America loses another retail forex broker – Forex Club to focus on institutional business
Thanks to considerable regulatory efforts making it extremely difficult for forex brokers to operate in the US the number of
Thanks to considerable regulatory efforts making it extremely difficult for forex brokers to operate in the US the number of forex brokers keeps going down. Forex Club today announced to its employees that it is going to downgrade its license to FCM, basically meaning it will no longer be an RFED and will not be accepting retail forex traders directly. Forex Club will focus on institutional business and will probably partner as an IB with another RFED on retail business. As part of this focus change Michael Klena, formerly E*Trade, was appointed as US CEO. This is similar to the action taken by Easy Forex last year.
Forex Club, if we analyze it correctly, is going to put the regulatory capital to work in some other jurisdiction where it is going to concentrate most of its retail focus. With the NFA registration gone FC will probably get regulated in another reputable jurisdiction such as the UK or Australia. FC may acquire a well positioned firm or make a huge marketing push to establish itself in the new market.
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It’s sad to see one more retail broker depart the business however at least Forex Club will remain in the US through retail IB partnership and with major focus on institutional market.
FC however is not going to be the last one in withdrawing as a retail forex broker from the US market. We are aware of another broker that is itching closer to the same decision and this should be announced within the next six months.
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As I understand it – a firm does not NEED to be an RFED to accept retail clients – they can be registered as an FCM. PFG Best was always a FCM, never an RFED (bad example, I know), same goes for Interactive Brokers – they both offer futures of course. I’m certainly no expert on the topic.
By the same logic are you referring to IBFX withdrawing?
http://www.nfa.futures.org/basicnet/Details.aspx?entityid=5iQcIIQr4ds%3d&rn=N
As I understand it – a firm does not NEED to be an RFED to accept retail clients – they can be registered as an FCM. PFG Best was always a FCM, never an RFED (bad example, I know), same goes for Interactive Brokers – they both offer futures of course. I’m certainly no expert on the topic.
By the same logic are you referring to IBFX withdrawing?
http://www.nfa.futures.org/basicnet/Details.aspx?entityid=5iQcIIQr4ds%3d&rn=N
offering retail forex trading isn’t allowed as far as i know. from what you say it’s alright to solicit local clients to trade with foreign brokers? this is not what RBI says…
offering retail forex trading isn’t allowed as far as i know. from what you say it’s alright to solicit local clients to trade with foreign brokers? this is not what RBI says…
Sad indeed. So many jobs lost.
I am dying to know Michael – who is this mystery broker that will be out in the next 6 months? How about a clue?
Sad indeed. So many jobs lost.
I am dying to know Michael – who is this mystery broker that will be out in the next 6 months? How about a clue?
Alpari? or FX SOL?
Alpari? or FX SOL?
Actually, it seems as if Forex Club is establishing in Cyprus and not the UK or Australia
just goes to tell you how far they are from actually interfering with brokers there 🙂
just goes to tell you how far they are from actually interfering with brokers there 🙂
Actually, it seems as if Forex Club is establishing in Cyprus and not the UK or Australia
the new website is FXCLUB is fxclub-global.com,
you can see it here,http://www.talkforex.com/thread-209205-1-1.html
I sent your article in the biggest chinese forex forum.
by the way,I think the next one is FXDD or alpari
Forex Magnates is the source and that’s how it is widely regarded.
More specifically – following the new rules US retail forex brokers now must disclose these numbers during live registration process. It can be found in each broker’s list of documents when you sign up to open a new live account.
Forex Magnates is the source and that’s how it is widely regarded.
More specifically – following the new rules US retail forex brokers now must disclose these numbers during live registration process. It can be found in each broker’s list of documents when you sign up to open a new live account.
the new website is FXCLUB is fxclub-global.com,
you can see it here,http://www.talkforex.com/thread-209205-1-1.html
I sent your article in the biggest chinese forex forum.
by the way,I think the next one is FXDD or alpari
FXSol is on it’s way but I would assume that Advanced wont last long. Advanced Market is a waste of space and air. If it wasnt for the money coming in from the bank that supports it, it would of closed down a long time ago.
They have been waiting for someone stupid enough to over pay them.
FXSol is on it’s way but I would assume that Advanced wont last long. Advanced Market is a waste of space and air. If it wasnt for the money coming in from the bank that supports it, it would of closed down a long time ago.
They have been waiting for someone stupid enough to over pay them.
I hope its not FX SOL. I just moved my acct from Alpari over there.
I hope its not FX SOL. I just moved my acct from Alpari over there.