After several years of speculation, FXDirectDealer (FXDD) has finally struck a deal with a major US online FX broker. There was wide speculation that such a deal would ever come about but yesterday, as first reported by Forex Magnets, FXCM announced that it would be taking over all of FXDD's American client accounts.
FXCM was one of the two US online FX brokers that were mentioned as possible takeovers. The other one was OANDA.
FXDD is headquartered in Malta, and employs a diverse workforce of over 180 Forex specialists fluent in 13 languages. FXDD was awarded the most Trusted Forex Broker Europe in 2012.
Despite having encountered several problems with the National Futures Association which has been working hard to eliminate the growing number of FX brokers that have prospered within the last few years in the US, FXDD seems to have weathered the storm and has emerged whole until now.
FXCM, or Foreign Exchange Market, is a leading online Forex trader and CFD broker. Based in New York, FXCM is a licensed Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) with the Commodity Futures Trading Commission (CFTC). It is a member of the National Futures Association (NFA).
FXCM was the first Forex broker in the US to go public and start trading on the NYSE in December 2010. FXCM has been continuously expanding its scope. In September, 2013, it assumed the accounts of Alpari USA and in March, 2014 it purchased the majority of the foreign exchange intelligence company, Faros Trading LLC.
The FXDD acquisition by FXCM is another in the continuous wave of takeovers sweeping the US trading world. At the end of 2013, Gain Capital acquired GFT, a retail Forex and derivatives trader with offices in London, Singapore, Tokyo, Sydney and Grand Rapids, Michigan.