FXCM US clients to be transferred to Forex.com on February 24, 2017

Maria Nikolova

GAIN Capital’s Forex.com instructs former clients and IBs of FXCM US on the pending transfer.

It has been a week since Gain Capital Holdings Inc (NYSE:GCAP) announced it sealed a definitive agreement to acquire the US retail FX clients of FXCM Inc (NASDAQ:FXCM).

Since then, some financial details about the deal have emerged: GAIN is making no upfront payment. The sum FXCM will receive for disposing of its US retail FX business will depend on the trading activity of clients acquired by GAIN. The maximum amount to be paid per account transferred is $500 – that is, if the client executes at least one trade during the 76 days after the closure of the deal.

The deal itself is subject to regulatory approvals.

GAIN Capital’s CEO Glenn Stevens has himself pledged seamless transition to clients from FXCM to Forex.com.

Today, GAIN Capital made a step towards welcoming FXCM US clients – Forex.com’s website now features a dedicated section for them. The clients are advised to examine the trading conditions and services provided by Forex.com. They are informed of the choice of platforms (ForexTrader and MetaTrader 4), the spreads, and the pricing.

More importantly, the clients are provided with procedural details about the transfer.

  • When?

On Friday, February 24, 2017, all existing balances and positions will be automatically transferred to the new FOREX.com accounts. Any open positions will be closed at the Bloomberg mid-rate of 16:00 ET and re-established with FOREX.com at the same rate. (Positions with TRY/JPY will not transfer.) Clients are instructed to manage these positions accordingly so that the positions are closed in advance of the Transfer Date.

  • Stops and limits

All pending orders, including stop and limit orders, will be canceled on the Transfer Date. Traders will have to re-establish open orders in your FOREX.com account following the transfer.

  • If you do not want to transfer

You must request a withdrawal of the full balance of FXCM account by Monday, February 20, 2017 at 23:59 ET. Withdrawals that are in process, but not completed, by Monday, February 20, 2017 at 23:59 ET, will be honored. However, any withdrawal requests received after that date will be rejected and the account(s) will be transferred to FOREX.com on the Transfer Date.

  • Introducing Brokers

They have options. Forex.com asks them to contact the company to learn the options available to during this transition period.

Read this next

Crypto Insider

Gate.io lists DeFiChain’s DFI token amid growing popularity

Bitcoin-based DeFi platform DeFiChain announced the listing of its native DFI token on Gate.io, one of the world’s leading cryptocurrency exchanges.

Digital Assets

Binance in discussions with Japan regulators to relaunch operations

Binance, the world’s largest crypto exchange by traded volume, is reportedly seeking a license to operate in Japan after its exit from the country four years ago.

Digital Assets

OKX Chain integrates .crypto domains to simplify wallet transactions

Unstoppable Domains, a company building Blockchain domain names, has entered a partnership with EVM and IBC compatible chain OKC (OKX Chain). This collaboration will grant OKC’s users the ability to simplify deposits and withdrawals within the regulated fiat-focused crypto-asset exchange.

Retail FX, Technology

MetaTrader’s iOS issue opens brokers’ eyes to other trading platforms

In a surprising (or-not-so-surprising) move, Apple has removed MetaTrader 4 and MetaTrader 5 from its App Store in a huge blow for the leading FX trading platform provider.

Retail FX

Pepperstone adds Capitalise.ai analytics and automated trading tools free of charge

“We look forward to bringing significant value to Pepperstone traders and making a real, positive impact in their daily trading habits. We are excited to welcome them on board.”

Retail FX

FP Markets wins Best Global Value Broker for 4th consecutive year at the 2022 Global Forex Awards

“We greatly appreciate the continued international recognition as at FP Markets we pride ourselves on these attributes and these prestigious awards are testament to the hard work from our global team to always provide our clients with the ultimate trading experience.”

Inside View

How to Engage Your Customer at Every Stage of Their Journey

As many as 89% of successful businesses say that providing assistive customer experiences is critical to their growth. That’s because a mere 5% increase in customer retention can boost profits by 25% to 95%.

Industry News

CFTC fines Chinese firms Chinatex and COFCO $720,000 for wash trading

Chinatex traders engaged in wash trading in order to liquidate a long position in the account of an affiliated company and re-establish the position in its own account, to the ultimate benefit of its parent company, COFCO.

Industry News

US-based operation of Brazilian broker XP fined $500,000 for recordkeeping failures

“Proper recordkeeping is vital to protecting our markets and market participants from fraud and manipulation. This case serves as another example of the Commission’s intent to vigorously enforce the recordkeeping obligations of its registrants.”

<