GAIN Capital Holdings, owner of retail broker Forex.com, announced today it has successfully transferred 47,000 U.S.-based clients from FXCM, which recently rebranded to Global Brokerage Inc., over the weekend.
"In a short period of time, and with the help of the National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC), we successfully transferred over 47,000 accounts to FOREX.com.,” said Glenn Stevens, CEO of GAIN Capital Holdings.
Stevens had promised all acquired FXCM clients a ‘seamless transfer’ in his last press statement, made on February 8th.
According to today’s press release, the newly acquired accounts are valued at $142 million.
The successful acquisition of FXCM’s American clientbase makes Forex.com the largest FX brokers in the United States.
On February 9th, GAIN Capital agreed to pay FXCM between $250 and $500 per American client, depending on various conditions. So, based on those figures, GAIN Capital may end up paying FXCM up to $23.5 million for the client list.
At press time, shares of GAIN Capital Holdings (NYSE:GACAP) are trading down 0.62% on the day at $8.00.
Did you find this article informative/helpful? If so, please support Razor-Forex with a small cryptocurrency donation here.
