FXPro.com gives the USA the boot!

They are not accepting any USA clients and existing clients will be asked to close their accounts. Bye bye! I spoke with CustomerService and they confirmed the part that they will no longer accept any new USA clients-and when I asked how long before they
give existing USA customers the boot, the only response was more information will be forthcoming but all clients will be given proper time to settle all open positions and close accounts-how clearer of a message do you need? Sad -I wonder why the dont like americans?

Is this from a reliable source?

How long till USA clients have to close their account?

Ok so this is what they had to say when I went on the site and initiated Live chat.

Lorraine: Existing clients residing in the US will be given sufficient time to manage their positions and portfolios, and further notice will be provided to them soon.
Lorraine: The Company has decided to concentrate on the EU and emerging markets where it has a niche. In light of this strategic decision, the Company is not accepting new clients that reside in the US.
Lorraine: Sorry we do not as yet have any details on when this will happen

Lorraine: you will receive details on this sir
Lorraine: to provide you with sufficient time

Hm, I wonder if this might have anything to do with certain quasi-government "regulatory" agencies who are only looking after our best interests?

I wonder if USA is demanding other countries give financial discloser of USA clients funds? The Swiss have caved in and they usually very stubborn about their banking habits, maybe other countries are being bullied by us? Soon we will only be able to trade Forex thru Walmart? I just closed my account after more than a year of good trading.

I'm catching on to that sense of humor now. Good stuff!

that is one good point, look at O.D.L. they sold there u.s. division to FXCM and they no longer accept u.s. residents

It's fun.

It has always been like that. Firms like IGMarkets, CMC, Marketindex etc. that offer CFDs on exchange-traded commodities futures like crude oil will not accept american customers, otherwise they will run into problems with uncle sam. Even if they are not based in the US. The new regulation has nada to with this.

they also should use geotargeting with their ads since I'm in US
and they display their useless add to me ...

I'll be looking for a broker that allows trading 10K, has 400:1 marigin and is regulated in UK ...

what other country other than USA and UK has any money security regulations that take US people ????

Australia does. Many U.S brokers are now setting up shop in australia.

I too realized that many brokers are setting up shop in Australia and New Zealand. In addition, India and/or Arab countries also seem like the new resident broker's "hot spot". Most, if not all, US broker will probably move shop to th UK and/or focus their efforts on emerging markets. Taxes and local trading regulations have a lot to do with brokers departing the US for greener pastures.

rofl!!

fucking classic man!

This is funny, I am a U.S. customer and am now just funding my account. They t old me because I had already opened my account before they decided not to allow anymore U.S. clients I could still fund my account. They didn't mention anything about asking existing U.S. customers to leave.

Dear Client

As part of our commitment at FxPro to being transparent and supportive of our clients, and making sure you are informed of any important business developments, we are now writing to all of you with an update about a strategic business decision we have made about the provision of services.

Since the launch of our business, FxPro has developed good business with clients across the globe, in over 120 countries. We are proud of this achievement, as we are in the ability to serve you in 10 languages, with platforms that operate in 17 more besides, and a Customer Support team that cares about delivering quality of service to each and every one of you.

For some time now we have recognised that the majority of you, our clients, are resident across the European Union countries and our emerging markets. Our growth in these particular markets has become one of our core strengths. We have therefore decided to focus our business solely within these geographies and clients who reside within them.

According to our records, you have been identified as being a resident of the United States of America and for all of our clients who are currently residing in the US, we recognise the importance of this decision to you and we apologise for any inconvenience this development may cause you. However, in order to make every effort to treat all clients fairly during this decision and to reduce any impact on your trading activity we wish to give you a full three-month notice period prior to implementation, therefore allowing you sufficient time to wind down your trading activity, and manage your portfolios successfully.




Gayness.

Ok, Here's the first official notice I have received from them

Dear Client
As part of our commitment at FxPro to being transparent and supportive of our clients, and making sure you are informed of any important business developments, we are now writing to all of you with an update about a strategic business decision we have made about the provision of services.
Since the launch of our business, FxPro has developed good business with clients across the globe, in over 120 countries. We are proud of this achievement, as we are in the ability to serve you in 10 languages, with platforms that operate in 17 more besides, and a Customer Support team that cares about delivering quality of service to each and every one of you.
For some time now we have recognised that the majority of you, our clients, are resident across the European Union countries and our emerging markets. Our growth in these particular markets has become one of our core strengths. We have therefore decided to focus our business solely within these geographies and clients who reside within them.
According to our records, you have been identified as being a resident of the United States of America and for all of our clients who are currently residing in the US, we recognise the importance of this decision to you and we apologise for any inconvenience this development may cause you. However, in order to make every effort to treat all clients fairly during this decision and to reduce any impact on your trading activity we wish to give you a full three-month notice period prior to implementation, therefore allowing you sufficient time to wind down your trading activity, and manage your portfolios successfully.

Procedure for managing existing Accounts:
This applies to all Trading Accounts which belong to US Resident Clients
At the closing of the day of the 25th January 2010 (00:00 Server Time) all affected Trading Accounts are expected to have NO Open Positions. At the same time ALL Pending Orders will be cancelled, and All Open Positions will be automatically closed at that time at the last available price.
After the 25th January 2010, the status of these Trading Accounts will be set to “Read Only” in the MT4 Trading Platform, meaning that NO Trading activity can be performed, but fully accessible for reference and historical analysis. On January 26th 2010, all remaining funds in the accounts will be refunded to the original source.
If you have received this communication in error and are not a U.S. resident we strongly urge you to contact our Backoffice department, [email protected] who will guide and assist you accordingly.
Following this notice, we will subsequently send out reminder notices by email to US resident FxPro traders only, two months’ prior and one month prior to 25 January 2010.
Thank you for taking the time to read this update.
Vincent Lee
Head of Customer Support

"They didn't mention anything about asking existing U.S. customers to leave."
I think FXmobster,that you can safely assume your days of trading Forex thru FXPro.com are numbered? Sad,really. I think what they are trying to say is that they no longer want to deal with our government and its fiscal policies? Who would? USA B.S. nearly wrecked the world economy. We are reaping what our government has sowed. The "Bush" debacle will haunt this country for generations and the world at large may never let us forget his blundering. OH woe is my Forex career! I really liked FXPro.com too.

I like them too!

But I hate that they can't be honest about the real reasons behind this.

Anyone know of other non usa mt4 brokers that offer mobile trading and withdraw funds with a debit card they provide?

Below is an email I received from FxPro today. Not sure why they are not telling me the truth. I asked them specifically if I would be asked to close my account. I also hear that FXCM UK is reducing the maximum amount of leverage. Is this the beginning of countrywide regulatory reform? Can we kiss 200:1 + leverage goodbye for good??? This is ridiculous. Why does the new rule not affect the Euro FX futures contract? My futures broker only requires $500 margin to trade the Euro FX futures contract which is 125k worth of currency, $12.50 per pip. I see no reason why they should be singling out forex brokers and not futures brokers and they are registered with the NFA as well. Looks like us forex traders are getting the boot.



Dear Client

Thank you for your email.

Hopefully it will arrive today but sometimes a bank wire can take 7 working days.

I cannot foresee any problems with you trading with us as a US citizen.

If you require any further advice on this matter please feel free to contact me directly via email on [email protected] or by telephone on +357 25 969 226.

Thomas Selby,

Sales Department

FxPro

well, you guys were right, they just confirmed what you had posted below. I cannot believe they didn't tell me this before I funded the account. This is unreal. I just tried placing a trade with them and it took at least 10 seconds to get confirmation that the trade was successfully executed. Anyone else have this issue with them? Maybe it is because the servers are so far away???? I am now on the lookout AGAIN for another broker who offers at least 400:1 leverage and takes U.S. clients.