FXCM to Acquire IBFX MT4 Retail Forex Accounts
Regular readers will recall that we reported back in 2011 that IBFX had been acquired by TradeStation, itself part of the Japanese Monex Group. Now it looks as though Monex has finished its brief excursion into MetaTrader land. I've received several emails announcing the news summarised in today's headline. According to FXCM's news release:
FXCM Holdings LLC, has signed a definitive agreement with IBFX, Inc. and IBFX Australia Pty Ltd to acquire their U.S. and Australian MetaTrader 4 retail forex accounts.
FXCM will be acquiring approximately $63 million in client equity and 13,000 accounts.
Financial terms of the transaction were not disclosed at this time.
Meanwhile I also received an email from IBFX advising me that:
IBFX Australia Pty Ltd. recently agreed to transfer your current IBFX “MT4” account to FXCM Australia Ltd. The transfer is scheduled to take place beginning the weekend of September 19, 2014. FXCM holds an Australian Financial Service (“AFS”) license issued by the Australian Securities and Investments Commission (ASFL No. 309763).
If you have no objection to the transfer of your account to FXCM, then no action is required. You have the right to opt out of the transfer, but because IBFX has made a business decision no longer to service individual MT4 online platform accounts, if you do opt out, then on September 19, 2014 all open positions in your account will be liquidated via market orders and, once that has been completed, appropriate steps will be taken to close your account.
Meanwhile FXCM Australia Limited sent me an email referring me to their "IBFX Transfer Center", which tells me that:
FXCM is transferring clients to No Dealing Desk with lower spreads plus a commission.
Nano Lots on open positions will be closed at market price. Please manage nano lots accordingly. The smallest lot offered by FXCM will be Micro (1k) lots through our No-Dealing Desk Execution.
Since the existence of nano lots was the sole reason that I originally opened an IBFX account it sounds as though my best option will be to object to FXCM's generous offer!