Wow. If i had an account there, it would be shut down immediately... Enough said.
It’s official – FXCM will be taking over the Forex accounts of Alpari US LLC. (“Alpari U.S.”). After the close of trading on Friday, September 27, 2013, all Alpari U.S. accounts will be transferred to FXCM US FXCM is a leading online provider of Forex trading to retail and institutional customers worldwide.
Over the past few months, Alpari’s performance and reputation has been systematically declining. Just recently, Alpari US was accused by NFA (National Futures Association) of charging for Forex trades and failing to produce timely reports to the NFA. Alpari US was also faulted for failing to supervise existing NFA regulatory guidelines whereby all Forex brokers are required to submit a daily electronic report of Forex transactions to NFA’s Forex Transaction Reporting Execution Surveillance System (Fortress). Fortress claims that Alpari US did not hand in these reports. At the time, the NFA’s complaint also stated that the broker had difficulties finding a great deal of missing data and that it had incorrectly listed trades from non-retail customers as retail.
Alpari Chooses FXCM
According to a press release from FXCM, Alpari US did thorough market research before choosing this top US broker to take over its clients. FXCM says that Alpari selected FXCM to assume its business because of FXCM’s strong US presence, platform synergies, financial stability, and execution capability. Both brokers also offer the MetaTrader 4 platform, allowing Alpari US clients to transfer to FXCM without needing to adjust to a new platform or trading style.
Although FXCM intends to re-establish the positions liquidated by Alpari, open positions will not be transferred to FXCM. All open positions will be liquidated, and all pending orders will be cancelled at close of business at 5:00PM ET on Friday, September 27, 2013. Alpari recommends that all positions be closed or managed properly prior to this time.