Hi guys. Let's face it, most of you reading this blog are men and if i'm wrong and you are a female, leave me a comment and i'll stand corrected.
In any case, I heard from Forex.com this evening as follows. The only significant difference between them and FXCM was that Forex.com came out and said you are not required to transfer your account. And they provided a link to click on that opens a chat window to their sales people. Now that's what I call capitalism....
Important Account Notice - Changes to your account
Regarding your account: ***********
Dear Client,
On August 30, 2010, the U.S. Commodity Futures Trading Commission (CFTC) announced a new rule that prohibits foreign affiliates of US FCMs from acting as counterparty to US domiciled foreign exchange accounts.
Our records indicate you are a resident of the United States, which means you will no longer be able to conduct business with FOREX.com UK Limited after October 18, 2010.
In anticipation of this change, we will be changing the margin requirement on your account to 2% (50:1 leverage) for major currencies and 5% (20:1) for all others on Friday, October 8, 2010. View full list of currency pairs.
You can continue trading forex by transferring your MetaTrader account to FOREX.com US, a CFTC registered FCM/RFED and a member of the NFA (NFA #0339826). Upon transfer of your account, your funds will be held in a non-segregated account with FOREX.com US and your account will be governed by the rules and regulations of the CFTC.
We have made the transfer of your account as seamless as possible to ensure no interruption to your trading and your account details, User ID and Password will not change. Simply review and agree to the FOREX.com US customer agreement by 5:00 pm ET Thursday, October 14, 2010, and we will automatically transfer your MetaTrader account to FOREX.com US on Friday, October 15, 2010 at approximately 3:00 pm ET.
The MetaTrader platform offered by FOREX.com US adheres to NFA client trading rules and as such, hedging is not supported. We strongly encourage you to sign up for a demo account to familiarize yourself with the system and test your EA's prior to Friday, October 15, 2010 by clicking here.
You are not required to transfer your account. If you oppose the transfer of your account, please click here to discuss your options.
If you are unsure of how this change will impact your FOREX.com account or have any additional questions, please feel free to contact one of our customer service representatives.
Sincerely,
The Team at FOREX.com
Customer support seven days a week
24 hours a day from 3PM Sunday to 10PM Friday (GMT)
Saturdays 2PM to 10PM (GMT) Freephone: 0800 032 1948 (877.367.3946)
International: +44 (0) 20 7398 5030
Email: metatraderuk@forex.com
You are receiving this message because you have a FOREX.com account or registered for a practice account, event or newsletter. If you do not wish to receive future emails from FOREX.com, please click here.
Forex and other leveraged trading can involve significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary. Contracts for Difference (CFDs) are not available to US residents.
FOREX.com is a trading name of GAIN Capital - FOREX.com UK Limited and is authorised and regulated by the Financial Services Authority. FSA No. 190864.
9th Floor, 12 Camomile Street, London EC3A 7PT United Kingdom
Tel: +44 (0)207 398 5030 or 0800 032 1948 Email: ukinfo@forex.com
Copyright ©2010 FOREX.com UK. All Rights Reserved
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