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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)

  #21 (permalink)
Trading Apprentice
Chicago IL USA
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Gain Capital
Favorite Futures: ES
 
kishisaki's Avatar
 
Posts: 23 since Aug 2012
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warcious View Post
Correct, but they have outsourced all their Australian accounts to a company called CityIndex.
Seems to be a lot of manoeuvres in the FX business. Maybe its time to go over to FX futures instead?

yeah lol i came to that conclusion as well long time ago.
i am originally a futures trader, i got into spot forex later due to trade copiers available for MT4 ;D

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  #22 (permalink)
Elite Member
san diego
 
Futures Experience: Intermediate
Platform: FXCM MarketScope, NT, Interactive brokers, AMP
Broker/Data: FXCM, Interactive Brokers
Favorite Futures: FOREX, IWM, SPY, XLE, NQ
 
Posts: 219 since Apr 2010
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My FXCM account is still working.

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  #23 (permalink)
Elite Member
Brisbane + Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: CQG, NinjaTrader Brokerage
Favorite Futures: NQ, FDAX
 
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kishisaki View Post
yeah lol i came to that conclusion as well long time ago.
i am originally a futures trader, i got into spot forex later due to trade copiers available for MT4 ;D

Are you using MT4 or Ninjatrader?
I believe you dont have as good margin with FX futures as you have with FX currency-pair trading, also the FX Futures does not have much volume, and only few pairs, maybe 7 majors are tradable. Whats your opinion?

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  #24 (permalink)
Elite Member
New York, NY US
 
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FXCM is a repeated offender with the CFTC. They also have hundred of lawsuits from forex traders for the same reason the CFTC alleges

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  #25 (permalink)
Elite Member
Manchester, NH
 
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Another thought: Also, this puts Leucadia in a weird position as they had been GTFO of the commodities space on Jefferies's side and I'm guessing that they're going to be largest creditor if the non-US assets go under?

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  #26 (permalink)
 Vendor: www.fxcm.com 
New York
 
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Platform: Strategy Trader
 
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Blash View Post
I just hung up with FXCM. They could not tell me anything other than they with publish a communication in a few hours on their investor relations page with details.

Waiting.......

Here's the post from MarketWatch.....for your reading convenience....



As far is as I know this has always been the case that FX brokers can take the other side of retail traders. Let'em take the other side of my trades.... I'll take anybodies cash, gladly.

Ron

Hi Ron,

Below is the statement we posted on the FXCM website.


FXCM US Reaches Settlement with NFA and CFTC
FXCM to Exit the U.S.
Sells Accounts to GAIN
FXCM to Pay down Loan


NEW YORK, February 6, 2017-- FXCM Inc. (NASDAQ:FXCM) (FXCM) today announced simultaneous regulatory settlements with the National Futures Association ("NFA") and the Commodity Futures Trading Commission (CFTC) against its U.S. subsidiary, Forex Capital Markets LLC and certain of its principals. FXCM Holdings, LLC was also named in the CFTC settlement. The named FXCM entities and principals neither admit nor deny the allegations associated with the settlements. The NFA settlement has no monetary fine, and the CFTC settlement has a $7 million fine.

FXCM will be withdrawing from business in the U.S. and has signed a non-binding letter of intent with GAIN Capital Holdings, Inc. (GAIN) under which GAIN would purchase FXCMs U.S. 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. In 2016, FXCMs U.S. business had unaudited net revenues of approximately $48 million and generated an EBITDA loss, but the costs associated with the business will not be transferring to GAIN. There will be no changes to FXCM customers outside of the United States.

Withdrawing from this business will free approximately $52 million in capital. Proceeds from the account sale and the release of capital will go toward the further repaying of FXCMs loan from Leucadia National Corporation.

FXCM 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 GAINs retail brand, FOREX.com, will be orderly, expeditious and seamless. FXCM wants to express its most sincere thanks to those U.S. customers who have been with FXCM over the years and wish you all the best of luck following this transition.

FXCM wants to stress that these settlements have no impact on any customer of FXCMs global businesses. FXCM and its global subsidiaries will continue to provide excellent execution and competitive pricing to its customers overseas through its award-winning technology, customer service and trading tools.

Disclosure Regarding Forward-Looking Statements

In addition to historical information, this release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and/or the Private Securities Litigation Reform Act of 1995, which reflect FXCM's current views with respect to, among other things, its operations and financial performance in the future. These forward-looking statements are not historical facts and are based on current expectations, estimates and projections about FXCM's industry, business plans, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict including, without limitation, risks associated with FXCMs plans to shut down its US subsidiary and a potential sale of its US customer accounts, risks associated with FXCMs strategy to focus on its operations outside the United States, risks associated with the events that took place in the currency markets on January 15, 2015 and their impact on FXCM's capital structure, risks associated with FXCM's ability to recover all or a portion of any capital losses, risks relating to the ability of FXCM to satisfy the terms and conditions of or make payments pursuant to the terms of the finance agreements with Leucadia, as well as risks associated with FXCMs obligations under its other financing agreements, risks related to FXCM's dependence on FX market makers, market conditions, risks associated with FXCMs litigation with the National Futures Association or any other potential litigation or regulatory inquiries to which FXCM may become subject, risks associated with potential reputational damage to FXCM resulting from FXCMs plans to shut down its US subsidiary, and those other risks described under "Risk Factors" in FXCM Inc.'s Annual Report on Form 10-K, FXCM Inc.'s latest Quarterly Report on Form 10-Q, and other reports or documents FXCM files with, or furnishes to, the SEC from time to time, which are accessible on the SEC website at sec.gov. This information should also be read in conjunction with FXCM's Consolidated Financial Statements and the Notes thereto contained in FXCM's Annual Report on Form 10-K, FXCM Inc.'s latest Quarterly Report on Form 10-Q, and in other reports or documents FXCM files with, or furnishes to, the SEC from time to time, which are accessible on the SEC website at sec.gov.

These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our SEC filings. FXCM Inc. undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

About FXCM Inc.

FXCM Inc. (NASDAQ:FXCM) is a publicly traded company which owns 50.1% of FXCM Group, LLC (FXCM Group).

FXCM Group is a holding company of Forex Capital Markets LLC, (FXCM US), Forex Capital Markets Limited, inclusive of all EU branches (FXCM UK), FXCM Australia Pty. Limited, (FXCM AU), and all affiliates of aforementioned firms, or other firms under the FXCM group of companies [collectively "FXCM"]. FXCM Group is owned and operated by FXCM Inc. (NASDAQ:FXCM) and Leucadia National Corporation (NYSE:LUK). Leucadia National Corporation is a multi-billion dollar diversified holding company engaged through its consolidated subsidiaries in a variety of businesses.

FXCM is a leading provider of online foreign exchange (FX) trading, CFD trading, spread betting and related services. The company's mission is to provide global traders with access to the world's largest and most liquid market by offering innovative trading tools, hiring excellent trading educators, meeting strict financial standards and striving for the best online trading experience in the market. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. In addition, FXCM offers educational courses on FX trading and provides trading tools proprietary data and premium resources. FXCM Pro provides retail brokers, small hedge funds and emerging market banks access to wholesale execution and liquidity, while providing high and medium frequency funds access to prime brokerage services via FXCM Prime.

Trading foreign exchange and CFDs on margin carries a high level of risk, which may result in losses that could exceed your deposits, therefore may not be suitable for all investors.



Jaclyn Sales, 646-432-2463

Vice-President, Corporate Communications

jsales@fxcm.com

investorrelations@fxcm.com

If you have questions about our services at FXCM please send me a Private Message.
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  #27 (permalink)
Trading Apprentice
Chicago IL USA
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Gain Capital
Favorite Futures: ES
 
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jodistrict View Post
My FXCM account is still working.

Until Feb 28th ;D


warcious View Post
Are you using MT4 or Ninjatrader?
I believe you dont have as good margin with FX futures as you have with FX currency-pair trading, also the FX Futures does not have much volume, and only few pairs, maybe 7 majors are tradable. Whats your opinion?

yeah futures is expensive for low capital compare to spot forex where you can open an account with hundreds of dollar lol
lol what volume? you have $20 billion dollar account to move that much volume? ;D
Even if you did under spot forex you would not wan trade with that much on retail brokerage level anyways.
Once you get to about a million you would wan use a prime brokerage deleverage.
You should always stick with majors when dealing with forex anyways better for taxes treatment purpose and safety.
I use NT mainly for futures MT4 for spot forex for trade copiers and Multicharts as backup.

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  #28 (permalink)
Elite Member
Brisbane + Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: CQG, NinjaTrader Brokerage
Favorite Futures: NQ, FDAX
 
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Thanks: 33 given, 14 received


kishisaki View Post
Until Feb 28th ;D



yeah futures is expensive for low capital compare to spot forex where you can open an account with hundreds of dollar lol
lol what volume? you have $20 billion dollar account to move that much volume? ;D
Even if you did under spot forex you would not wan trade with that much on retail brokerage level anyways.
Once you get to about a million you would wan use a prime brokerage deleverage.
You should always stick with majors when dealing with forex anyways better for taxes treatment purpose and safety.
I use NT mainly for futures MT4 for spot forex for trade copiers and Multicharts as backup.

Reply I got from CityIndex:
-------------------
I believe this link is an old webpage from before City Index was acquired by Gain Capital.

Gain Capital previously was operating under the brand name FOREX.com in Australia, however, now we operate under City Index.

NinjaTrader is not available through City Index unfortunately, unless you can use the application as an add on with MT4.

I apologise for any inconvenience.

Best regards,
Daniel
-------------------
Sorry Australian FXCM account holders, such as myself, that enjoy Ninjatrader, tough luck

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  #29 (permalink)
Trading Apprentice
Chicago IL USA
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Gain Capital
Favorite Futures: ES
 
kishisaki's Avatar
 
Posts: 23 since Aug 2012
Thanks: 1 given, 2 received


warcious View Post
Reply I got from CityIndex:
-------------------
I believe this link is an old webpage from before City Index was acquired by Gain Capital.

Gain Capital previously was operating under the brand name FOREX.com in Australia, however, now we operate under City Index.

NinjaTrader is not available through City Index unfortunately, unless you can use the application as an add on with MT4.

I apologise for any inconvenience.

Best regards,
Daniel
-------------------
Sorry Australian FXCM account holders, such as myself, that enjoy Ninjatrader, tough luck

guess so then there is also forex king - gain capital based.
thats why i always master more then one platform you never know when they will pull a one under you like this ;D

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  #30 (permalink)
Elite Member
Brisbane + Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: CQG, NinjaTrader Brokerage
Favorite Futures: NQ, FDAX
 
Posts: 94 since Oct 2016
Thanks: 33 given, 14 received



kishisaki View Post
guess so then there is also forex king - gain capital based.
thats why i always master more then one platform you never know when they will pull a one under you like this ;D

What is their URL?

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