FX Pro announced its plans to exit the US market (nothing official but this was leaked to several Forex forums) and gave all its US clients a notice letting them know that they should start terminating their positions. I suppose FX Pro, which is not a NFA registered FCM, decided not to enrage the US regulator any longer and decided to close its gates.
This makes sense because it reminds me of what happened with the online gambling industry - some sites kept receiving US gamblers, despite the legislation. A number of executives were arrested when they stepped onto US soil. Some online sites have recently settled with US regulators which resulted in hefty fees - they are probably preparing for a comeback. I guess some Forex brokers choose not to risk future comebacks by pulling out early.
Following this step FXCM invites all FX Pro's US clients to trade with it:
Over the past year, multiple forex brokers have announced their exit from the US forex market leaving their US traders searching for a new broker. FX Pro became the latest broker to announce their intention to exit the US market.
We would like to welcome FXPro’s US based traders to use the FXCM LTD MetaTrader 4 platform. The FXCM LTD MetaTrader 4 platform uses no dealing desk Execution , which means there are no re-quotes. No Dealing Desk execution aims to provide transparent and fair execution by executing every trade back to back with one of the world’s premier banks or financial institutions.
MetaTrader 4 accounts with FXCM LTD have the ability to hedge and individually manage positions. All trading strategies are welcome including scalping strategies.
MetaTrader4 accounts through FXCM LTD are regulated by the Financial Services Authority, one of the preeminent foreign exchange regulators in the world. Additionally FXCM LTD client funds are segregated in accordance with FSA’s client money rules.
As a leader in the retail foreign exchange market, FXCM believes in continually expanding operations in important locations throughout the world to better service our traders. To demonstrate this, FXCM has expanded operations over the past year with new offices opened in Sydney, Paris and Dubai. FXCM’s dedication to expanding locations throughout the world will continue.
MT4 demo accounts are available through the FXCM LTD website: https://clk.atdmt.com/FXM/go/183581094/direct/01/
FXCM Holdings LLC Facts
As of June 2009
• FXCM Holdings LLC has over $100 million in capital.
• More than 150,000 live accounts trade on platforms offered by FXCM.
• An average of $365 billion in notional volume is traded each month on platforms offered by FXCM.
• More than $600 million in customer funds trading on platforms offered by FXCM.
Jaclyn Sales
E-mail: jsales@fxcm.com
Phone: 1 646 432 2463
Trading FX, CFDs and Spread Betting on margin carries a high level of risk, and may not be suitable for all investors
