I am not planning to move accounts (for now) and am waiting to see what new regulations come out to prevent future MFGlobal and PFG thefts. As of 7/31, OEC now has over $100 million in customer funds, a new record for them.
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Sept. 12, 2012 email:
GAIN Capital Holdings, Inc. Completes Acquisition of Open E Cry, LLC
Customer Announcement
GAIN Capital Holdings, Inc. (NYSE: GCAP; “the Company”), a global provider of online trading services, has completed its previously announced purchase of Open E Cry, LLC (“OEC”), an online futures broker, from optionsXpress Holdings, Inc. a subsidiary of The Charles Schwab Corporation.
The acquisition of OEC adds futures and exchange traded options to GAIN’s core forex trading offering, in keeping with the Company’s strategy to diversify its product offerings and grow its commission-based revenue sources.
“We are pleased to have completed this transaction in a timely manner and look forward to offering our retail and institutional customers OEC’s broad range of futures and related exchange-traded market products,” said Glenn Stevens, CEO of GAIN Capital. “OEC has a successful track record of growth and we believe there are significant opportunities to further develop and grow its business, as well as potential synergies to achieve greater operating efficiency.”
19 hours ago
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I highly-highly recommend you split your account in half and use 2 brokers. There will be NO warnings if something goes wrong.
ReplyDeleteUnless your 50k is a very small portion of your risk capital, that's too much to put on the line with one broker. Don't count on new regulations to come around after the last two failures.
Looking forward to seeing you back in the game soon!
I agree split your account, I was just almost wiped out by PFG. It was only having money elsewhere that saved me, in other words I did not have it all in one place. There are going to be more of these types of things happen in my opinion. Have you looked at the Atlas or Rapid Ratings of the acquiring firm to see where they rank? If not do so, go to the CCC website, you can get a free view of them for a short duration through a promotion they have going.
ReplyDeleteThanks for posting my blog on your list, I do notice some people come to mine as a result.
Thanks guys. I hear ya!
ReplyDeleteChris, thanks for info too. I found the info here but have not been able to get free access to Rapid Ratings yet. Hope they answer my email soon.
You're welcome on the blog listing - you have a very good blog!!