US broker FXCM expands its business with a major collaboration: E*TRADE is launching retail forex trading for its customer. Customers will get access markets as well as education and research via FXCM.
This is a major step in making forex more mainstream. Here are more details from the official press release:
E*TRADE LAUNCHES RETAIL FOREX TRADING
Access to Global Currency Markets, Research and Education through FXCM
NEW YORK, February 21, 2012 – E*TRADE Financial Corporation (NASDAQ: ETFC) and FXCM Inc., (NYSE: FXCM) announced today that E*TRADE FFX, LLC (“E*TRADE FX”) will now offer customers access to global currency markets, research and education through FXCM1, on the newly launched E*TRADE FX platform. E*TRADE FX customers will be able to trade seamlessly on the E*TRADE FX no-fee platform, which includes:
- Advanced Charting: customizable technical studies, analytics and indicators
- Quick Transfer: easily move funds between E*TRADE brokerage or bank accounts and forex accounts2
- News & Analysis: access to international financial news and a comprehensive economic calendar
- 56 Currency Pairs: choose from a variety of major and minor pairs
- Leverage3: up to 50:1 leverage for major pairs and 20:1 for minors
- Forex Trading Specialists: access to experienced forex professionals
- No Commissions4: competitive spreads and fair execution
- Free Trading Education: live in-person, on-line, and on-demand trading education
- Extended Trading Day: 24 hours-a-day, 5 days-a-week
- Practice Account: practice trading forex risk free with live data
“Forex trading offers investors and traders the opportunity to broaden and diversify their portfolios through access to a highly liquid global market,” said Christopher Larkin, head of Retail Trading and Client Services. “By offering industry-leading forex technology and educational resources we are providing investors at all levels with the ability to act on their opinions on global currencies and to incorporate ‘cash’ as an asset class into their portfolios in a new way.” “FXCM is an industry leader in FX technology and providing educational services. It was a natural fit for FXCM to provide these services to E*TRADE and its customer base,” said Drew Niv, CEO of FXCM. “We believe this is another step for the retail FX industry in becoming more mainstream and well-known, especially in the U.S.” To find out more information on the E*TRADE FX offering please visit: www.etrade.com/forex. 1Foreign exchange products are introduced by E*TRADE FFX, LLC (“E*TRADE FX”). E*TRADE FX is an Introducing Broker to Forex Capital Markets, LLC (“FXCM”). FXCM will hold the account and the respective funds and will act as the counterparty to foreign exchange trades. FXCM is not affiliated with E*TRADE FX or its affiliates. 2Quick Transfer will be available to E*TRADE FX customers on March 1, 2012. 3Leverage can dramatically amplify your profits. It can also just as dramatically amplify your losses. Trading foreign exchange with any level of leverage may not be suitable for all investors. 4Typically, foreign exchange costs are embedded in the spread. E*TRADE FX is an Introducing Broker and is compensated through a rebate for services from the spread between bid/ask prices.