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Broker Going Under?

Thursday, February 9, 2017 3:06
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Headline: Bitcoin & Blockchain Searches Exceed Trump! Blockchain Stocks Are Next!

BarroMetrics Views: Broker Going Under?

On Monday, Feb 6, the news came out that the CFTC had fined FXCM USD7M and barred the broker from continuing business in the US. The CFTC alleged that FXCM had defrauded its retail FX clients by advertising itself as a ‘No Dealing Desk’.  The has paid the fine and settled charges with the CFTC.

Yesterday Gain Capital announced it had bought FXCM’s US client base.

So what now for FXCM non-US clients?

Finance Magnates provided an excellent analysis of FXCM’s situation in “Analysis: Is Leucadia Willing to save FXCM Again? What’s clear from the article is if I were an FXCM client, I’d be moving my funds to another broker.

Sure Leucadia could come to the rescue or FXCM may find a buyer for its ex-US operations. The average daily volume generated by US clients of FXCM was reported to be around USD 2.4 billion – not exactly chicken feed. Its other operations should at least match that sum.

On the other, if I had money with FXCM why run the risk? Better to be safe than sorry. Cut and run would be my motto.

The post Broker Going Under? appeared first on Ray Barros’ Blog for Trading Success.



Source: http://www.tradingsuccess.com/blog/broker-going-under-4584.html

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