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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)
Shakes
Alexandria, Minnesota
 
Futures Experience: Beginner
Platform: Ninja trader
Broker/Data: IB / IQFeed
Favorite Futures: Forex
 
Posts: 135 since Jun 2014
Thanks: 30 given, 33 received


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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The following user says Thank You to Magiklair for this post:
 
  #42 (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
Thanks: 69 given, 122 received

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)
Shakes
Alexandria, Minnesota
 
Futures Experience: Beginner
Platform: Ninja trader
Broker/Data: IB / IQFeed
Favorite Futures: Forex
 
Posts: 135 since Jun 2014
Thanks: 30 given, 33 received



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)
Market Wizard
Germany
 
Futures Experience: Intermediate
Platform: Other
Favorite Futures: ES, YM, 6E
 
Posts: 2,612 since Feb 2013
Thanks: 4,829 given, 6,374 received
Forum Reputation: Legendary

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)
Elite Member
Spicewood TX USA
 
Futures Experience: Advanced
Platform: MT5, TS, NT
Favorite Futures: FX, Futures, ETF
 
Posts: 7 since Jun 2015
Thanks: 2 given, 1 received


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)
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


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)
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

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

Frequently Asked Questions | NinjaTrader

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  #48 (permalink)
 Vendor: www.fxcm.com 
New York
 
Futures Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 164 since Aug 2010
Thanks: 122 given, 153 received


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)
Shakes
Alexandria, Minnesota
 
Futures Experience: Beginner
Platform: Ninja trader
Broker/Data: IB / IQFeed
Favorite Futures: Forex
 
Posts: 135 since Jun 2014
Thanks: 30 given, 33 received


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/#reviews
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)
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




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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