Gain Capital has announced the Beta launch of ForeignExchange.com, its new international money transfer service, in the UK market.
The firm says the site “meets the growing need for cheaper, easier and trusted online services for international money transfers” and supports 26 currency pairs across over 200 countries.
Gain adds that the site offers “competitive” exchange rates and no transfer fees, and says savings of up to 80 percent are available compared to prices typically offered by banks. Transfers between European countries are usually received within one business day, and two business days for all other countries, it adds.
FXCM’s forced exit from the US leaves only two major retail OTC FX-focused brokerages in the market. Galen Stops talks to the CEOs of these firms about what this means for the industry.
“The retail foreign exchange market has suffered a less than exemplary reputation for some time now,” concedes Vatsa Narasimha, CEO of Oanda.
The latest blow to the industry’s reputation comes as the US Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) concluded that FXCM had defrauded its US customers, ordering it to withdraw from doing business in the country and fining the firm and its founding partners a total of $7 million.
Gain Capital has announced the launch of a new money transfer service on its forex.com brand.
The firm says the new service, which enables individuals and businesses to send money in 26 currencies to over 200 countries via their desktop, tablet or mobile device, features “highly-competitive exchange rates, fast transfer times and free priority services”.
The service offers instant rate quotes and transfer times of under 24 hours within the EU and 24-48 hours in most other regions, it adds.
Gain Capital has joined the growing ranks of retail FX brokers offering Bitcoin trading, with the launch of the functionality on its City Index platform, the company's FCA regulated service in the UK.
Customers are able to trade the cryptocurrency as either a spread bet or a CFD (contract for difference) – Gain says that it has established liquidity relationships with multiple Bitcoin exchanges, which it uses to create a volume-weighted average price that it claims is “reliable and transparent”.
Deutsche Börse has further built out its OTC FX business with the announcement that its 360T unit, which is responsible for foreign exchange at the firm, has agreed to acquire the GTX ECN business from Gain Capital for $100 million – the deal is expected to close in the second quarter of 2018. The exchange group says, to reflect the importance of the GTX brand and its place in the 360T product suite, the company will be renamed to 360TGTX.
Gain Capital has deployed Eventus Systems’ cloud-based version of its Validus platform to manage the market surveillance programme for its futures operation.
Gain operates as a non-clearing futures commission merchant (FCM), which connects to exchanges and its clearing firm through CQG, a provider of trading, market data and technical analysis tools. As a CQG FCM partner, Gain offers CQG’s suite of trading tools to its customers, administered through CQG’s Customer Account Service Tool, for control over account set-ups, risk settings and other matters.
Retail FX brokerage firm FXTM has appointed Nicholas Scott as head of product development. The firm says he will be responsible for leading the company in the research, management and delivery of its digital user experiences.
Scott has previously held roles in the marketing, strategy and product teams of several companies, including LMAX Exchange and Gain Capital. He joins FXTM following his time as senior director of digital investing at Gain.
FXTM says the establishment of a dedicated product development team with Scott at the helm “strategically positions the company for further expansion into 2019”.