Jason Rogers's Avatar
 Jason Rogers 
New York
 
Experience: Intermediate
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jodistrict View Post
FXCM still hasn't contacted its customers yet with any explanation. I have an FXCM account using NinaTrader. Ninjatrader has a Forex brokerage. I wonder if we can jut transfer to their broker, if we are already using NinjaTrader or was NinjaTrader actually an agent for FXCM?

Hi Jodistrict,

Since you live in the US, it's important to note that part of our settlement with the NFA and CFTC was to close our US subsidiary. 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 including details for NinjaTrader platform users like you.

We will for the interim period continue to service our US 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 like you who have been with us over the years and wish you all the best following this transition.

That said, there will be no changes for clients outside of the US, and I will continue to be available on this forum to you and other traders who have questions about FXCM. Since our US entity has not been a contributor to overall profits for the firm over the past few years, FXCM will target significant cost cutting by closing FXCM US. 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. As a result, we 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 have questions about our services at FXCM please send me a Private Message.
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  #49 (permalink)
 Magiklair 
Alexandria, Minnesota
 
Experience: Beginner
Platform: Ninja trader
Broker: IB / IQFeed
Trading: Forex
Posts: 135 since Jun 2014
Thanks Given: 30
Thanks Received: 38


warcious View Post
Ninjatrader has contacted me and posted a FAQ regarding this FXCM issue:

Frequently Asked Questions | NinjaTrader

That's their solution. Gain Capital..

It has such rave reviews

Forex.com Forex Broker Reviews | Gain Capital | Forex Peace Army
https://www.forexrealm.com/brokers-reviews/fxcm-forex-capital-markets/
Unbiased Forex.com / Gain Capital Forex Broker Review | Forex Scam Alerts

It looks like it's great for losing traders. I'm likely going to dump Ninja Trader.

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  #50 (permalink)
 warcious 
Brisbane + Australia
 
Experience: Advanced
Platform: NinjaTrader
Broker: CQG, NinjaTrader Brokerage
Trading: NQ, FDAX
Posts: 104 since Oct 2016
Thanks Given: 35
Thanks Received: 21



Magiklair View Post

I trust that Ninjatrader will find a solution very soon.
One option is to make PhilipCapital that they are already using for Futures to also deliver trading for FX through Ninjatrader.
PC works great with NT for Future trading.
I contacted PC today, their Australian branch, and they will get back to me regarding if it is possible to trade FX using NT.

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