Forex Capital Markets (FXCM) got caught...trading is halted temporarily while we continue to look in

As February of 2017 comes to an end, it sure has been a tough one for U.S based traders. Forex Capital Markets (FXCM) was the leading online forex trading broker in the United States and got caught failing

to disclose market maker relationships to their retail trading clients. Forced to shut down and client accounts were transferred to parent company Gain Capital of Forex.com being the brokerage. I provided a link that is short and to the point on the matter. http://news.forexlive.com/!/cftc-orders- fxcm-to- pay-7m- penalty-for- defrauding-retail- forex-customers-20170206

I’ve used FXCM personally for 5 years and the past 2 trading for and with clients. That is a decent amount of time to do business with a broker. Many factors are at play with finding a good transparent broker such as regulatory protection, pip spread, pricing, charting, execution of orders and order fillers,

platform functionality, customer service, seamless /“quick” withdraw/deposit transactions and much more based on individual preferences. Even the brokers we think are legitimate, sometimes comes back to be proven untrue. Being a trader especially these days, you need to adapt to change swiftly and cut

losses quickly and move on. So that is exactly what we are doing.

As of Friday 2/24/2017 FXCM officially transferred retail accounts to Gain Capital, which “required” former FXCM clients to execute trading forex through FOREX.COM brokerage, if they choose to remain.

The Tailored Trader team is looking into other brokers and comparing the matters I listed above regarding broker services and regulation. Also with future tailored members in mind, we are taking advantage of this “problem”/opportunity to download, research, test, chart, execute and talk to broker customer services of multiple broker dealers - to be able to better understand U.S based forex brokers for future “recommendations” for tailored members - based on actual experience with the broker and software itself.

We’d rather have trading videos of live executed trades based on our daytrading strategy like we JUST started doing last week with getting a room opened. However this is the reality of the situation and we have transferred the funds out of Forex.com as we came to a decision to NOT use them. Therefore trading is halted temporarily while we continue to look into a broker to commit to. We must remain focused on the long term relations of a broker dealer for personal and client use. Hence its taking a bit more time to qualify a broker, however I will say we are close to making a decision between…

NinjaTrader – website http://www.ninjatraderbrokerage.com/trading_platform

note: FYI Ninja Trader has a “purchase lease” cost to trade live through them.

Oanda – website https://www.oanda.com/

Be sure to follow our social media streams for updates on broker choice, official room launch and trading to start up again.

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Eric Benson

Owner/Head Trader

www.tailoredtrader.com