Although this announcement comes a bit late, we've decided that it's better late than never, right? Considering the number of FX Solutions reviews that remain on the internet, traders looking for a new broker should be aware that FX Solutions has exited the retail Forex market as of March 1, 2013. The company has transferred its 3,700 accounts to Gain Capital (the parent company of Forex.com) which had previously acquired several accounts from GFT when it unexpectedly exited the US market.
With under 5,000 retail trading accounts and rising regulatory expenses in the United States, it's not entirely surprising that the company has opted to leave the retail Forex trading arena. A month before its official exit FXSol announced that it won't be taking any new US customers. What many traders may not know is that the brand is owned by City Index owns FX Solutions, the body that is ultimately responsible for pulling the plug on the losing US operation.
According to a recently published US Forex traders profitability report for Q4 2012, there were only 11 Forex brokers left in the US - after FXSol's departure, only 10 remain, including industry giants such as FXCM and Forex.com which are among the few companies that can continue to pay the fees associated with US regulation and other associated fees. With so few Forex brokers left in the US, the options that are available to American Forex traders has become very limited. Combined with strict rules like FIFO and the proposed credit card ban the industry will continue to shrink costing the US public thousands of jobs and billions in potential income.