Gain Capital Is Set to Become the Biggest U.S. Retail FX Provider
- About 40,000 FXCM client accounts to move to Gain this weekend
- FXCM withdraws from U.S. after $7 million fraud penalty
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Gain Capital Holdings Inc. said it’s poised to become the U.S.’s biggest retail foreign-exchange provider this weekend.
The company will add about 40,000 customer accounts from rival Forex Capital Markets LLC, which is exiting the U.S. market after it was fined $7 million for fraud and co-founders Dror “Drew” Niv and William Ahdout resigned. The accounts will close Friday and reopen Sunday, with Gain paying FXCM a blended rate of about $375 per account, according to Gain, which currently has about 23,000 U.S. accounts.