NinjaTrader advises US clients on transfer from FXCM to Gain Capital
The NinjaTrader platform has been a part of FXCM’s offering since 2012 and changes are now in store for US customers.
The raft of news around FXCM Inc (NASDAQ:FXCM) has been abundant over the past week, with the company being banned from the US market, whereas its retail US FX business changing hands and being transferred to Gain Capital Holdings Inc (NYSE:GCAP).
The two brokers entered into a definitive agreement over the acquisition earlier this week, with GAIN’s CEO Glenn Stevens having provided comments on the transition a couple of times already. Mr Stevens has promised (former) clients of FXCM US that “We will work very hard to ensure that there is a seamless transfer of clients to our award-winning FOREX.com service”.
And although GAIN does have significant experience in completing M&A deals, some details of the transition with regards to certain services are not quite clear. FinanceFeeds has reported that applications on FXCMApps.com, the online marketplace run by FXCM, are no longer available to US customers of FXCM. The shift to GAIN will also affect other services, like NinjaTrader.
NinjaTrader LLC is a software development company which owns and supports all proprietary technology relating to and including the NinjaTrader trading platform.
FXCM first unveiled its plans to launch NinjaTrader back in July 2012, when FXCM US clients had the chance commence beta testing FXCM’s integration with NinjaTrader for forex trading. Since then, the NinjaTrader platform has become an integral part of FXCM’s offering, mostly thanks to its performance analytics, trade execution tools and educational resources. The platform has been seeking to bridge the gap between amateur and professional traders.
With regards to FXCM’s forced exit from the US market, the NinjaTrader team has launched a dedicated section on its website with Q&A for the coming changes.
Regarding non-US customers of the platform, the stance of NinjaTrader echoes that of the announcement by FXCM – no changes are in store. For US customers, however, the situation is less clear. NinjaTrader says that expectations are for a seamless transfer to GAIN and that the NinjaTrader license will continue to work, as “NinjaTrader currently integrates with the Gain Capital API”. But there seems to be problem with opening of new accounts through Ninjatrader, as a chat with Forex.com’s customer support reveals.
Apparently, the transfer of FXCM’s US clients accounts will have its hurdles along the way.
NinjaTrader underline that they will communicate updates once they are informed of the details.