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Rumor Has It: Little Money Changed Hands in GFT's U.S. Clients Transfer to Forex.com

Mar 25 2013
By
Forexbrokerz.com

Back in December last year we told you about GFT exiting the U.S. retail forex market, transferring its client base to Gain Capital's Forex.com

 
On a couple of occasions we tried to guesstimate the number of accounts and amount of client assets transferred, however no official data was released. We observed Forex.com's customer money grow by 44% in 2012 and while this was indicative of the broker's sustainable growth, it did not help us figure out what was it exactly that Forex.com got from GFT (throughout the year the broker took over the customers of two other brokers that withdrew from the USA). 
 
Earlier today LeapRate came out with an exclusive peace shedding a little bit more light on the matter: the site claims to have learned that Gain Capital paid nothing upfront for taking over GFT's American traders.
 
After the transfer, Forex.com registered a mere $7 million increase in customer assets, and that was a bit surprising given that GFT reported that by November 2012 it held $81 million of client funds for its U.S. division, so the question remains: where did the remaining money go? 
 
Apparently, most of the money belonged to non-US customers, and was transferred to GFT's other divisions. Currently GFT operates out of Singapore, the United Kingdom and Australia and these operations have remained unchanged after the broker's exit from the American spot forex market – so it only makes sense for customers who are not U.S. residents to continue trading with a different branch of the same broker, even though the traders who migrate to Forex.com can still trade with GFT's own platform Dealbook360 platform.  
 
Frankly, it doesn't take more than a little bit of common sense to jump to the conclusion above, based on the data that is publicly available – and while LeapRate is generally a very reliable source of information, you should keep in mind that these details have not been officially confirmed by GFT or by Forex.com. As I said, it all seems legit, but until it is confirmed, I'd rather take this piece of information as a rumor rather than official news. The fact remains that with or without the $81 million, Forex.com remains one of the gladiators on the forex scene, and an excellent broker to trade with. 
 
 

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.
TAGS: forex.com  U.S. retail forex  spot forex  GFT  forex  forex trading  forex broker 

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