Sponsored By
de | cn | ru

Brokers News

It's finalized: Gain Capital gets FXCM's US retail forex clients

Just a day after FXCM – the largest retail forex broker in the US – lost its NFA and CFTC licenses and got fined $7 million for misleading clients and misinforming the regulators, its main competitor Gain Capital confirmed it is acquiring FXCM's US retail clients. The deal was reached within a day after Gain Capital said it had signed a letter of intent in that regard and is planning to complete the transfer to its retail brand Forex.com within February. 

Now the deal is confirmed, but the financial details have not been disclosed. The transaction is subject to final regulatory approval.  It is expected to close before the end of February.  
"We are excited to welcome customers of FXCM's US operations to our award-winning Forex.com service," said Glenn Stevens, CEO, Gain Capital.  "They will become part of one of the largest and most well-capitalized providers of retail FX trading services globally.”
According to company data, for the 3 months ended December 31, 2016, average daily volume from customers of FXCM's US operations was approximately $2.4 billion. In comparison, the average daily volume of Gain Capital's retail over-the-counter operations in December was $8.6 billion, but this includes all international units. 
Gain Capital is one of the major retail forex and CFD brokers in the world. It is currently regulated in eight jurisdictions, with approximately 140,000 customers and over $1.5 billion in assets.  In addition to its US regulated retail forex business, Gain operates regulated retail trading operations under the brands Forex.com and City Index in the United Kingdom, Japan, Hong Kong, Australia, Singapore, Grand Cayman and Canada. Gain Capital also has a US-based retail futures business and the institutional trading platform GTX. 
Meanwhile, an FXCM filing with SEC revealed that following the ban to operate on the US market FXCM will terminate 150 US jobs, or 18% of its employees. The withdrawal from the US is expected free up to $52 million of FXCM's capital, which will be used to repay parts of the loan to Leucadia National Corporation. 
Following the latest developments, FXCM's shares lost 49.64% of their value on February 7 and cost  $3.45 on market close. 
TAGS: fxcm  gain capital  forex.com  us  clients 

More news about Forex.com

Broker Country Regulation Platform Min Deposit Review
Cyprus CySec, FCA MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web $100 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Australia ASIC MT4, MT5,
$200 Review Website
Seychelles FinaCom MT4, Web $10 Review Website

More Forex Brokers News

Swissquote expands crypto portfolio with multi-crypto certificate on SIX Swiss Exchange

Mar 19 2018 14:48:16

Swissquote, the major Swiss financial online services provider and owner of the forex broker of the same name, announced it is launching the first multi-cryptocurrency certificate trade on the SIX Swiss Exchange. Read more

easyMarkets honored as “Best APAC Broker" at ADVFN awards

Mar 19 2018 13:47:39

  Global forex brokerage easyMarkets has once again been recognized by the financial services community. It won as the best broker for Asia-Pacific region at the fourth annual ADVFN International Financial Awards. Read more

CMC adds Bitcoin, Ether CFDs, spread betting to portfolio

Mar 16 2018 14:51:21

 CMC Markets, a major global forex and CFD broker, has finally joined the ranks of regulated forex brokers that offer CFDs on cryptocurrencies and will offer such products and spread betting on the two largest cryptocurrencies by market cap – Bitcoin and Ether. Read more

Coinbase gets e-money license from UK’s FCA

Mar 14 2018 14:52:48

 Coinbase, one of the largest and most popular cryptocurrency exchanges in the US and Europe, announced it has obtained an e-money license from UK’s financial markets and services regulator, the Financial Conduct Authority (FCA). Read more

ThinkMarkets to launch P2P trading blockchain platform, ICO – media

Mar 12 2018 14:34:36

The forex and CFD broker ThinkMarkets  announced it is planning to launch TradeConnect – a blockchain based multi asset trading network and a native token ThinkCoin (TCO), reports LeapRate. Read more

TradeStation to offer real-time GDAX cryptocurrency data

Mar 09 2018 14:33:46

 TradeStation Group, an online broker-dealer and futures commission merchant, a subsidiary of Monex Group, announced it is now providing its clients with real-time market data for Bitcoin, Ether, Bitcoin Cash and Litecoin, obtained from GDAX – the institutional platform of Coinbase. Read more

Grand Capital reduces commissions on crypto CFDs

Mar 08 2018 14:15:51

Forex, CFD and binary options broker Grand Capital announced it is reducing the commissions on CFDs with cryptocurrencies as an underlying asset. From March 7, 2018 onward, the commission will be 1.6% for round turn (0.8% per side), instead of the current 2.4% for round turn. Read more

Vantage FX adds Ethereum, Ripple, Litecoin, Dash and Bitcoin Cash to crypto offering

Mar 02 2018 13:43:53

  Australian forex broker Vantage FX has expanded its cryptocurrency offering with five more digital assets. Apart from Bitcoin CFDs, the broker now offers trading in Ethereum, Ripple, Litecoin, Dash and Bitcoin Cash on both MetaTrader 5 and MetaTrader 4 platforms. Read more

20 crypto-pairs now available for trade with LiteForex

Feb 27 2018 15:24:34

  Forex brokerage LiteForex has extended its digital asset portfolio, which now includes Bitcoin, Bitcoin Cash, Dashcoin, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple and ZCash. Thsese can be traded 24/5 in all accounts and trading platforms (MT4 and MT5) offered by the broker. Read more

FreshForex launches two crypto analysis forecasts for BTC, ETH and XRP

Feb 26 2018 14:57:56

  As more and more traders are turning their attention to cruptocurrency trading, forex broker FreshForex announced it is launching two brand-new forecasts for the top three coins: Bitcoin, Ripple and Ethereum. Read more

de | cn | ru