Thread: New NFA Requirements !

Regulatory and Account Changes

As of May 15th, new regulation requirements are being handed down by the NFA. These requirements will affect all FXCM Micro and domestic based trading accounts.

The NFA has received notice that the Commodity Futures Trading Commission has approved new NFA Compliance Rule 2-43 regarding forex orders. The prohibition on carrying offsetting transactions will be effective for any positions established after May 15, 2009. The requirements regarding price adjustments will become effective as to all customer orders executed after June 12, 2009.

This new regulation means that after May 17, all hedging will be disabled .
If you are currently in a hedged position at the time of the policy change, you will be allowed to maintain it. However, once the hedge is closed new hedged positions will not be allowed.

As we adapt to a new and changing regulatory environment, please contact us if you have any direct concerns.

Walker

While FXCM Micro acknowledges these risks and understands the NFA's concern and obligation to protect clients, FXCM MIcro would like to extend an alternative option to those who understand the underlying risks and financial costs involved.

You can transfer your account to FXCM UK and continue to trade using current platform functionality: 1) hedging, 2) stop-loss and limit orders, 3) ability to modify and close orders from the “Open Positions Window”.

Our affiliate, Forex Capital Markets Limited (FXCM UK), is regulated by the Financial Services Authority (FSA) in the UK. If you wish to transfer your trading account to FXCM UK, please complete the one page form.

Transfer to UK ltd

Editor's note: the link in this post has been removed. The transferring process has completed, if you have further questions, please post your questions in this forum.

DEADLINE TO COMPLETE TRANSFER FORM: June 3, 2009

To learn more about our UK branch, please see our FAQ's at the following link.
UK Account FAQ's

*** Please be aware that once the UK Transfer form is filled out, you will not receive any type of notification regarding the receipt of the form. If you have submitted the form, it will be processed. Please be aware that the DEADLINE to complete the transfer form is June 3, 2009 and the transfer will take effect later in June 2009.

Editor's note: the link in this post has been removed. The transferring process has completed, if you have further questions, please post your questions in this forum.

does this ruling mean that we cannot trade using Metatrader 4?
And will NOT be able to use a stop loss on our trades? I don't care about hedging. I don't do that anyway. But I do worry that I will not be able to place a stop loss on my trades.
Should I close my FXCM account?
Warren

Originally Posted by wseyle

does this ruling mean that we cannot trade using Metatrader 4?
And will NOT be able to use a stop loss on our trades? I don't care about hedging. I don't do that anyway. But I do worry that I will not be able to place a stop loss on my trades.
Should I close my FXCM account?
Warren

First off, FXCM Micro does not allow for the use of MT4. If you are currently a registered MT4 user with FXCM , you may transfer your account to our UK ltd branch as described below. You may also do this if you wish to set up your FXCM Micro account to retain hedging and the use of the traditional stop and limit orders.

To get started please go to the following link.

Editor's note: this link has been removed. The transferring process has completed, if you have further questions, please post your questions in this forum.

Walker

With the new rules, will we pay twice as much commission for each round trip?

For example, say we enter a position long and place sell orders in place of limit and stop orders. We pay commission when we go long. Do we pay commission again when we sell?

Originally Posted by M3Mark

With the new rules, will we pay twice as much commission for each round trip?

For example, say we enter a position long and place sell orders in place of limit and stop orders. We pay commission when we go long. Do we pay commission again when we sell?

Please note that whether your account is with FXCM LLC or with FXCM UK, your spread will not change. The price server and commission will remain the same for both entities on FXCM Micro. The transfer to UK is only a legal change; not a server change.

I just opened a micro account with FXCM 2 weeks ago. Does this mean that I can't transfer my account to the UK? It says there was a deadline and now I can't find the link.

Try this link
Transfer Link

Let me know if you have questions.


Walker

hi,
like the old platform and if the uk micro is what am going to get, them i love already. let me if you got my transfer form and i did not deposit any money cause i did not like the platform i was using.

Originally Posted by mounds123

hi,
like the old platform and if the uk micro is what am going to get, them i love already. let me if you got my transfer form and i did not deposit any money cause i did not like the platform i was using.

mounds123,

Please email me at helene@fxcmmicro.com so I can further research your request. Once you transfer to FXCM UK, you will be able to hedge and have the stop / limit feature.

i JUST FILLED OUT THE FORM TO TRANSFER TO UK ACCT. dO i NEED TO DO ANYTHING ELSE? Do I just keep trading with US micro and one day I will be with UK micro?

Originally Posted by rneitz

i JUST FILLED OUT THE FORM TO TRANSFER TO UK ACCT. dO i NEED TO DO ANYTHING ELSE? Do I just keep trading with US micro and one day I will be with UK micro?

No you do not need to do anything else. You will be part of the batch transfer in mid april on 4/16/2010.

You can check if you are FXCM UK by going to the accounts window and under the hedging column, it will state Y for yes to hedging. Or you can go to the simple dealing rates window and view the MMR column to have the UK margin requirement.

Can I still open new micro UK account if I'm a US resident? Who should I contact if I can?

Originally Posted by mig21

Can I still open new micro UK account if I'm a US resident? Who should I contact if I can?

Hi mig21,

You definitely can open a UK account if you are a US resident. Here is the link to open such an account:

Open a Forex Trading Micro Account for $25 Dollars

When you are choosing your country on the first page, select "United Kingdom". Later, you will be able to change your country of residence on your application from United Kingdom to United States. The reason you have to do this is because selecting United States on the first page takes you to an application for an FXCM LLC US account. Picking United Kingdom on the first page takes you to an FXCM LTD UK account application where you can then change your residency to US in the application itself.

Let me know if you require any more assistance.


Rob