GAIN Capital’s Forex.com reports on transfer of 47,000 client accounts from FXCM
To secure a smooth transfer, Forex.com has added TradingView charts, extended its Active Trader program to MT4 customers and provided access to third-party services like NinjaTrader.
FinanceFeeds has been seeking to keep its readers informed about the latest developments around FXCM, including the transfer of its US retail client accounts to Forex.com, the retail FX unit of Gain Capital Holdings Inc (NYSE:GCAP). The last weekend kept Forex.com’s team working on the transition and GAIN announced today that the migration is successfully completed.
The bottom line: during the last weekend, GAIN transferred more than 47,000 accounts with total assets of about $142 million from FXCM US.
Shortly before the transfer, questions were raised about Forex.com’s support of certain services like TradingView and NinjaTrader. GAIN made a number of enhancements to its products and services, including integrating TradingView charts on Forex.com’s desktop platform, expanding Forex.com’s Active Trader program to MetaTrader 4 (MT4) customers, as previously the program was available only to FOREXTrader customers, and offering access to a range of third party trading platforms used by migrating customers, like NinjaTrader.
A dedicated microsite has been made available to former FXCM clients so that they can learn more about the transition and the services offered by Forex.com.
GAIN Capital entered into a definitive agreement to acquire the US retail FX accounts of FXCM on February 7, 2017, following a settlement between the National Futures Association, the Commodity Futures Trading Commission and FXCM that ordered FXCM to abandon its NFA and CFTC membership. Under the terms of the deal with FXCM, GAIN is making no upfront payment. The sum to be paid depends on the trading activity of the transferred clients.
GAIN Capital is set to pay $500 for every transferred client account that executes at least one new trade during the first 76 calendars days of the 153-day period following the closure of the purchase agreement. The sum is two times smaller – $250, for an account from which at least one new trade is executed during the period from the 77th day through the 153rd day.
Meanwhile, there was a raft of announcements concerning FXCM Inc today, as the company officially changed its name to Global Brokerage Inc, whereas its trading ticker on NASDAQ became GLBR, in line with the changed name.