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Forex Capital Markets LLC (www.fxcm.com) today announced it has reached an agreement to acquire the U.S. and international retail forex clients of i-Trade FX. Subject to regulatory approval, accounts are expected to be transferred from i-Trade FX to FXCM on May 8, 2009.
Like several other forex firms, i-Trade FX has decided to cease offering service to US retail clients. Other firms that have decided to exit the U.S. retail business include ODL Securities, Hotspot FX, and CMC Markets. To offer retail forex trading services under NFA rules, Forex Dealer Members (FDMs) will be required to have a minimum of $20 Million in firm capital as of May 16, 2009.
i-Trade FX, a registered Futures Commission Merchant (FCM) with the U.S. Commodity Futures Trading Commission (CFTC), and a member of the National Futures Association (NFA), regards FXCM as a leader in the retail forex community and believes that FXCM offers clients excellent execution and customer service.
FXCM considers i-Trade FX a strong broker with an innovative touch. FXCM recognizes the many attributes i-Trade FX brings to the industry. i-Trade FX is diligently working with FXCM to make the transition as smooth as possible for all affected clients.
FXCM welcomes all clients from i-Trade FX. Most clients will benefit from FXCM’s Standard account features of low spreads as low as 1 pip and No Dealing Desk execution.* i-Trade FX clients using the MetaTrader4 (MT4) trading platform will continue to be able to use MT4. FXCM’s version of the MT4 platform offers No Dealing Desk execution and fractional pip pricing. FXCM also has a dedicated MT4 support team to help clients transition their accounts.
FXCM, with over $100 Million, has one of the largest amounts in firm capital.† FXCM was founded in the United States and has offices, partners, and affiliates in the world’s major financial centers, uniquely positioning FXCM to provide exceptional service to traders around the world. Furthermore, FXCM is regulated in the U.S., the U.K., France, Australia, UAE, Hong Kong, and Canada. FXCM’s domestic offices are located in New York, NY; Plano, TX; and San Francisco, CA; FXCM’s international offices include Hong Kong, Paris, Dubai, London, and Sydney.
FXCM will provide regular updates to clients throughout the transfer. FXCM staff is available to answer questions about the transition and can be contacted 7 days a week 24 hours a day via phone, e-mail and chat.
*Please note FXCM Micro in its discretion may or may not offset individual transactions unlike transactions in most FXCM Standard accounts
Source: http://cftc.gov
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