FXCM dead in US

So FXCM is no longer servicing US clients due to a CFTC order: http://www.cftc.gov/PressRoom/PressReleases/pr7528-17

Not sure how on-topic it is but thought I'd post here so it's clear to those who care.

How typical

Thanks for posting this - I had no idea until I read it here. Am disappointed as I thought FXCM technology like tradestation was top stuff. I traded a 'dealing desk' size account anyways so the fraud didn't affect me. I don't think ...

Got email today saying my account transfers to 'Gain Capital' at weeks end. Their platform is called forex.com com. I tried the web gui in demo last night and find it nice but 'old school'.

I am looking for a recommendation how best to continue with FXZorro here in the US.

Thanks
J

I got the same message. Fortunately, it appears that GAIN supports MT4, so I think we can use the MT4 bridge temporarily.

Overall, I've been happy with FXCM over the last few years. I wish that the CFTC would clarify exactly who has been affected by FXCM's fraudulent behavior.

Just FYI, I sent GAIN an inquiry regarding the use of MT4, and
this was the reply :

"If you use Trading Station with FXCM, you will need to apply for a MetaTrader 4 account with us as the Trading Station accounts will be moved to our ForexTrader Pro platform. If you use MetaTrader 4 with FXCM, the account will be moved to our MetaTrader 4. "

I assume that accounts accessed through FxConnect (which I think non-MT4 Zorro uses) would be moved to the ForexTrader Pro platform, so we would need to open an MT4 account with GAIN.

Those who are using FXCM outside US. I think we can continue to use.

Thanks. I guess I will try to do MT4 with forex.com as well. I've never used MT4 and I have wondered why it gets mentioned so much and what the point is if you can connect to brokers directly. Guess I will find out.

It's not necessarily possible to connect to a broker directly. We were able to connect to FXCM directly, for example, because the Zorro developers implemented the FXCM API (Application Programming Interface), FxConnect, I think, most likely using Zorro's Broker API functions. The same is true of Interactive Brokers, and Oanda, I believe. The manual talks about this sort of thing in the "Broker API" section. Also, there's been some talk of writing a FIX engine for Zorro, and that would enable Zorro to connect directly to many brokers, because FIX has become a standard financial messaging protocol. But writing a FIX engine is a non-trivial exercise.

Anyway, since MT4 seems to be supported by many brokers as a sort of client-server messaging interface, that allows us to trade with brokers where the API or FIX has not been implemented in Zorro.

Jcl, correct me if I'm wrong

Thanks. I understand all this. Did I read somewhere spreads are a little wider when you use MT4 ? - as they get a small cut - might be my imagination. Are there any benefits to using MT4 over API ?

From my side I shut down my two Zorro's running vs FXCM today. Shame as I thought was so cool. I will transfer one over to Forex and see if I like and if I can get all working to my satisfaction.

Any chance Zorro will implement Forex.com API for us ? Or maybe will Zorro have a new preferred broker in the US ?

Thanks all

Just thought I would say I am back up live trading on Forex.com via MT4. Looks like it took 3 weeks. As if 3w eeks of down time would be acceptable at any job. Still very uncomfortable with MT4 but guess experience will come. I registered for Forex.com API forum form to see if looks accessible to me but there had not been a post since 2013.