de | cn | ru

Brokers News to Take Over FXSol's U.S. Customer Base

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 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, 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). 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 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,, 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  GFT  FXCM  Oanda  Interactive Brokers  NFA  CFTC  US retail forex  forex trading  forex market 

More news about

Broker Country Regulation Platform Min Deposit Review
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia, Cyprus ASIC MT4, MT5,
$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
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
Australia ASIC MT4, MT5 $100 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
$200 Review Website

More Forex Brokers News

Vantage Prime will no longer service non-Australian clients

May 20 2019 13:36:39

  Vantage Prime, which is a part of the Vantage FX group, announced it will no longer service non-Australian clients, online media Finance Magnates reported today. The broker’s decision is taken due to regulatory concerns. Read more

Dukascopy warns it has no cooperation with shady broker GCG Asia

May 16 2019 13:29:47

  Swiss forex brokerage and bank Dukascopy has repeatedly warned investors that it is has no cooperation Guardian Capital Asia (GCG Asia) and that the latter is likely involved in a fraudulent scheme. Read more

$75 mln forex Ponzi scam revealed in the US

May 03 2019 16:46:08

The Commodity Futures Trading Commission (CFTC) in the US has filed charges against Florida based Oasis International Group, Oasis Management and Satellite Holdings along with their owners for running a 75 million USD Ponzi scheme, concealed as forex investment program. Read more

Australians lost $86 mln to investment scams in 2018

May 02 2019 17:04:18

Australians lost over 86 million USD to investment scams in 2018 alone – the biggest portion of the almost 490 million USD  in losses from over 378 000 scam reports, the latest report of the Australian Competition and Consumer Commission’s (ACCC) reveals. Read more

FXTM now offers a deposit bonus of up to $5 000

Apr 25 2019 11:10:24

  Global award-winning brokerage FXTM has launched their biggest deposit bonus promotion ever. The broker is now offering an extra 30% back from every amount their traders deposit over a period of 30 days, up to a total of $5,000. Read more

FXTM appoints Han Tan as a Market Analyst for Southeast Asia region

Apr 19 2019 13:28:36

  Global award-winning forex broker FXTM has just announced the appointment of Tan Chung Han (Han Tan) as a Market Analyst. Read more

FXTM gets a license from Mauritius’ FSC

Mar 28 2019 09:59:36

  Award-winning forex brokerage  FXTM (ForexTime) continues its ongoing global expansion. The broker announced it has acquired a license from the Financial Services Commission (FSC) of the Republic of Mauritius previous week. Read more

Fortrade is the first broker to get an ASIC license in nearly 2 years

Mar 20 2019 15:03:35

  Fortrade acquired a financial services license from the Australian Securities and Investments Commission (ASIC), which hasn’t been very welcoming of new retail forex broker applicants lately. Read more

FP Markets launches a suite of cutting-edge MT4 tools for traders

Mar 06 2019 14:31:42

  FP Markets, a market-leading Forex and CFD provider, launches MT4 Trader Toolbox, a suite of twelve online trading tools which will take their clients’ trading to the next level. Read more

Major broker IG launched its US website

Jan 31 2019 13:15:37

  Global brokerage IG launched its website intended for US retail clients ( Residents of the US (with the exception of those in Arizona or Ohio) can now register on the broker’s website in less than 5 minutes and start trading. Read more

de | cn | ru