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Author Topic: Alpari and FXCM  (Read 3298 times)

Offline Bigsteve

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Alpari and FXCM
« on: September 21, 2013, 12:16:51 AM »
I received an email from FXCM explaining that Alpari US accounts are transferred to FXCM. Is anyone aware of what is behind this change? I received no email from Alpari.

Offline AtlantaSean

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Re: Alpari and FXCM
« Reply #1 on: September 21, 2013, 12:33:09 AM »
Alpari is tired of doing USA paperwork probably. I have a few Alpari accounts and might just close them all, no transfer. Sucks...

Unless I hear other feedback. Always heard FXCM were vicious stop hunters. Would be interested to view some comments about whether or not FXCM is worth it from others.

Offline Jason Rogers

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Re: Alpari and FXCM
« Reply #2 on: September 24, 2013, 06:19:53 PM »
I received an email from FXCM explaining that Alpari US accounts are transferred to FXCM. Is anyone aware of what is behind this change? I received no email from Alpari.

Hi Steve,

On Friday, September 27th, your Alpari account will be transferred to FXCM. We are working hard to ensure a smooth transition and want to provide answers to as many of your questions as possible before the transfer is complete. Below is some important information on your upcoming account transfer to FXCM:

  • MetaTrader 4: Your Account will remain on the MetaTrader 4 Platform. You will need to download and install FXCMs version of MetaTrader 4.
  • New Trading Account Credentials: On the weekend of September 27th, FXCM will provide you with new login information by email.
  • Trading Positions: All of your open positions and stops/limits attached to those positions will be transferred to FXCM. Please manage any open positions accordingly.
  • Pending Orders: All pending orders will not be transferred to FXCM. Please manage any orders accordingly.
  • Products not offered by FXCM: A number of less popular products will not be available with FXCM: AUD/SGD, CAD/SGD, CHF/SGD, GBP/SGD, EUR/HKD, EUR/MXN, GBP/DKK, GBP/NOK, MXN/JPY. All positions held in these products must be settled prior to your account transfer or they will be closed automatically by Alpari prior to the transfer.
  • Margin Requirements: FXCM offers up to date margin requirements displayed in the platform. It is FXCMs policy to credit accounts to a zero balance when debit balances occur as a result of trading.

For additional information, I encourage you to attend the live webinar on Wednesday, September 25th from 7 to 8 pm EDT we are hosting for all US clients of Alpari which will cover the following topics:

  • FXCM & Alpari MT4 Platform Comparison
  • Forex Trading Tools
  • Forex Education and Research
  • FXCMs Account Management Portal

Here is the link to the live webinar.

Jason
« Last Edit: September 24, 2013, 06:22:18 PM by Jason Rogers »

Offline Alpari UK

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Re: Alpari and FXCM
« Reply #3 on: September 26, 2013, 11:19:55 AM »
I received an email from FXCM explaining that Alpari US accounts are transferred to FXCM. Is anyone aware of what is behind this change? I received no email from Alpari.

Hi Bigsteve,

The association of Alpari companies ("Alpari"), one of the largest global providers of online foreign exchange trading, has been undergoing a strategic review of all global operations led by Alpari (UK) Limited Chief Executive Officer Daniel Skowronski.

The purpose of the initiative is to ensure that Alpari has the most optimised business model and governance structure across the various operating regions to drive future earnings growth.

As part of this global review, Skowronski and his team have been working with Alpari (US), LLC ("Alpari US") Chief Executive Officer Jermaine Harmon to determine the appropriate model going forward. This has been finalized and approved by the shareholders of Alpari US.

Alpari US, which has been operational since 2008 offering retail FX and more recently futures and QuantumFX, following this review, has announced that it will now focus solely on its fast-growing institutional division, QuantumFX. The company will withdraw from offering FX to US-based retail clients, which is effective from today, the 20th of September, 2013. In addition, the company will withdraw from offering futures to US-based retail clients at a later date.

Speaking to analysts on the 23rd of September, Harmon commented that:

"The US brokerage market continues to evolve through technological developments and changes in the regulatory environment. We have carefully considered the implications of these developments, refining our strategy and business model to ensure that Alpari US is best placed to drive consistent, future earnings growth in the US.

Our QuantumFX division, which offers integrated, full-service FX solutions for corporations, hedge funds, banks and high-frequency trading institutions, has established a strong presence in the US market and shows good future earnings potential. This will receive increased business focus and investment in new services."

Alpari US has already communicated to all its US-based retail FX clients, explaining the developments. Retail FX clients of the company will have two options: the first is to migrate their account to another regulated US FX broker (that the company has arranged terms with on behalf of its clients) or to close down their account and have their funds returned.

Alpari had a strong first half in 2013, reporting several months of consecutive record trading volumes.


Alex
Alexander Chadwick
Alpari (UK) Representative

Offline jprize

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Re: Alpari and FXCM
« Reply #4 on: September 28, 2013, 06:13:03 PM »
I had 2 Alpari PRO accounts. Communication from Alpari and FXCM indicates they will be transitioned to FXCM Active Trader accounts. Alpari PRO accounts were opened through cashback forex and they pay me rebates. I haven't been able to get a clear answer whether the IB relationship with CBF will remain the same...But one of the emails from FXCM says that Alpari will be designated as IB on the new account and will be compensated for my trades..????

Offline Jason Rogers

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Re: Alpari and FXCM
« Reply #5 on: October 02, 2013, 10:08:56 PM »
I had 2 Alpari PRO accounts. Communication from Alpari and FXCM indicates they will be transitioned to FXCM Active Trader accounts. Alpari PRO accounts were opened through cashback forex and they pay me rebates. I haven't been able to get a clear answer whether the IB relationship with CBF will remain the same...But one of the emails from FXCM says that Alpari will be designated as IB on the new account and will be compensated for my trades..????

Hi Jprize,

As far as I'm aware, there should be no changes to your account settings. However, I don't have access to your account details on this forum. If you would like to verify the settings of your FXCM Active Trader account, I encourage you to reach out to one of my colleagues in that department. You can call us toll-free at 1-800-867-1238 or email us at clients@fxcm.com

Jason

Offline jhehe

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Re: Alpari and FXCM
« Reply #6 on: October 03, 2013, 03:57:11 AM »
Just exit completely. I see no benefits trading with FXCM. Already busted once and, well, chances are they will play within the rules now. However, who knows what other activities they have going on that we don't know about.

Offline Forex ReBorn

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Re: Alpari and FXCM
« Reply #7 on: October 04, 2013, 04:42:29 PM »
Because of Alpari stepping out I lost all of my history in my accounts.
Being a provider, history matters to me alot  :'(

Offline Okda

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Re: Alpari and FXCM
« Reply #8 on: October 04, 2013, 05:05:54 PM »
It would be logical to ask them to transfer the records to fxcm's servers,
And it would be very bad different they don't do that for all accounts without the need to ask them

Sent from my GT-N7000 using Tapatalk 4


Offline Jason Rogers

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Re: Alpari and FXCM
« Reply #9 on: October 04, 2013, 08:15:15 PM »
Because of Alpari stepping out I lost all of my history in my accounts.
Being a provider, history matters to me alot  :'(

I appreciate that this information is important to you as a provider. Unfortunately, FXCM only has access to the trade history of orders placed on our own servers. However, for your own records, you should be able to get the complete trade history for your old Alpari US account by emailing cs@alpari-us.com

Offline Forex ReBorn

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Re: Alpari and FXCM
« Reply #10 on: October 14, 2013, 03:09:49 PM »
I had asked them before but they said they couldn't.
I'll try again and see what they say. Thanks..

 

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