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Forex Capital Markets (parent FXCM Holdings LLC) and founding partners Drew Niv and William Ahdout were given a lifetime ban from ever trading on the foreign exchange market the US Commodity Futures Trading Commission (CFTC).
This Sanction came about this week after it was discovered they were betting against their clients and taking opposite positions on the market. These decisions were made to benefit certain clients and make them money, whilst still advertising themselves as having “no conflict of interests” amongst their other clients.
The CFTC issued a statement stating that "Between September 4, 2009, though at least 2014, FXCM engaged in false and misleading solicitations of FXCM’s retail customers by concealing its relationship with its most important market maker and by misrepresenting that its 'No Dealing Desk' platform had no conflicts of interest with its customers"
In addition to their sanction they were also ordered to pay $7 million (£5.6 million) to their clients which they cheated. FXCM Holdings have also agreed to never register with the CFTC again, which will mean they can never operate in the America.
FXCM Holdings held approximately 34% of the market share in foreign exchange breakage last year. In 2015, their combined trading capital was $3.9 trillion. Following the ban, they have announced they are shutting their US branch but have promised to offer a “Quality trade execution”
Vorto Trading partners with SendThatCash for foreign exchange comparisonTue, 02 May 2017 - 12:32 AM