FXCM Is Buying RefcoFX - Deal is Done - Funds are safe

[MiltonForex]

RefcoFX Canada has the quality of service that FXCM offers, CIPF inssurance, and accecpt US Accounts. Is it true?

 

[globalfxtrainer]

Quote from MiltonForex:

RefcoFX Canada has the quality of service that FXCM offers, CIPF inssurance, and accecpt US Accounts. Is it true?

Yes I think it is. They'll be on a short list of dealers I'll be looking at up there.

 

[uninvited_guest]

You can add this company to your list of Canadian brokers:

http://friedbergdirect.ca/company_info/direct_advantage.htm

 

[globalfxtrainer]

Quote from uninvited_guest:

You can add this company to your list of Canadian brokers:

http://friedbergdirect.ca/company_info/direct_advantage.htm

I called this outfit and when the guy at the dealing desk answered, it was FXCM (not in Canada, he was in NYC).

 

[Chood]

Quote from jimrockford:

How can one be certain that the bankruptcy court will approve this deal?

You’re correct, only the bankruptcy judge can be certain. It's not doom and gloom to point out that fact.

The MOU looks great for the customers, and I hope for their sake that it is accepted as submitted. But to say, as some have, that the "legit" character of these firms accounts for the good break is a bit much. If you draw a big hand late in a poker game to climb out of a trap for the night, you’re lucky. Luck and legitimacy are not the same thing.

35 percent of FXCM is at stake in the bankruptcy, and FXCM has an incentive to buy that stake from the bankruptcy estate. That and the goodwill FXCM will generate for itself – which converts to profits to the fx retailer from the future trading of the rescued customers – are the motive for the MOU. That goodwill, and the profits from it, would be a lot less (or non-existent) if the accounts are not delivered to FXCM intact.

Stiffed, disgruntled, and wary retail traders do not make the best customer base for a fx retailer. No doubt FXCM will make that point to the bankruptcy judge to win approval of the MOU.

 

[Deptrai]

Praise the Lord. Hallelujah. Do I hear an Amen?

 

[ZoneTrooper]

Quote from uninvited_guest:

You can add this company to your list of Canadian brokers:

http://friedbergdirect.ca/company_info/direct_advantage.htm

This company is using FXCM systems. Their in bed with FXCM just like REFCOFX was/is...

The do not take US accounts.

 

[ZoneTrooper]

Quote from globalfxtrainer:

Yes I think it is. They'll be on a short list of dealers I'll be looking at up there.

The only problem is, who will own them at years end???

Will they still exist??????

 

[Rearden Metal]

FXCM clients who make money get put on manual execution. I'm not a forex guy, but I remember reading that here on ET.

 

[Chood]

Quote from Rearden Metal:

FXCM clients who make money get put on manual execution. I'm not a forex guy, but I remember reading that here on ET.

Which raises the interesting question, theological in nature, whose suffering is the greatest:

1) the RefcoFX fish who is bucketed to bust prior to bankruptcy, or

2) the RefcoFX fish who, having been saved temporarily by the bankruptcy (account frozen), is bucketed to bust by FXCM?

(Deptrai, since you’re religious, feel free to weigh in.)