Finally, some good news from FXCM Inc (NYSE:FXCM).
The global forex broker, which has spent most of the past year selling assets and dealing with the fallout of last January’s Swiss Franc spike and the $275 million loss it caused at FXCM, has announced what it calls a new partnership with German Forex and CFD broker FXFlat.
Essentially a white label agreement, FXFlat will be able to provide its customers with access to the FXCM Trading Station and to FXCM’s no-dealing-desk Forex and CFD execution models. FXFlat MT4 traders will also execute via FXCM.
FXFlat previously had a long term relationship with GFT UK, which FXCM rival Gain Capital Holdings Inc (NYSE:GCAP) inherited when it acquired GFT back in 2013. Interestingly, Gain Capital still has on its website a testimonial from FXFlat’s CEO (see at right) stating: We have worked with GAIN for 7 years because they offer great trading software, competitive spreads and 24-hour trading, not just on forex markets, but major indices and equities too.
That might be coming down soon.
Brandon Mulvihill, Managing Director of FXCM PRO, stated:
FXCM is pleased to partner with FXFlat, a dominant player in Germany. The numerous awards FXFlat received in 2015 and the years prior speak to the quality of this new venture. This is an important step towards FXCM’s strategic expansion into the German market.
Rafael Neustadt, Managing Director and CEO of FXFlat added:
The new partnership is a win-win situation not only for FXFlat Wertpapierhandelsbank and FXCM, but especially for the customer. With this cooperation we are further expanding our extensive range of excellent trading tools, attractive costs and transparent solutions.
To see the press release on the FXCM-FXFlat agreement click here.