Leading foreign exchange firm FXCM Inc. revealed on Thursday that its U.S. unit Forex Capital Markets LLC (FXCM U.S.) had agreed to purchase the U.S. retail forex accounts of FXDirectDealer LLC.
The deal will see FXCM acquire client equity worth roughly $27 million and seven thousand FXDD U.S. accounts that are active. The accounts will be merged with FXCM U.S. on Friday next week after the end of the day’s trading.
FXDD customers who trade using the MetaTrader 4 platform will be transferred to the FXCM MT4 platform. The clients should expect no significant disruptions to the platform functionality. FXCM said in a press release that its new version of MT4 platform merges smoothly with the No Dealing Desk forex execution.
“FXCM is dedicated to providing clients with award winning customer service, superior technology, and transparent No Dealing Desk forex execution, and we welcome the former FXDD clients to the FXCM network,” Drew Niv, the CEO of FXCM, said in the press release.
FXDD will still continue trading in the U.S. FX market and continue operating out of its New York City headquarters. Besides providing international clients with forex services, FXDD intends to focus on improving its institutional business.
“We are pleased to announce this transaction with FXCM, as it will allow us to focus our resources to expand our core international business,” said Joseph Botkier, CEO of FXDD. “We are confident that FXCM will provide the same level of excellent service and trading environment that our account holders have experienced at FXDD.”
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