US customers no longer have access to apps from

Maria Nikolova

A brief message says “Apps from 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 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 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.

Read this next

Retail FX

Malaysia regulator exposes OctaFX clone, shady FB profiles

Malaysia’s financial regulator today warned online investors about the risks of following investment tips made on social-media platforms.

Digital Assets

Crypto trading volume spikes at Swiss bourse amid FTX collapse

The shockwaves from the historic collapse of Sam Bankman-Fried’s crypto empire are still being felt across the industry, but some trading venues are actually doing better because of it.

Executive Moves

CMC Markets adds Camilla Boldracchi to institutional sales

UK’s biggest spread better, CMC Markets has promoted Camilla Boldracchi to take on an expanded role within its institutional sales desk.

Institutional FX

FXSpotStream reports $1.48 trillion in monthly volume for November

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for November 2022, which moved higher on a yearly basis but reflected weak performance across executed trade volumes when weighed against the figures of the prior month.

Retail FX

Interactive Brokers’ client activity drops 30% YoY

Interactive Brokers LLC (NASDAQ:IBKR) saw 1.95 million daily average revenue trades, or DARTS, in November 2022 compared to 1.96 million transactions in the prior month.

Digital Assets

The rise of Crypto ETPs in traditional exchanges as crypto winter deepens

Institutional investors are increasingly looking at traditional regulated exchanges as their first route into digital assets amid market turmoil caused by the crypto winter and the collapse of several big names within the space, including FTX. Acuiti and Eurex surveyed 191 buy and sell-side firms on their views of the digital assets markets in order […]

Digital Assets

TP ICAP’s crypto arm receives FCA’s go-ahead

UK interdealer broker TP ICAP has received a regulatory go-ahead to launch its cryptocurrency services in the UK. The bid shows that the recent collapse of FTX exchange has done little to damp the interest of big names in running their own crypto business.

Industry News

Coin Signals founder to pay $2,847,743 after prison sentence over crypto Ponzi scam

The U. S. District Court for the Southern District of New York has ordered Jeremy Spence, founder of Coin Signals, to pay $2,847,743 in restitution to victims of a fraudulent virtual currency scheme.

Digital Assets

CME Group goes DeFi: Reference rates and real-time indices of Aave, Curve, Synthetix

“These rates are designed to provide traders, institutions and other users transparency and price discovery across a much broader range of tokens, allowing them to confidently and more accurately value cryptocurrency sector specific portfolios and manage price risk around various blockchain-based projects.”