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Screenshot of a breaking news alert e-mail from Q2 2017
There is some development around futures and Forex broker MB Trading, which agreed to be acquired by TradeKing in late August 2015. In an email to clients, MB Trading announced that effective October 23, 2015, it will cease retail Forex operations.
As a result, client accounts will be assigned to TradeKing Forex, the introducing broker to these accounts, and the accounts will be transferred to GAIN Capital Group, LLC. It is useful to note here that TradeKing Forex acts as an introducing broker to GAIN Capital Group.
The transfer of client accounts has been scheduled for October 23, 2015, with clients who do not wish to have their accounts migrated need to close open positions and withdraw funds not later than October 22, 2015.
MB Trading Desktop Pro clients will be migrated to the TradeKing ForexTrader platform, whereas MetaTrader 4 account balances will be moved to a new TradeKing Forex MetaTrader 4 server.
Below is the official announcement from MB Trading. You can also read it by clicking here.
Important Notice Regarding your MB Trading Forex Account
As part of TradeKing’s acquisition of MB Trading announced in August, we’re sending you the following important information about your MB Trading Forex account.
Effective October 23, 2015, MB Trading Futures, Inc., will cease its retail forex operations. However, in an effort to provide the highest quality of service to our existing customers, we have made arrangements to assign our accounts to TradeKing Forex, the introducing broker to your accounts, and to transfer your account to GAIN Capital Group, LLC.
GAIN Capital Group, LLC, will retain custody of your account, act as counterparty, and handle clearing related to your trading activities. MB Trading Futures has worked closely with TradeKing Forex to ensure the seamless transfer of your trading account to GAIN Capital Group, LLC.
MB Trading Desktop Pro Users
On Friday, October 23, all existing balances and positions will be automatically transferred to your new TradeKing Forex account. Trading will be closed an hour early at 4:00 pm ET, on Friday, October 23, to allow us time to move your account and establish your cost basis at GAIN Capital. For Desktop Pro accounts, open positions will be closed and re‐opened at the Bloomberg mid‐rate of 4:00 pm ET on Friday, October 23.
MB Trading MetaTrader 4 Users
Due to differences in the way that the MetaTrader 4 platform works, your MetaTrader 4 account will need to be liquidated and the balance moved so that you can resume trading following the transfer. On Friday, October 23, MB Trading will close forex trading at 4:00 pm ET, and open positions will be closed at the Bloomberg mid‐rate of 4:00 pm ET. All existing balances will be automatically transferred to your new TradeKing Forex account.
More Important Information
# All pending orders, including stop, take profit, limit, and trailing stop orders, will be cancelled, so you will need to re‐establish open orders in your new TradeKing Forex account. You may do so immediately following the transfer of your account.
# On both of the TradeKing Forex platforms (ForexTrader and MetaTrader 4), 1 lot equals 100,000 in volume, while on MB Trading platforms, 1 lot equals 10,000 in volume. For MetaTrader customers, this may require a change in your Expert Advisor, if you use one.
What you need to do
No action is required on your part. Your existing account will be transferred on Friday, October 23, 2015. However, if you do not wish for your account to be transferred, you will need to withdraw your funds by Thursday, October 22, 2015.
It is your responsibility to close your positions and withdraw your funds by October 22. If you do not withdraw your funds by this date, they will be transferred to GAIN Capital Group, LLC, and you will be bound to the GAIN Capital Group, LLC, Customer Agreement.
Over the coming days, we will contact you with more information regarding the transfer of your account. In the meantime, we encourage you to visit our Forex Transfer site to learn more or contact our Customer Service Department by phone, email, or chat with us during our support hours between Sunday 5:00 pm ET and Friday 5:00 pm ET.
We encourage you to take time between now and October 23 to open a practice account and get to know the new platform.
To find out more about the changes, click here.