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FXCM Making UK Accounts Move back to US

Discussion in 'General Forex Talk' started by Steven Hartwell, Sep 28, 2010.

  1. Steven Hartwell

    Steven Hartwell Private

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    Just got off the phone with fxcm they are moving all uk accounts back to us those who reside in US! They just killed my business!!!! This is a outrage!!! I spent 2 years to become profitable and now that I am finally making money they are pulling the rug out from under my feet!!! FXCM and then I got a message from FXSolutions they are following suit to!!! So dissapointed right now!!!
     
  2. marjiemiller

    marjiemiller Private, 1st Class

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    hey Steven,

    Thanks for posting this. I was feeling alone and in dismay as well. Below is my email to President Obama and email from FXSolutions. I wrote forex.com.uk who replied that they will be sending their customers an email on what to do in the next couple of days. I also wrote FXDD Malta but haven't heard back yet. This is an outrage, you are right. I've been to the CFTC site but they make it hard to communicate with them on purpose, I'm sure.

    Marjorie Miller

    Re: New U.S. Slave Act of 2010? : Mandatory Repatriation is the law after Oct 18, 2010

    President Obama,

    I am nothing short of livid right now. Apparently the Republicans were right. I am now a prisoner of my own country. As a U.S. Resident, I am no longer allowed to do business with the country of my choice. In the UK, under FSA regulation, my funds with a forex company are safe, even in bankruptcy of the company, as the investor accounts are segregated from the general company funds, by law. NOT SO, in the U.S.A. That's why everybody is getting ripped off here.

    When the CFTC/NFA made their decisions last year, not allowing hedging for U.S. accounts some strange unexplained reason, except the CFTC and NFA Commissioners saying "average people" couldn't understand it. Well, I have a degree in Math and Physics and I don't feel that's the case, indeed if someone can't explain to me why I don't understand, nor even try to explain it, I don't think they understand it. It was issued like a King's decree. Then CFTC/NFA said that U.S. accounts had to close orders in the same order they opened them. How ridiculous is that? Would a shoe salesman sell shoes in the order they bought them?

    Now I just got the message below. You have now struck at the heart of my income. I am supposed to be in the Land of the Free and the Home of the Brave, and I can't make a decision of which country I wish to do business with, when my funds are in danger in the U.S. because bankruptcy law allows investor money to be spent on the light bill?

    I'm donating to Rand Paul right now. The democrats just lost my vote. I'm in disbelief. I feel like a Russian behind the Iron Curtain. This is the most disgusting thing I've read in two years. You just lost a fan. I am livid. My trades will be CLOSED because of why? Because I don't understand what's for my own good?

    The Republicans are now saying I told you so. And I am in shock. I TRUSTED you.

    I make very good money trading forex. As a software engineer, I know it employs alot of people. And all the business moved overseas last year, as the CFTC/NFA didn't listen to their customers. Now they got a law passed saying all U.S residents are mandatory customers, which are ripped off mainly because of no law which requires segregated funds, as is the case in the UK and the EU.

    I am actually in shock, I wouldn't even think this was Constitutional. It's like taking away my passport. I'm sure glad I started getting to know Facebook this weekend. If we need a Republican majority to repeal this, then so be it. And it's too bad, cause I actually like the health care bill. I'm neither Democrat of Republican, I'm a John Stewart/Colbert reasonable person, and this is not reasonable. Indeed, the CFTC/NFA says it's for my own good that not only have our jobs been shipped overseas, but now U.S. residents aren't allowed to even trade forex in the manner that they feel is safest, with a paid off degree in Math and Physics. Just in case you're wondering, I bring in 12% a month in forex, a nice steady income. It's the only retirement I have, as we are fighting to find the rest that was stolen, in the U.S., with Mutual of Omaha's help, supposedly a "safe company". Every stock I've bought on Wall Street has lost money because they do not allow multi-priced buy accounting, only price averaging, which is what the CFTC/NFA is trying to do to forex in the U.S. If I buy a pair of shoes for $10 and then another pair for $20, the CFTC/NFA says accounting must now say I bought both pair for $15, thereby telling me in the accounting that I lost $5 and made $5, so I'm even. Instead, of letting me then sell one pair of shoes at $20 and the other at $30, thereby making $20. In the U.S, I am NOT ALLOW to see this accounting since CFTC/NFA's new accounting rules now. I am not allowed to see my inventory of trades basically, and I'm forced to sell them in the order I bought them. Absurd. Seriously, this is another reason why I moved my forex accounts out of the U.S. last year. The CFTC/NFA is crazy. It makes no sense, and they don't think they owe anybody an explanation. And I went to the University of Michigan, a degree in Math, and they are telling me making money is not good for me. Consumer confidence has just taken a dive. And all the forex jobs which we had finally created in the U.S. are now closing their doors. This U.S. forex internet is up in arms, and the CFTC/NFA aren't listening, explaining or conversing, just issuing decrees. Why?

    The only real problem was the segregation of the investor accounts, and it's the only thing that wasn't fixed. Indeed, instead everything has just been broken. And the basic rights of U.S. Citizens to make their own choices taken away, as long as they choose to live in the U.S.. Or I guess supposedly if we vote republican, we'll get our rights back, but of course they want to take away different rights. Something is very wrong here. And as I've gotten more international while doing forex, I've noticed others noticing that too.

    Marjorie Miller

    On Tue, Sep 28, 2010 at 12:29 PM, FX Solutions <email@e.fxsolutions.com> wrote:


    Mandatory Repatriation of US Accounts

    Dear Marjorie Miller,

    Account Number: MU491345

    This email is to inform you about the recent announcement of the Dodd-Frank Wall Street Reform Act and the Commodity Futures Trading Commission's (“CFTC”) final ruling regarding retail Forex Trading for U.S. residents.



    Dodd - Frank Wall Street Reform Act
    Effective October 18, 2010, any entity offering retail Forex and acting as the counterparty to
    U.S. residents must be registered with the CFTC and a member of the National Futures
    Association (“NFA”).

    Customer Impact
    Unfortunately, FX Solutions UK is not registered with the CFTC and/or a member of the NFA.
    As a result, FX Solutions UK will no longer be eligible to service your Forex trading account.

    Currently there is NO ACTION REQUIRED on your part.

    On October 15, 2010 at 5PM ET, all open positions in your MetaTrader4 account
    will automatically be closed and accounts containing balances will be transferred
    to FX Solutions LLC. Please familiarize yourself with the FX Solutions LLC
    Risk Disclosure Statement and Notice.


    Visit Why Trade with FX Solutions, LLC for more information and benefits. For questions regarding the CFTC's implementation of the mandatory repatriation of U.S. accounts, please contact FX Solutions directly at CFTCRuling@fxsol.com.

    Sincerely,

    FX Solutions UK

    Notice Summary

    October 15, 2010 at 5PM ET All open positions will be closed
    All remaining balances will be transferred to FX Solutions LLC



    FX Solutions UK assumes no responsibility for errors, inaccuracies or omissions in these materials. FX Solutions UK does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FX Solutions UK shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials.


    ©2010 - FX Solutions, UK

    Foreign exchange (Forex) and contract for difference (CFD) trading carries a substantial level of risk to your capital. There is a possibility you may lose more than your initial investment and trading in these products may not be suitable for all investors. Ensure you fully understand all the risks involved and seek independent advice if necessary. For more information please review our full Risk Warning Notice.

    Distributed by FX Solutions UK: Park House, 16 Finsbury Circus, London, EC2M 7EB
    FX Solutions UK, a trading name of City Index Limited, is a company registered in England and Wales, number: 1761813. Authorised and Regulated by the Financial Services Authority. FSA Register Number: 113942 for details visit FSA Register.
     
  3. marjiemiller

    marjiemiller Private, 1st Class

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    Well wrote a post about 2 hours ago, but it said it had to be approved, and I don't see it. At any rate, I got the same notice. How is this legal even in international trade law to say that US residents can't do business anywhere but the USA? Isn't that the isolationism they said they wouldn't do? What if all the other countries now say their residents cannot do business outside of their borders?
     
  4. PipStar

    PipStar Sergeant

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    How does that kill your business? Open an account with a non U.S broker in the UK. There are plenty of them that are well regulated there.
     
  5. Jason Rogers

    Jason Rogers FXCM Representative

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    Hey Steven,

    I know it presents an inconvenience for some traders. Some things to keep in mind, the two things that will change are leverage and hedging. So leverage will go from 200:1 to 50:1 if your account goes from the UK to the US, and there will be no hedging. The platform will remain the same which means you can still continue to manage trades individually through the open positions window the way you are used to right now. FIFO will simply occur if you use market orders to close trades, in which case you're not specifying the exact trade to close so the first trade opened will be the first trade closed.

    Jason
     
  6. Alice

    Alice Recruit

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    The way it starts

    First they start inhibiting movement of assets from the country, then they start inhibiting movement of citizens out of the country. Your cute letter will please Obama I am sure. He will grin knowing you can do nothing to the coming controls over every aspect of your life...get used to itl, or get out now.
     
  7. allison

    allison Recruit

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    Could you post the names of some "trustworthy" non U.S. brokers?

    Gain Capital is doing the same thing of course. Although it may not kill someone's business it certainly does pose a royal pain in the neck dealing with the month or more it will take people just to close positions, withdraw funds, research new brokers, transfer funds, set up new platforms etc.

    It's a shame the U.S. feels the need to do this.

    But, moving ahead on a positive note, I'd be interested to hear from anyone who has experience with non-U.S. brokers and can make some recommendations. I will of course also check the appropriate place on this site.

    Thanks!
     
  8. clem699

    clem699 Sergeant

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    I believe this apply to US traders only.I am beginning to feel that some countries might follow suit.
     
  9. rainwater

    rainwater Recruit

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    I too received the email from fxcm.uk. my account is being moved. I was thinking of opening an account with go markets but just got off from chat with them and they say they are no longer accepting US accounts.
    Does anyone have some suggestions on "trustworthy" brokers not based in the US that will accept clients from the US?

    thanks!
     
  10. rainwater

    rainwater Recruit

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    Hi Allison,
    where is the appropriate place on this site to check?
     

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