FXCM notified me that my current positions and balances will be automatically transferred to FOREX.com without action needed on my side. It’s great to know that. BUT, I am confused why the sticky post here says we as user need to open account at GC manually? Exactly which advice is right? If we already opened GC account, are we going to be assigned yet another new GC account from this upcoming FXCM automatic transfer?
I do not have an answer. However, from what C2 has sent out, one must go through an introducing broker in order to have C2 trades placed at Forex.Com. By doing this, subscribers have noticed fills that are very weak when compared to FXCM an Interactive Brokers. Some where, some one seems to be skimming quite a bit of profit, or they do not have the availability to the forex market that we have seen in the past.
I sure hope that is not the case because they are a big company and we do not have a lot of choices. I am waiting on Gain to activate my account for auto trade either tonight or tomorrow. We all need to watch this closely.
wow I am watching the usd.jpy the spreads or huge. that is bad! Interactive brokers much much tighter
How much impact would such spread bring to account less than $100K? I know Interactive Brokers charges commission per trade ($1 or $2?).
Why has no one from C2 answered your original question? Hello, is there anyone out there? Matthew, are you still there?
GAIN Capital is in the process of purchasing U.S. accounts from FXCM. We do not know the timeline for any automatic transfer of accounts but we do know that if, and when, a transfer does take place, the account type through Forex.com is NOT compatible with C2. Yes, Forex.com is GAIN, but that account type has a connection method that we don’t support. So, to continue AutoTrading a Forex strategy at C2 we have, and still do, recommend an Introducing Broker to GAIN to help assist customers during this process to ensure they open and fund the proper account.
We (C2) do not require that customers use an independent Introducing Broker to open an account at GAIN, however, to our knowledge, all GAIN Capital Forex accounts of the type that will work with C2 do require an introducing broker. If you go directly to GAIN Capital, and are opening the correct type of account, they use an Introducing Broker wholly owned by GAIN. Introducing Brokers do not increase the cost of trading with GAIN. In other words, the spreads or competitiveness of GAIN vs any other Forex brokers is not impacted by an Introducing Broker.
Lack of choice is never a pleasant option, but GAIN Capital is now the only available broker for U.S. customers.
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Thanks for the info! Do I understand correctly that the migrated GC account is not C2 autotrade ready,and if we want to continue autotrading with C2, we need to use another one opened with introducing broker?
I’m going through this transition now - a bit painful and time consuming, but there is a process. Once your account has been transferred, you’ll get in touch with Will (gfsupport@gaincapital.com) who will set you up on the Forex futures platform. Different account, different platform for trading Forex via C2. You can also trade futures in your account, but it’s a separate application and separate method of funding your account.
