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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)

  #1 (permalink)
 Vendor: www.probabletrades.com 
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FXCM shut down (banned by CFTC from operating in the USA)

Another reason I don't trade forex: too many broker shenanigans

FXCM banned by CFTC after taking positions against clients - MarketWatch

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  #3 (permalink)
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shodson View Post
Another reason I don't trade forex: too many broker shenanigans

FXCM banned by CFTC after taking positions against clients - MarketWatch

Wow! Thanks brother. I also no longer trade forex for this very same reason. Initially thought this only (mainly) happened if you accounts with brokerages outside the US, but seems like it's almost all the same no matter where you turn.

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  #4 (permalink)
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1983tops View Post
Wow! Thanks brother. I also no longer trade forex for this very same reason. Initially thought this only (mainly) happened if you accounts with brokerages outside the US, but seems like it's almost all the same no matter where you turn.

Fellow Traders, So which accounts can I still trade FX using Ninjatrader if I want to trade using margin? Is FXCM the only broker Ninjatrader provides for FX trading?!?

Warcious

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Maybe I am off base here but if the trading wisdom that most retail traders fail is true, wouldn't FXCM kind of automatically win just by taking the other side without any hanky panky playing with spreads and such. Someone please explain? Is taking the other side of the trade illegal? I thought equity brokers like TDA do it all the time.

For disclosure, I have no love for brokers and market makers.

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  #6 (permalink)
Trading for Fun
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warcious View Post
Fellow Traders, So which accounts can I still trade FX using Ninjatrader if I want to trade using margin? Is FXCM the only broker Ninjatrader provides for FX trading?!?

Warcious


I am in the same boat..

Interactive brokers is still an option with NT. atleast they were recently, but i think i heard you could only trade a max of 30,000 lots. i am about to start doing some research to find out for sure.
if anyone else has info please let us know!

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  #7 (permalink)
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mastercraft29 View Post
I am in the same boat..

Interactive brokers is still an option with NT. atleast they were recently, but i think i heard you could only trade a max of 30,000 lots. i am about to start doing some research to find out for sure.
if anyone else has info please let us know!

Sure, I will let you know what I find out.
IB does not allow margin when trading FX. So maybe there are not many options.

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  #8 (permalink)
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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....


Quoting 
WASHINGTON (MarketWatch) -- FXCM has been banned from operating in the U.S. after the Commodity Futures Trading Commission found the retail currency broker had an undisclosed interest in the market maker that consistently "won" the largest share of FXCM's trading volume - and thus was taking positions opposite its retail customers. The CFTC also found that FXCM willfully made false statements to the National Futures Association in order to conceal FXCM's role in the creation of its principal market maker as well as the fact that the market maker's owner had been an FXCM employee and managing director. FXCM also agreed to pay a $7 million fine and never seek to register with the CFTC, and the two founding partners, Dror Niv and William Ahdout, will withdraw from CFTC registration. FXCM, Niv and Ahdout didn't admit or deny the findings.

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

It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
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  #9 (permalink)
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Seahn View Post
Maybe I am off base here but if the trading wisdom that most retail traders fail is true, wouldn't FXCM kind of automatically win just by taking the other side without any hanky panky playing with spreads and such. Someone please explain? Is taking the other side of the trade illegal? I thought equity brokers like TDA do it all the time.

For disclosure, I have no love for brokers and market makers.

I think what you're saying about the long term odds being in favour of the house is true, but sadly both regulated and unregulated markets are less than squeaky clean. The temptation to increase the short term odds can prove irresistible. UK spreadbetting firms play games with handy little price spikes that don't appear on other companies charts. BATS supply data at two different speeds. The SEC have had their selective vision detailed in 'Fooling Some of the People All of the Time'.
The flash crash has been blamed on a UK trader, now extradited to face the US justice system, for placing spoof orders from his bedroom. FXCM made the schoolboy error of having no director with the surname 'Corzine'. The authorities have raised looking in the wrong direction to an art form.

There is one thing I definitely agree with Donald - the swamp is in need of drainage.

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  #10 (permalink)
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FXCM accounts to move to GAIN/Forex.com


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

- sigh - I literally just opened an account with them since I couldn't trade FX at IB ($10M account minimum required for FX until Dodd-Frank gets a "do over").

Quoting 
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[1] 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.


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