GAIN Capital (Forex.com) Confirms Negative Balances Forgiven by Thursday
Affected clients have been notified by email and GAIN Capital said it expects all credits to be completed and posted
GAIN Capital (NYSE:GCAP) has sent out an email to its clients confirming it will reset accounts with negative balances wherever it is legally allowed to do so. Regulations in different jurisdictions around the world differ on whether this is permitted by securities laws.
Forex Magnates has already reported GAIN Capital is forgiving negative balances (marked as “Yes” on the Real Time List) but it seems the broker felt it needs to reiterate the fact after comments were made doubting it.
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Affected clients have been notified by email and GAIN Capital said it expects all credits to be completed and posted to clients’ trading accounts by 5pm ET on Thursday, 22 January, 2015.
Other notable international brokers are still on the fence regarding the issue of resetting negative balances. Follow our Real Time List to keep updated on what brokers’ clients are covered.
Good job Gain Capital! Hope all other brokers can join this! Dear Forex Magnates team, can you please confirm with Admiral market? At least my account still shows negative balance…..
Good job Gain Capital! Hope all other brokers can join this! Dear Forex Magnates team, can you please confirm with Admiral market? At least my account still shows negative balance…..
they aren’t even in the US anymore – so its free money for them
they aren’t even in the US anymore – so its free money for them
Gain made money on this.. And their NFA record is spotted with fines. I used these guys back in 06.. crooks trying to save face.
Gain made money on this.. And their NFA record is spotted with fines. I used these guys back in 06.. crooks trying to save face.
Avi, Could you please explain something to me? Gain’s PR dept. has done a brilliant job of touting the firms Risk Management and market foresight in the wake of the SNB move (i.e. how many plugs did they receive on CNBC from this mess!?). Now seeing, that they had customer accounts go negative as well, doesn’t that just indicate that they got lucky, and simply didn’t have the same volume on the wrong side of the trade as those brokers that were crushed? or alternatively, that they were taking the winning side of those losing trades, which would mean they… Read more »
Avi, Could you please explain something to me? Gain’s PR dept. has done a brilliant job of touting the firms Risk Management and market foresight in the wake of the SNB move (i.e. how many plugs did they receive on CNBC from this mess!?). Now seeing, that they had customer accounts go negative as well, doesn’t that just indicate that they got lucky, and simply didn’t have the same volume on the wrong side of the trade as those brokers that were crushed? or alternatively, that they were taking the winning side of those losing trades, which would mean they… Read more »
Michael read this and you will see there is no just simple luck involved. . http://forexmagnates.com/exclusive-saxo-bank-raises-margin-requirements-on-swiss-franc-trading/
Michael read this and you will see there is no just simple luck involved. . http://forexmagnates.com/exclusive-saxo-bank-raises-margin-requirements-on-swiss-franc-trading/
Dan: Thanks for your post. If anything, it seems that Saxo validates my question further – Despite the fact that they had increased margin requirements to 8%, more than Gain Capital (which raised only to 5%) on CHF pairs, they reportedly took a hit of $100+ mln. See: http://forexmagnates.com/breaking-saxo-bank-remains-well-capitalized-albeit-facing-107-mln-losses/
Dan: Thanks for your post. If anything, it seems that Saxo validates my question further – Despite the fact that they had increased margin requirements to 8%, more than Gain Capital (which raised only to 5%) on CHF pairs, they reportedly took a hit of $100+ mln. See: http://forexmagnates.com/breaking-saxo-bank-remains-well-capitalized-albeit-facing-107-mln-losses/