NFA levies $2 million fine against FXCM
In addition to the $2 million fine, FXCM must credit the accounts of its customers the amount of slippage which they experienced on their trades from and after June 18, 2008. FXCM estimates these client restitution payments to be about $8 million.
LeapRate has now decided to review FXCM’s inclusion in our Approved List of Forex brokerage firms, due in part to:
this fine, one of the largest ever levied against a major Forex firm in this context, although as part of the settlement FXCM neither admitted to nor denied any of the allegations,
another $140,000 fine levied against FXCM by the CFTC earlier this month relating to repatriation of accounts held by US residents at FXCM UK, and
FXCM’s continued low rankings among US firms in client profitability, as reported by Forex Magnates (by our calculations, just 24% of US clients at FXCM were profitable over the past year, versus a 28% industry average).
NFA levies $2 million fine against FXCM Conclusion
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