Safety and Soundness Efforts Draw Backlash in the Forex Industry
From BoomBustBlog December 27, 2012 - 12:28pm
GFT Forex recently announced its exit from the U.S. forex brokerage community. When combined with the previous departure notices of Advanced Markets and Forex Club, one might surmise that there is a “fire” brewing in the currency trading business, if these three firms represent a significant “smoke signal”, of sorts.
What is the truth behind these obvious misgivings in so popular an investment medium? First, here are the facts. GFT Forex, a London-based brokerage that has been providing service in 120 countries since 1997, announced a week ago that it is selling its U.S. clientele accounts to GAIN Capital LLC.
Glenn Stevens, the CEO for GAIN, stated, “We are pleased to be in a position to offer GFT's U.S.-based retail customers the ability to continue trading forex with an established U.S. regulated firm, with no interruption in service. We will work closely wit...
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