FXCM shifts focus to FXCM UK, clarifies stance regarding US residents

Credit: financefeeds.com

FinanceFeeds -


Earlier this month, FinanceFeeds unearthed a topic about FXCM that seems to have been set aside for several years – the fortunes of its FXCM Markets subsidiary. As the United States National Futures Association (NFA) implemented the bar on Forex Capital Markets LLC (FXCM US), the website FXCM.com has turned into a sort of a landing page and initially provided a link to FXCM Markets for residents of certain countries, including the United States, Singapore, Hong Kong and Russia.


This has changed and currently FXCM.com offers US residents to visit FXCM UK’s website for more information about the broker.


This change may be interpreted in several ways: first off, we are talking about the company shifting its focus to its UK business. This is somewhat expected, as FXCM UK’s head Brendan Callan became the (interim) CEO of FXCM Group. Moreover, FXCM has kept insisting that what happened to FXCM US will not affect the non-US companies of the Group. Even more importantly, there has been no action against FXCM UK thus far from any regulators.


Another aspect to consider is that the link to FXCM Markets could have been seen as misleading. FXCM Markets is Bermuda-based unregulated entity and it does not target clients from the US, Japan, Hong Kong, the European Union and Australia. Targeting of US residents by a Forex entity based outside of the US is illegal.


This may be one of the reasons why FXCM has made its warning towards US residents more precise. It now says that: “Residents of the United States are not eligible to apply for an FXCM live trading account with any FXCM Entity at this time”.



This compares with a previous warning that omitted the part “with any FXCM Entity”.


The disclaimer applies not only to residents of the United States but also to residents of Hong Kong, New Zealand, the Russian Federation, Singapore, Virgin Islands (US), and American Samoa (list is not exhaustive).


While we are on the topic of non-US FXCM entities, let’s mention a little something about FXCM Australia. On Friday, March 17, 2017, the company filed report 484D with the Australian Securities and Investments Commission (ASIC). Although the content of the report is not publicly available, the designation says “Change to company details, change to ultimate holding company”.



Nevertheless, ASIC’s database still shows that Forex Capital Markets LLC, the entity slammed by US regulators, is still an Authorised Australian Financial Services Representative of FXCM Australia. There has been no change in this respect since FinanceFeeds’ previous report on the topic.


The post FXCM shifts focus to FXCM UK, clarifies stance regarding US residents appeared first on FinanceFeeds.


Top Stories

Ivanka Trump Advocates for Female Empowerment During Saudi Arabia Visit

"Saudi Arabia’s progress is encouraging, but there is still work to be done."
  • 1 day ago
  • 10

Legendary Techie James Gosling Joins Amazon Web Services

Father of Java joines Amazon's cloud team.
  • 3 hours ago
  • 10

Ford Is ‘Ready to Replace’ CEO Mark Fields, a Report Claims

Shareholders slammed Fields' performance during an online investor meeting earlier this month.
  • 24 hours ago
  • 9

IRS Probe of Bitcoin Goes Too Far, GOP Warns

"Burdensome and highly intrusive."
  • 1 day ago
  • 9

Public Transportation Avoided President Trump’s Axe. But ‘a Very Serious Blow’ Could be Coming

A new budget looms with the future of public transportation funding very much in doubt.
  • 18 hours ago
  • 9
farawayyachtingcharters - Easy Branches
botoxfillerveintheraphyinphuket - Easy Branches

Latest in Financial

Legendary Techie James Gosling Joins Amazon Web Services

Father of Java joines Amazon's cloud team.
  • 3 hours ago

More than half of Canadians say they aren’t financially prepared if interest rates jump, expenses rise: survey

The survey also found 70% of mortgage holders are not able to handle a 10% increase in payments, and the problem seems to extend across all generations
  • 3 hours ago

Peninsula Mines releases high grade zinc and silver results

Peninsula Mines (ASX: PSM) has released promising results from surface rock chip sampling conducted at its Ubeong zinc-silver project located in South Korea. As well as having secured three tenements, PSM has multiple tenement applications over a 10 kilometre strike length of highly prospective territory, including the historical Chilbo mine workings which adjoin the operating […] The post Peninsula Mines releases high grade zinc and silver results appeared first on Finfeed.com.
  • 5 hours ago

Markets generally positive as Saudi Arabia pumps US$20 billion into US infrastructure fund

On balance it was a positive night for global markets with solid gains in the US and the UK and only marginal retracements in Germany and France. Geopolitical issues took a back seat, and in the absence of any significant economic data the Dow gained 0.4% to close at 90 points, while the NASDAQ delivered […] The post Markets generally positive as Saudi Arabia pumps US$20 billion into US infrastructure fund appeared first on Finfeed.com.
  • 5 hours ago

Different Ways Customer Information Can Benefit Your Business

Different Ways Customer Information Can Benefit Your Business It is not a secret that today’s customers are pickier – for the lack of a better word –
  • 5 hours ago

6 Things to Know About President Trump’s New Budget

Paid family leave, Medicaid cuts, and rosy deficit projections.
  • 6 hours ago

Shanghai FTZ to establish service center to support Belt and Road trade

SHANGHAI Free Trade Zone (FTZ) will set up a service center to help companies break technical barriers to trade with countries participating in the Belt and Road Initiative, FTZ authorities said Monday. The
  • 6 hours ago

Do This the Next Time You Notice Sexism at Work

Calling out gender bias isn’t enough.
  • 8 hours ago

Sweden Listed Its Entire Countryside on Airbnb

"We want to welcome Americans to share that with us."
  • 9 hours ago

AT&T Strikers Return to Work After Weekend Walkout Forced Store Closings

Hundreds of stores had to close over the weekend.
  • 10 hours ago

Universal Reveals New Details for its ‘Dark Universe’ of Monster Movies

After 'The Mummy' will be 2019's 'Bride of Frankenstein'.
  • 10 hours ago