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Forex.com Acquires GFT's U.S. Customers, Japanese Accounts Still Under Negotiation

Last week we reported on GFT withdrawing from the US retail forex market. Back then we told you that the brokers American customers would be taken over by TD Ameritrade, however late last night it became clear that this may not be the case. 

 

It seems that it will be no other broker but Gain Capital’s Forex.com that will acquire GFT’s US client base. According to data collated on the US brokers’ profitability in Q3, GFT has a little less than 8,500 registered accounts, and Forex.com – about 10,500. With the acquisition of GFT’s traders, Forex.com will become the third biggest brokers in the USA, with only FXCM and Oanda ahead in the leaderboard (in Q3 they had 20,071 and 22,814 registered users respectively). In terms of customer assets, Forex.com will  jump to the second place in the US after adding up GFT's $101,390,018 customer funds to its current $95,111,267.  

 

This seems to be a smart strategic move on behalf of Forex.com, which has been having troubles with its retail business (it has been stuck at the same level for a while now) and is now trying to revive it. 

 

“GFT is pleased to transfer our US-based retail forex accounts to GAIN Capital,” stated Gary L. Tilkin, Chairman of GFT. “GAIN is one of our industry’s oldest and most respected companies and we’re confident that our accounts will receive the same high level of service and trading execution that they’ve experienced with GFT.”

 

The customer acquisition has been agreed upon by the two brokers, and it is now pending regulatory approval. If all goes well, customer accounts will be migrated after the close of trading on December 7, 2012. Gain Capital is negotiating on the acquisition of GFT's Japanese clients as well. 

 

The trading conditions of the two brokers are quite similar, so the transitions should be smooth. The only obvious difference between the two brokers is the spreads - these of Forex.com are a bit tighter (the typical spread on EUR/USD is 1.7 pips on GFT and 1.5 pips on Forex.com). 

 

“Customers will continue to trade on GFT’s platform. This will ensure a seamless transfer and no interruption in their service, i.e. all their open positions will remain intact,” shared Samantha Roady, CMO at Gain Capital. 

 

“We are pleased to be in a position to offer GFT’s US-based retail customers the ability to continue trading forex with an established US regulated firm, with no interruption in service. We will work closely with the team at GFT to ensure a smooth transition of their customer’s accounts and assets to our retail division, FOREX.com,” added Gain Capita’s CEO Glenn Stevens. 

 

This is not the first time Forex.com is stepping in to welcome the customers of another broker going out of the game: in April last year it acquired the customer assets of dbFX, and acquired the online futures broker Open E Cry.  

 

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  Gain Capital  retail forex  forex trading  GFT  forex account  FXCM  Oanda 

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