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ODL is Closing US operations

  • #1
  • First Post: Jan 14, 2009 6:07pm Jan 14, 2009 6:07pm
I just received an email from ODL stating that on Jan 23rd they will be ceasing US operations and will move my account to FXCM. Of course, I also have the choice of closing the account.

Did anybody else get this email? I hate shopping for a new broker. I had guaranteed 2 pip spreads on EU, GU, and 5 other pairs. Any suggestions on a good MT4 broker to use now?

G.
  • #2
  • Jan 14, 2009 6:43pm Jan 14, 2009 6:43pm
Quoting geojams
I just received an email from ODL stating that on Jan 23rd they will be ceasing US operations and will move my account to FXCM. Of course, I also have the choice of closing the account.

Did anybody else get this email? I hate shopping for a new broker. I had guaranteed 2 pip spreads on EU, GU, and 5 other pairs. Any suggestions on a good MT4 broker to use now?

G.
I received the same e-mail and yes 23rd this month is the deadline .
  • #3
  • Jan 14, 2009 8:14pm Jan 14, 2009 8:14pm
is FXCM gonna offer Meta Trader?
  • #4
  • Jan 14, 2009 8:32pm Jan 14, 2009 8:32pm
I got the notice today too..
  • #5
  • Jan 14, 2009 9:26pm Jan 14, 2009 9:26pm
FXCM offers MT4 but only for Live Trading. Not demo accounts. I'll probably continue to use ODL demo for the WTI/OIL,Gold, etc charts. I am looking at either Alpari or IBFX for my live account now.

The thing is I had guaranteed 2 pip spreads with ODL. That is going to be difficult to find with an MT4 broker.
  • #6
  • Jan 14, 2009 10:05pm Jan 14, 2009 10:05pm
Perhaps that's why they're closing operations... hehe.
  • #7
  • Jan 14, 2009 10:11pm Jan 14, 2009 10:11pm
Alpari USA is done now too isnt it? who are the other decent US Meta Trader Brokers left?
IBFX?
Ikon (royal and tradeview)
Gain?
  • #8
  • Jan 14, 2009 10:37pm Jan 14, 2009 10:37pm
Quoting Voldemort
Alpari USA is done now too isnt it? who are the other decent US Meta Trader Brokers left?
IBFX?
Ikon (royal and tradeview)
Gain?

I don't think Alpari is done in the US. Their US website is still active. I guess it's possible they are doing things behind the scenes to pull out of the US, but I think they would have taken down the US website if that were the case.
  • #9
  • Jan 14, 2009 10:38pm Jan 14, 2009 10:38pm
Quoting Rabid
Perhaps that's why they're closing operations... hehe.
Maybe....but I think it just came down to not enough customers. That's just my opinion though.
  • #10
  • Jan 14, 2009 10:42pm Jan 14, 2009 10:42pm
yes i think you are right.. i had my facts wrong. they just changed their margin requirements last week.
  • #11
  • Jan 14, 2009 11:01pm Jan 14, 2009 11:01pm
Smart move, don't blame them one bit. Who in their right mind would what to business in such a biased regulatory monopolized environment.

US regulators are no doubtably pushing for a small group/club of banks, future, FX firms monopolize the US FX market by making it virtually impossible to do business if your not in the club.

If you thnk it's good news for the trader, think again!!

IMHO US is quickly becoming the worst place to open account
  • #12
  • Edited 1:30am Jan 15, 2009 1:18am | Edited 1:30am
Guys,


If you are winning traders, I would not use Alapri-US, withstanding the entire issue of only giving 72 hour notification of a margin change. Once they see your account growing Alpari-US will hold your orders for 4 secs before they execute, if price moves a single pip you will get a reqoutes. I am getting on average 2 reqoutes every time I place a market order. I've been pondering a new broker for a while because of this - the change in margin just finally made up my mind.

I would wait till the end of the month to see who the NFA shuts down, as of now quite a few brokers will be forced out like ODL because they dont have the 15 million in capital. Other brokers like hotspot, MB Trading(they are pretty close and may survive) and others as of their November report arent even close to the 15/20 million they need by January 18th.

Dallas
  • #13
  • Jan 15, 2009 11:39am Jan 15, 2009 11:39am
would it be possible to reopen your account with ODL UK perhaps?
  • #14
  • Jan 15, 2009 12:55pm Jan 15, 2009 12:55pm
Quoting hyperbling
would it be possible to reopen your account with ODL UK perhaps?
I thought of this. I don't know what the specific rules are for US citizens to open an account with the UK office, but my wife has a British passport so if push comes to shove I could always open it in her name.

I was also looking at IBFX. They have a debit card that, I believe, you can use to withdraw money from your account.

I also have a stock and options account with thinkorswim. They offer Forex and I could always transfer my money into that account for awhile until things settle down. Their forex interface is horrible, but their spreads are decent and fills are good.

Right now about 80% of my trades are paper. I am slowly making the transition to full time live trades so there's no rush. Maybe I should just take the other poster's advice and wait until the end of the month.
  • #15
  • Jan 15, 2009 1:09pm Jan 15, 2009 1:09pm
If you want to check out the capitalization of a potential broker, look here: http://www.cftc.gov/marketreports/fi...fcms/index.htm

According to this ODL has about USD 18MIL, which is about the same as Alpari. FXCM and IBFX have much more.
  • #16
  • Jan 15, 2009 2:20pm Jan 15, 2009 2:20pm
"would it be possible to reopen your account with ODL UK perhaps?"

While technically, the US government would have a hard time stopping you, in reality, ODL UK should refuse to take those funds if they're from a US client. Your wife might be able to help you get around that, although if your address is a US address (when you open the account), they should deny it. That being said, I wouldn't be surprised if ODL UK allowed it.
  • #17
  • Jan 15, 2009 4:33pm Jan 15, 2009 4:33pm
Quoting ck_itrade
"would it be possible to reopen your account with ODL UK perhaps?"

While technically, the US government would have a hard time stopping you, in reality, ODL UK should refuse to take those funds if they're from a US client. Your wife might be able to help you get around that, although if your address is a US address (when you open the account), they should deny it. That being said, I wouldn't be surprised if ODL UK allowed it.
I just received an email from FXCM. They are going to open my account on their MT4 platform. I've also started the process with IBFX to open a new account.

As for ODL UK, I would think that as long as I am not trying to defraud anyone and as long as I pay my taxes, everybody should be happy.
  • #18
  • Jan 15, 2009 4:52pm Jan 15, 2009 4:52pm
That news surprises me. I thought ODL did pretty well. I use Oanda to place my trades. The spread is always great, 1.2-1.5 on EU. I then use a demo from Broco to do my charting on MT4. All their emails are in Russian and I have no clue what they are saying, but they have a ton of feeds for all sorts of instruments, dow, sp, oil, gold, stocks..I really like them..If only I could understand what the were saying...

Scotty

RIP ODL
  • #19
  • Jan 16, 2009 8:37am Jan 16, 2009 8:37am
Quoting ck_itrade
"would it be possible to reopen your account with ODL UK perhaps?"

While technically, the US government would have a hard time stopping you, in reality, ODL UK should refuse to take those funds if they're from a US client. Your wife might be able to help you get around that, although if your address is a US address (when you open the account), they should deny it. That being said, I wouldn't be surprised if ODL UK allowed it.
I don't think any brokers in the UK can take US clients; I've tried. That's why Alpari opened their US branch, otherwise US residents would just open an account with Alpari UK...
  • #20
  • Jan 16, 2009 11:42am Jan 16, 2009 11:42am
Folks
Be carefull with ODL on the MT4 platform. MT4 with them is only available for micro, and mini accounts, and neither have any form of support. If you need to call to exit a trade, you have no where to call. Minimum $5000.00 for mini account.
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