GFT closes doors on U.S. retail forex business

According to an announcement made on GFT’s website, the firm has decided to close its U.S. and Japan retail forex trading operations, and will focus on its institutional trading business in the U.S. and globally. In comments made by CEO Gary Tilkin to Forex Magnates, the U.S. accounts are being transferred to TD Ameritrade and the Japan accounts are being transferred to a partner in Japan.

Here is the announcement made on the GFT website:

GFT has made the difficult business decision to cease supporting U.S. retail forex trading; rather, we are focusing on our institutional relationships which exist in the U.S and globally. As part of this decision, all U.S. retail forex customers have been placed on a position closing only basis as of 7 PM EST, Sunday December 2, 2012. We understand that this is an inconvenience for you, so we are working to make arrangements with one of our high quality institutional partners to accept the GFT U.S. retail forex accounts. We expect that your forex account will return to its normal status soon so that you can continue trading forex markets normally.

Please note that your forex trading experience will remain the same after this transition. Account holders will receive additional communications from GFT in the future to continue to provide more information to you about this transition. Please contact GFT Customer Service at: 800 465-4363 or 616 956-9273 with any questions.

Again, we apologize for the inconvenience this may have caused you this evening, but we believe this is the best course of action for both you, our customer, and GFT.

 

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