FXCM Scams clients, ForexSQ.com experts say the CFTC regulatory banned FXCM Forex broker in US as the FXCM trading scams clients by taking positions against clients, below is how FXCM Scams its clients.
How FXCM Scams Its Clients
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FXCM forex broker banned because of selling it’s U.S. clients to Gain Capital group the owner of Forex.com broker. FXCM broker has been banned from operating in the U.S. after the Commodity Futures Trading Commission found the retail currency broker had an undisclosed interest in the market maker that consistently “won” the largest share of FXCM’s trading volume – and thus was taking positions opposite its retail customers. The CFTC also found that FXCM willfully made false statements to the National Futures Association in order to conceal FXCM’s role in the creation of its principal market maker as well as the fact that the market maker’s owner had been an FXCM employee and managing director. FXCM also agreed to pay a $7 million fine and never seek to register with the CFTC, and the two founding partners, Dror Niv and William Ahdout, will withdraw from CFTC registration. FXCM, Niv and Ahdout didn’t admit or deny the findings.
The FXCM share price plunged 50 percent because this CFTC ban, Read more about FXCM problems here.
What Is FXCM
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The broker Founded as FXCM Holdings, LLC and now known as FXCM Group, the company maintains headquarters in New York City, as well as satellite offices around the globe in the UK, Germany, France, Italy, Greece, China, Japan, Hong Kong and Australia, all of which are licensed and strictly overseen by their respective country’s financial regulatory agencies.
The broker enjoys a large worldwide user base and has high liquidity and large financial assets which enables the company to offer tight spreads (as low as 1 pip) on over 50 currency pairs.
The broker does not offer stocks, futures or options trading, although international clients do have access to trading Contract for
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I got burned by a scam broker recently, it was impossible to get a withdrawal. I had to hire a recovery firm to get my funds back. Glad this is over