FXCM.com removes all mention of Non Dealing Desk model

Maria Nikolova

Residents of a number of countries, including the United States, the Russian Federation, Hong Kong and Singapore, are not eligible to open live accounts with FXCM at this time.

The website of what was once a major retail FX broker in the United States, now looks more like a landing page redirecting customers to FXCM Group’s non-US subsidiaries.

FXCM.com now features no mention of the broker’s once widely hailed Non Dealing Desk model. This barely comes as a surprise given the recent action by US regulators which have uncovered that Forex Capital Markets LLC misled its customers and regulators with regards to the application of the Non Dealing Desk execution during several years.

For that matter, let’s also note that the latest version of FXCM.com excludes all references to Forex Capital Markets LLC. This is the entity that was formally barred from membership in the United States National Futures Association (NFA) and the Commodity Futures and Trading Commission (CFTC). Interestingly, the NFA Basic Search portal still shows Forex Capital Markets LLC is registered – this is about to change soon, however, as the period for abandoning membership is close to its end.

FXCM Inc is no longer present on the website either, which is normal, given that FXCM Inc has changed its name to Global Brokerage Inc (NASDAQ:GLBR).

Instead, FXCM.com now puts the stress on the FXCM Group, which is currently a principal of Forex Capital Markets LLC, according to the NFA database, and is headquartered at New York.

You can also view the data from the Delaware Division of Corporations below.

FXCM.com notes that Forex Capital Markets Limited (“FXCM LTD”) is authorised in the UK by the Financial Conduct Authority, whereas FXCM Australia Pty. Limited (“FXCM AU”) is regulated by the Australian Securities and Investments Commission. There is also a reminder that FXCM has unregulated subsidiaries – FXCM Markets Limited, which was established in the spring of 2013, and FXCM Global Services, LLC.

Talking of FXCM’s non-US businesses, let’s note that the site of FXCM UK, for instance, still features information about the Non dealing desk, saying that FXCM “pioneered the No Dealing Desk forex execution model”.

Customers in several jurisdictions are not currently eligible to open live trading accounts with FXCM, according to the drop down menu on the updated website. The list of such jurisdictions (not exhaustive) includes the United States, Virgin Islands (US), the Russian Federation, Ukraine, Turkey, Singapore, Japan, and Hong Kong. The practice account remains an option.

Read this next

Retail FX

Plus500 Forex Garners Market Attention In The Latest Expert Ranking

Plus500 has garnered an impressive market attention during the Traders Union Best Forex Brokers of 2023 ranking. The platform ranked 58th among 350 companies evaluated by TU experts, with an overall score of 6.3 out of 10.

Digital Assets

Coinbase CEO says Chase UK’s ban on crypto “totally inappropriate”

Coinbase CEO Brian Armstrong criticized Chase UK’s decision to restrict cryptocurrency-related transactions in the UK. He called the move “totally inappropriate” and expressed his disagreement with the bank’s decision to ban its UK customers from conducting debit card or wire transfers related to cryptocurrencies.

Digital Assets

Binance CZ refutes any connection with CommEX

Changpeng “CZ” Zhao, the founder and CEO of Binance, has denied being the owner of CommEX, the company that reportedly acquired Binance’s business in Russia.

Institutional FX

Refinitiv’s spot FX volumes hit 8-month low

Refinitiv, the former Financial and Risk business of Thomson Reuters, today reported that the average daily volumes (ADV) of currency trading were $424 billion last month on the company’s main FX trading services.

Executive Moves

Integral hires industry veteran Paul Arnold as liquidity manager

Integral, a technology provider to the financial markets’ buy-side, has appointed Paul Arnold, a highly experienced FX industry professional, as its liquidity manager, according to information made public on his Linkedin profile.

Digital Assets

Terraform’s Do Kwon challenges US extradition request

Do Kwon, the crypto entrepreneur and former CEO of Terraform Labs, is opposing the U.S. Securities Exchange Commission’s request to question him about the crash of his company’s stablecoins Terra and Luna.

Digital Assets

Coinbase gets nod to offer futures for retail customers

Coinbase International Exchange has received regulatory approval from Bermuda’s financial regulator, the Bermuda Monetary Authority (BMA), to allow eligible non-US retail customers to trade perpetual futures contracts.

Inside View

How brokers can win the trading tech wars: Insights from iFX EXPO 2023

Last week’s iFX EXPO International 2023, held at the City of Dreams Mediterranean Integrated Resort in Limassol, Cyprus, welcomed a series of insightful discussions. A panel that particularly stood out focused on the role and evolution of trading technology.

Crypto Insider

Web3 Transformation: Radix’s Babylon Update Redefines User and Developer Engagement

Radix Publishing leaps forward in the decentralized world with the release of the Babylon mainnet upgrade, bridging the gap between innovative tech and user-friendly DeFi experiences.