US customers no longer have access to apps from FXCMApps.com
A brief message says “Apps from FXCMApps.com are no longer available for U.S. Customers”.
It’s not like we did not expect it but since we are exploring the various effects from the ban on FXCM Inc (NASDAQ:FXCM) from the US market, let’s note that these have spread to FXCMApps.com.
FXCMApps.com is FXCM’s online marketplace, which has been out there since its official launch in May 2012. After several years of existence, the website now greets its visitors with a short and sobering message:
“Apps from FXCMApps.com are no longer available for U.S. Customers.”
This is, of course, barely a surprise to anyone who has monitored the developments around FXCM over the past couple of days – the ban, the acquisition of US retail clients by Gain Capital Holdings Inc (NYSE:GCAP), the layoff of 150 employees…
US customers no longer have access to apps, which are, however, still available to FXCM accountholders from other jurisdictions. The offering includes MetaTrader 4 apps, Trading Station Desktop apps, and standalone apps.
In the meantime, some companies have reacted rather harshly to the regulatory revelations regarding FXCM. Darwinex, for instance, terminated its partnership with FXCM on February 7, 2017, stating that: “had we known that their “No Dealing Desk” model was anything but, that they were going to great lengths to trade against their clients (as cited by the CFTC lawsuit), such a deal would never have come into existence to begin with”.
Other companies have sought to distance themselves from FXCM. FastMatch has issued an announcement on board changes, noting that “FXCM is a passive minority owner of FastMatch. FastMatch operates as a completely independent entity of FXCM with no operational dependencies between two firms”. Rakuten Securities HK, a part of Rakuten Securities Incorporation under the Rakuten Group, also had to reassure its clients of its independence from FXCM. This was necessary as in May 2015, FXCM announced that it had agreed the sale of FXCM Asia Limited (FXCM Hong Kong) to Rakuten Securities, Inc. – a subsidiary of Rakuten Inc (TYO:4755), for approximately $36 million.