CMS ceasing operations for retail traders | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

VTTrader: Cms 84 replies

VTTrader: Other platforms instead of CMS's VT 4 replies

VTTrader: Cms 46 replies

CMS Forex 12 replies

Any CMS-Forex traders out there ? 20 replies

CMS ceasing operations for retail traders

  • #1
  • First Post: Oct 9, 2010 1:13am Oct 9, 2010 1:13am
I AM REALLY F*****NG PISSED OFF.

OCTOBER 8, 2010 Dear Trader,

This letter is to notify you that Capital Market Services LLC (“CMS Forex”) will cease providing Foreign Exchange trading services to retail customers, effective October 15, 2010. In an effort to provide the highest quality of service to our existing customers, we have made arrangements to transfer the custody and clearing of your account to GAIN Capital Group, LLC (“FOREX.com”).


I am sick of these fcking scumbags chopping and changing all the time.

Just when I had a very profitable trading system made specifically on VT trader..


FUUUUUUUUUUUUUU!!!!!!!!!!!!!!!

Now I need to transfer money from Gain to a new broker as I don't know what platform they offer :| Worst day of my life....
  • #2
  • Oct 9, 2010 1:25am Oct 9, 2010 1:25am
Just got the same email! Damn I just deposited money into my account on Thursday...and now this. I believe in synchronicity, and am just going to withdraw everything and say goodbye to US Forex.

Canadian broker here I come! (At least my money will be insured). Questrade, Oanda (Canadian branch), I don't care.
  • #3
  • Oct 9, 2010 1:27am Oct 9, 2010 1:27am
Anyone know where VT trader is available? This is beyond stupid.
  • #4
  • Oct 9, 2010 1:38am Oct 9, 2010 1:38am
Quoting nahman
Anyone know where VT trader is available? This is beyond stupid.
AFAIK CMS was the only broker using this (awesome) software...I'll miss it.
  • #5
  • Oct 9, 2010 7:53am Oct 9, 2010 7:53am
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
CMS closing its doors forever??

If yes, this is the best news Ive ever got...
  • #6
  • Oct 9, 2010 9:37am Oct 9, 2010 9:37am
No, they're not closing their door. I heard they weren't accepting retail clients anymore. It as something to do with ongoing CFTC/NFA regulations.

I believe its more of a hassle these days to deal with retail clients and current regulations.

As a broker, offering their services to high worth clients (think of Citi and Saxo type places) and institutional clients, will enable to not to worry about regulations. They could be looking to follow the likes of CitiFx.

Not really surprising, I here next year many brokers may re-evaluate their current structure and make changes accordingly. In the future, I suspect more brokers to be along the lines of Interactive Brokers or Oanda, no in betweens.
  • #7
  • Oct 9, 2010 3:29pm Oct 9, 2010 3:29pm
What a sad day, Im really worried. For me trade forex without Vt Trader is like going to a war with a pillow as a weapon. I have an account with cms to be able to use vt trader only. Everything looks so simple and professional with VT trader and the rest are just bad jokes (believe me, I tested dozens of charting software).
I want to cry.
I just hope it affect cms us only, So that way I will open an account with cms uk or cms ru asap.
  • #8
  • Oct 9, 2010 5:25pm Oct 9, 2010 5:25pm
This is amazing.
The Todd - Frank bill, in sections 732 and 742, include the tools to destroy the trading landscape as we knew it.
The ones to pay the price are all retail traders in this country (unless you have dual citizenship and an available address abroad).
These senators are the same ones who pocketed 100,000's, if not millions in lobbying money from the banking industry and Wall Street.
We are heading straight on a two tier society.
The haves and the have nots.
The blocks put on the average Joe to make some extra money, should be considered, and prosecuted as criminal.
Welcome to the outcomes of a generation of corrupted, degenerate, and slickiest thieves in history (this includes this country, and several others accross the world)
Times for big changes, my friends.
  • #9
  • Oct 9, 2010 5:48pm Oct 9, 2010 5:48pm
Quoting fxvector#1
This is amazing.
The Todd - Frank bill, in sections 732 and 742, include the tools to destroy the trading landscape as we knew it.
The ones to pay the price are all retail traders in this country (unless you have dual citizenship and an available address abroad).
These senators are the same ones who pocketed 100,000's, if not millions in lobbying money from the banking industry and Wall Street.
We are heading straight on a two tier society.
The haves and the have nots.
The blocks put on the average Joe to make some extra money, should be considered,...

I agree with this, they need to be prosecuted for their acts as it looks like it is going to far. I just hope Dukascopy does not get the same idea and dump all retail clients as I wire money over to them already.
  • #10
  • Oct 9, 2010 6:23pm Oct 9, 2010 6:23pm
Quoting nahman
I AM REALLY F*****NG PISSED OFF.

OCTOBER 8, 2010...
You can use Ninjatrader with Forex.com/Gain
  • #11
  • Oct 9, 2010 8:43pm Oct 9, 2010 8:43pm
They cant make enough profit with the new rules? This is really confusing. Why would they do this?
  • #12
  • Oct 10, 2010 5:59am Oct 10, 2010 5:59am
Quoting vegetativ
What a sad day, Im really worried. For me trade forex without Vt Trader is like going to a war with a pillow as a weapon. I have an account with cms to be able to use vt trader only. Everything looks so simple and professional with VT trader and the rest are just bad jokes (believe me, I tested dozens of charting software).
I want to cry.
I just hope it affect cms us only, So that way I will open an account with cms uk or cms ru asap.
I had my account transferred from cms us to cms UK and I got the email from cms US : So I don't know what's the deal... I think it may affect both.
  • #13
  • Oct 10, 2010 6:50am Oct 10, 2010 6:50am
Quoting klrman
I agree with this, they need to be prosecuted for their acts as it looks like it is going to far. I just hope Dukascopy does not get the same idea and dump all retail clients as I wire money over to them already.
I hope so too, however Dukascopy is Swiss so I don't think they will buy into the madness.
  • #14
  • Oct 10, 2010 9:48am Oct 10, 2010 9:48am
Quoting torroray
You can use Ninjatrader with Forex.com/Gain
As of Oct. 18 you'll need to buy or lease a Ninjatrader license. It won't be free anymore. More fallout from the new CFTC rules.

http://www.ninjatrader-support2.com/...nouncement.php
  • #15
  • Oct 10, 2010 12:50pm Oct 10, 2010 12:50pm
Quoting fxvector#1
This is amazing.
The Todd - Frank bill, in sections 732 and 742, include the tools to destroy the trading landscape as we knew it.
The ones to pay the price are all retail traders in this country (unless you have dual citizenship and an available address abroad).
These senators are the same ones who pocketed 100,000's, if not millions in lobbying money from the banking industry and Wall Street.
We are heading straight on a two tier society.
The haves and the have nots.
The blocks put on the average Joe to make some extra money, should be...
Setup an offshore account then get somebody from say South-Africa to give you his residential address, water bill stuff. There are lots of loopholes.
  • #16
  • Oct 10, 2010 4:24pm Oct 10, 2010 4:24pm
They will close offices all around the world it's not possible to transfer account in another country.
  • #17
  • Oct 10, 2010 10:06pm Oct 10, 2010 10:06pm
I just do not understand how they can give us just ONE week to work this out. I will lose a lot of money on long term positions I have built because of the new margin rules.

Is it right that if my margin was 200:1 and now will be 50:1 I have to come up with 4x times the margin I had with my open positions? So for example, say I had one standard lot opened my margin was $200 but now it will be $1000 for that standard lot?

I just cannot believe they are only giving us a week....if it was a month that would be much more fair to us. But I guess since we are not institutional clients they don't give a crap. What $@#%wits! I hope karma hunts them down and s#$ts on them too!

BTW...I never curse on forums...but I felt in this case it is a necessity!

Oh and I have a UK account and it seems it is affecting all accounts that are not institutional.
  • #18
  • Oct 10, 2010 10:10pm Oct 10, 2010 10:10pm
Quoting forexstrah
I just do not understand how they can give us just ONE week to work this out....
I agree. A one week notice to their customers does suck. I would have expected more from a reputable broker.
  • #19
  • Edited 10:30pm Oct 10, 2010 10:26pm | Edited 10:30pm
Also....how can they transfer international accounts to a US company...wouldn't they need to transfer the accounts to a company in the same area as the original account.....for example, my UK account would need to be transferred to another UK account?

I am so angry. I just cannot believe them.

This would not be a problem if they would move my account to another broker in the UK...its the new crap in the US that is going to #$@* up my world.
  • #20
  • Oct 10, 2010 11:34pm Oct 10, 2010 11:34pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting Jhig
I agree. A one week notice to their customers does suck. I would have expected more from a reputable broker.
A reputable broker???

They sucked from the beginning til the end... just one Russian scam broker less.

Hallelujah, they are history
1 trader viewing now