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Forex.com to Take Over FXSol's U.S. Customer Base

Feb 22 2013
By
Forexbrokerz.com

Coming in to work today I expected the usual uneventful Friday when I get to catch up on my facebooking and other social interactions. Instead, I was welcomed by some breaking news reported by ForexMagnates: FXSolutions is getting out of the U.S. retail forex market. 

 
In all honesty, a while ago the Magnates that this may happen but back then I figured this was all just a rumour, unlikely to happen and whatnot. The current announcement about the broker exiting the US market has not been confirmed either but the source claims the information is solid and an official statement will be released later today – so we will keep hitting the refresh button throughout the day. 
 
What's even more interesting is that FXSol's U.S. customer base will most probably be acquired by the usual suspect Forex.com. If you remember correctly, Gain Capital came to the rescue when GFT  had enough with the American retail forex, after having acquired the dbFX customer assets a while before that. 
 
According to the last published data, FXSolutions currently takes care of approximately 3,700 active tradable accounts. Once it takes over these, Forex.com will re-affirm its spot in the Top 3 U.S. brokers in terms of customer accounts. For the time being, these three spots are occupied by Oanda (21,704 accounts), FXCM (20,379) and Interactive Brokers (16,712). 
 
Forex.com reports 10,566 active accounts, however this figure does not include the GFT customers who accounted for about about 8,500. While some of these traders have probably chosen to close their accounts and move on, in the best case scenario Forex.com will become the broker with highest number of client accounts in the USA, outnumbering even FXCM and Oanda
 
As I mentioned before, FXSol has not come up with an official announcement yet and the reasons for its withdrawal is not clear, however it might have something to do with the general market and regulatory conditions in the United States. The National Futures Association (NFA), backed by the Commodity Futures Trading Commission (CFTC) has been acting out a lot during these last few months, the most recent examples being going for increase in the net capital requirement for FCMs, and proposing a ban on credit card and online wallet payments. 
 
UPDATE: An official statement has been released, and even though it doesn't shed much more light on the situation, it confirms that Gain Capital will get FXSol's U.S. traders as of March 1, 2013. "City Index will refocus this investment into continuing to grow the FX Solutions brand globally, where it has seen tremendous success in the Middle East and Asia," said the announcement.
 
 

About GAIN Capital

 
GAIN Capital Holdings, Inc. (NYSE: GCAP) is a global provider of online trading services. GAIN’s innovative trading technology provides market access and highly automated trade execution services across multiple asset classes, including foreign exchange (forex or FX), contracts for difference (CFDs) and exchange-based products, to a diverse client base of retail and institutional investors.
 
Through our retail brand, FOREX.com, we provide retail traders around the world with access to a variety of global OTC financial markets, including forex, precious metals and CFDs on commodities and indices. GAIN Capital also operates GTX, a fully independent FX ECN for hedge funds and institutions; OEC, an innovative online futures broker; and GAIN Securities, Inc. (member FINRA/SIPC) a licensed U.S. broker-dealer.
 
GAIN Capital and its affiliates have offices in New York City; Bedminster, New Jersey; London; Sydney; Hong Kong; Tokyo; Singapore; Beijing; and Seoul.
 
 

About FX Solutions

 
FX Solutions is a leading foreign exchange broker with a focus on advanced trading technologies, transparency of transaction and unparalleled customer service. FX Solutions serves retail clients, institutional trading partners and introducing brokers in over 100 countries. FX Solutions' products are regulated in the United States, United Kingdom and Australia.
 
FX Solutions is regulated as a Retail Foreign Exchange Dealer by the Commodity Futures Trading Commission and is a member of the National Futures Association.
TAGS: FXSol  Forex.com  GFT  FXCM  Oanda  Interactive Brokers  NFA  CFTC  US retail forex  forex trading  forex market 

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