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LeapRate Exclusive… Continuing our exclusive coverage of the Chapter 11 filing of NFA-regulated FX introducing broker ATC Brokers US and its parent company Avail Trading Corp., LeapRate has learned that FXCM has now dropped ATC as a referring broker, effective March 18.
FXCM sent out emails on Tuesday (see a copy below) to all clients which had been referred by ATC announcing the move and providing instructions.
It is still unclear if this refers just to FXCM USA and ATC USA, or if the breakup also applies to ATC Brokers Ltd in the UK, which is a separate FCA-regulated entity owned directly by brothers David and Jack Manoukian.
FXCM informed the clients that those currently using FXCM’s platform will experience no change. Clients trading on ATC’s platform will see their account transitioned to FXCM’s Trading Station platform in order to avoid interruptions in trading. Account numbers will not change and any open positions will remain.
Clients wishing to continue trading with the MT4 platform can request a portion or all funds transferred to an MT4 account at FXCM.
As was reported first at LeapRate, ATC Brokers and its co-owner David Manoukian both filed for Chapter 11 protection in early February, after the company and Manoukian lost a lawsuit brought by a client who was awarded more than $1.6 million by a Los Angeles Superior Court judge. The case is likely to be retried (or looked at again in depth, at least) in court, with the company and Manoukian hoping that the initial decision and award will be reversed.
The email sent out to ATC-introduced clients at FXCM went as follows:
Please be advised as of the close of trading on March 18, 2016, FXCM is no longer recognizing Avail Trading Corp as a Referring Broker with FXCM as FXCM is terminating its relationship with Avail Trading Corp.
Your trading account with us will remain open as an FXCM retail account and your login information will remain the same. Please visit MyFXCM.com for any account maintenance needs.
If you are currently using FXCM’s platform you will experience no change. If you are currently trading on ATC’s platform your account will be transitioned to FXCM’s Trading Station platform in order to avoid interruptions in your trading. Effective after the close of trading on March 18, 2016, your current account will only be accessible through the FXCM Trading Station platform. Your account number will not change and any open positions will remain. Your current read-only login will convert to a login with full trading access to the Trading Station platform.
If you prefer to continue trading with the MT4 platform, you can request a portion or all of your funds be transferred to an MT4 account at www.myfxcm.com. Please note that in order to transfer to FXCM’s MT4 platform, your account will need to be flat (no open positions).
A list of Frequently Asked Questions can be found HERE.
To download the Trading Station platform, click HERE.
To watch a video walk-through of the platform, click HERE.
FXCM offers custom solutions if your trading style requires unique settings. Our Active Trader Division offers premium services and lower commissions. For more information, click here.
MORE IMPORTANT INFORMATION ON YOUR ACCOUNT:
Client Funds: Your funds have always been held with FXCM. The financial status of ATC does not affect the ability to trade or withdraw funds from FXCM.
Relationship Manager: A Relationship Manager will contact you shortly to ensure you have everything you need to trade without any interruptions. In addition to the personal Relationship Manager, specialists are available 24 hours a day by calling 1-888-503-6739, or by e-mail at email@example.com.
No Dealing Desk Execution: When you start trading on your direct FXCM account, you will be trading on our no-dealing desk execution, which offers a transparent pricing model made up of competitive commissions and tight spreads. Learn More
Remember that forex trading can result in losses that could exceed your deposited funds and therefore may not be suitable for everyone, so please ensure that you fully understand the high level of risk involved.
If you have any additional questions, please contact one of our relationship managers, who are available 24 hours a day by calling 1-888-503-6739, or by e-mail at firstname.lastname@example.org.