It’s Now Official: FXCM Has Acquired FXDD’s US Client Base
- As Forex Magnates has already broken the news exclusively that FXCM will be taking over FXDD’s client base, we can now confirm that an official announcement has been sent out to clients of the company.
After we heard for a while the possibility of FXDD leaving the US market, in favor of focusing on their business in the rest of the world, it is now official - FXDD’s US clients have received an email note informing them about FXCM acquiring their Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Read this Term trading accounts.
FXDD was founded by the North American subsidiary of Compagnie Financière Tradition back in 2002 as a sister company. After it had acquired a solid client base across the region it expanded its operations to the European Union where it set up its headquarters in Malta, which are FXDD’s current global headquarters. Following the harsh regulatory challenges that arose with the implementation of the Dodd-Frank act in 2010, the firm took a decision to sell its US business.
Forex Magnates broke the news about the likely acquisition of the company’s US trading accounts by a major US Forex entity a couple of weeks ago and has followed up with a post which clarified that the bidder for the pot is FXCM. The total equity of client funds held in custodian holding accounts totals approximately $27 million divided between about 7,000 active FXDD U.S. accounts.
No official information has been released yet by FXCM about the changes which some clients will have to go through. The likelihood of FXCM keeping FXDD’s Jforex platform are very slim, with the most likely outcome being to offer customers to transfer their trading activities to FXCM’s own Trading Station, or MT4.
As Forex Magnates has already reported, there is a substantial likelihood that the free capital the company now has could be used by FXDD for a Boston Technologies take-over deal - boosting FXDD's tech portfolio under their Forexware arm dedicated to developing and providing retail FX technology.
The letter sent out to clients of FXDD states that no action will be required for customers to have their accounts transferred to FXCM and the switch to a new platform if necessary will be made based on the trader’s current platform and trading history. Open positions of the customers of FXDD will be transferred to their new account with FXCM at no cost, however, any pending orders will have to be reinstated.
Trading functionality for clients of FXDD will remain active until Friday, May 16th. For FXDD customers who are not willing to have an account with FXCM, they will need to contact customer support by May 16th to have the option to close all their positions and withdraw their funds or close their open positions and transfer their account to a brokerage of their choice.
After we heard for a while the possibility of FXDD leaving the US market, in favor of focusing on their business in the rest of the world, it is now official - FXDD’s US clients have received an email note informing them about FXCM acquiring their Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Read this Term trading accounts.
FXDD was founded by the North American subsidiary of Compagnie Financière Tradition back in 2002 as a sister company. After it had acquired a solid client base across the region it expanded its operations to the European Union where it set up its headquarters in Malta, which are FXDD’s current global headquarters. Following the harsh regulatory challenges that arose with the implementation of the Dodd-Frank act in 2010, the firm took a decision to sell its US business.
Forex Magnates broke the news about the likely acquisition of the company’s US trading accounts by a major US Forex entity a couple of weeks ago and has followed up with a post which clarified that the bidder for the pot is FXCM. The total equity of client funds held in custodian holding accounts totals approximately $27 million divided between about 7,000 active FXDD U.S. accounts.
No official information has been released yet by FXCM about the changes which some clients will have to go through. The likelihood of FXCM keeping FXDD’s Jforex platform are very slim, with the most likely outcome being to offer customers to transfer their trading activities to FXCM’s own Trading Station, or MT4.
As Forex Magnates has already reported, there is a substantial likelihood that the free capital the company now has could be used by FXDD for a Boston Technologies take-over deal - boosting FXDD's tech portfolio under their Forexware arm dedicated to developing and providing retail FX technology.
The letter sent out to clients of FXDD states that no action will be required for customers to have their accounts transferred to FXCM and the switch to a new platform if necessary will be made based on the trader’s current platform and trading history. Open positions of the customers of FXDD will be transferred to their new account with FXCM at no cost, however, any pending orders will have to be reinstated.
Trading functionality for clients of FXDD will remain active until Friday, May 16th. For FXDD customers who are not willing to have an account with FXCM, they will need to contact customer support by May 16th to have the option to close all their positions and withdraw their funds or close their open positions and transfer their account to a brokerage of their choice.