FxPro officially announces and explains its exit from the US market
- 4 Comment
Couple of weeks ago I wrote about FxPro’s intention to exit the US market on the Forex Magnates Linkedin Group. A few days later FXCM issued a statement welcoming all FxPro US traders to move to FXCM’s MT4 platform.
Today, following FXstreet Francesc’s request, finally there is an official statement from the company. Basically FxPro says that it decided to focus on its European clients only. While this might be true I think that there is more to it, perhaps something that has to do with the US regulatory environment.
FxPro Financial Services Ltd (FxPro): Company Statement
Since our launch, FxPro has developed good business with clients across the globe, in over 120 countries. As with any commercially sound company, we make every effort to invest in those markets where we see strong growth and business opportunities. In the last year we have recognized that the majority of our client base is building across the EU countries and the emerging markets, and we see these particular geographies as one of our core strengths as a company. It is with this in mind that we have made a carefully considered decision to withdraw from the US market. We have therefore given all of our US-resident clients on 22 October 2009 three months’ notice of our plan of action.
Read the rest here.
4 Comments on this post
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Bill said:
Is there any information regarding regulations aimed at preventing US traders from using offshore brokers? For example, is it OK for a US resident to open an account with FXPro in the UK?
Thanks,
Bill
November 5th, 2009 at 5:40 pm -
Michael Greenberg said:
It’s NFA’s favourite grey area – currently I’m not aware of any rule saying you can’ trade with an offshore broker. Maybe it’ll change in the future.
November 6th, 2009 at 4:14 am -
Jerr hansen said:
Frankly, I agree with FXPro….. US regulations and regulators are over-reaching. Regulators, such as the SEC is a hopeless, inept bureaucratic mess. I do not want a US based account
November 8th, 2009 at 2:53 am -
Jerr Nissen said:
US laws are over-reaching. US regulators are inept. SEC is a hopeless maze of bureaucrats – totally ineffective, but stubbornly persistent. I do not want an account in the US
November 8th, 2009 at 2:57 am
