Draft:FOREX.com
Submission declined on 10 May 2023 by Alpha3031 (talk).
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| Submission declined on 14 March 2023 by AngusWOOF (talk). This draft's references do not show that the subject qualifies for a Wikipedia article. In summary, the draft needs multiple published sources that are:
The proposed article does not have sufficient content to require an article of its own, but it could be merged into the existing article at GAIN Capital. Since anyone can edit Wikipedia, you are welcome to add that information yourself. Thank you. Declined by AngusWOOF 14 months ago. | |
Comment: Generally suggest avoiding use of wire services. Please see Examples of trivial coverage in the guideline also. Please also see WP:THREE — limiting the sources to those few best ones for which it is immediately obvious they meet the criteria will allow reviewers to process articles faster, thereby improving the chances of a speedy review, both in general and for your submission specifically. Alpha3031 (t • c) 12:55, 10 May 2023 (UTC)
- Comment: Please show better external news sourcing that shows independent notability from the parent company AngusW🐶🐶F (bark • sniff) 17:15, 14 March 2023 (UTC)
 | A major contributor to this article appears to have a close connection with its subject. |
| Company type | Subsidiary |
|---|---|
| Industry | Financial services |
| Founded | 2001 |
| Headquarters | , |
Key people |
|
| Services | |
| Revenue |  US$64.38 billion (2023)..[1] |
| US$234.8 million (2023)[2] | |
Number of employees | 3,600+ |
| Parent | StoneX Group Inc. |
| Website | FOREX.com |
FOREX.com is a global provider of online trading services including foreign exchange worldwide, contracts for difference (CFDs) outside of the US, and unleveraged gold and silver inside the US. The company is a subsidiary of the Nasdaq-listed StoneX Group (SNEX).
While FOREX.com’s offerings vary by region, its primary offering is online foreign currency exchange trading (referred to as “forex” or “forex trading”).
The foreign exchange broker currently has affiliates and partners in over 140 countries and more than 420,000 customers.[3]. It is the largest provider of retail FX in the United States[4] and provides trading through its proprietary trading platform, TradingView, and MetaTrader 4[5]. FOREX.com also provides MetaTrader 5 in China, Canada, and select global markets.
FOREX.com was originally a GAIN Capital brand, but changed ownership when GAIN was acquired by StoneX in February 2020. FOREX.com is the most prominent of several retail trading brands owned by StoneX in large part due to its domain name marketing power, a form of digital marketing that involves including a product or service in a company's domain name to boost prominence in search engine queries[6].
History[edit]
Founding and early years (2001 - 2008)[edit]
FOREX.com was founded in 2001 as part of GAIN Capital Holdings. The company gained early success in part due to owning the user-friendly domain FOREX.com, and its success propelled GAIN Capital to be one of the earliest and largest developers of online forex trading. By 2006, GAIN Capital was ranked on the Deloitte Technology Fast 500[7] as one of the fastest-growing technology, media, telecommunications, and life sciences companies in North America.
Expansion (2009 - 2017)[edit]
In 2009 the company expanded into the UK, Europe, and Japan. In 2010 it further expanded its service to Australia. Also in 2010, FOREX.com’s parent company, GAIN Capital, went public via a float on the New York Stock Exchange (NYSE), but the IPO was scaled back[8] when the target price was not met. GAIN Capital reduced the number of shares offered by more than 18% when the price fell short of their $13 target. In 2012 FOREX.com expanded again, this time into Canada[9]
Throughout this time FOREX.com and its parent company GAIN Capital acquired several major competitors. In 2011 FOREX.com acquired dbFX[10], Deutsche Bank’s retail forex trading business. Then, in 2014 the company acquired UK-based rival City Index[11], which offers spread betting, FX, and CFD trading, for $118 million. In 2017 FOREX.com’s holding company GAIN Capital announced another acquisition, this time of FXCM’s US client base for a total of $7.2 million[12][13] after the company was barred by the CFTC and NFA from providing services for US-based clients.
In May 2017 FOREX.com announced a partnership with TradingView, a leading charting platform and database for user-generated trading scripts. The partnership also marked the release of FOREX.com's proprietary trading platform accessible directly on a client's web browser[14]
Recent developments (2018 - present)[edit]
In February 2020 GAIN Capital was acquired by StoneX Group Inc[15]. The all-cash acquisition[16] was approved by boards of both companies and worth about $236 million in equity value[17]. After the acquisitions, GAIN CEO Glenn Stevens stayed on as head of retail foreign exchange for all StoneX brands[18].
FOREX.com partnered with Capitalise.ai in October 2022 to integrate AI trading bots into the company's online platform[19], becoming one of the first FX brokerages offer automated trading assistance for free[20].
Operations[edit]
FOREX.com is a US-based company but has serviced over 420,000 customers in 18 countries across five different continents[21]. FOREX. has offices in New York City; Warren, New Jersey; London; Sydney; Hong Kong; Tokyo; Singapore; and Seoul.
FOREX.com is regulated by[22] the National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC) in the US, the Financial Conduct Authority (FCA) in the UK, the Investment Industry Regulatory Organization of Canada (IIROC), the Financial Services Agency (FSA) in Japan, the Monetary Authority of Singapore (MAS), the Australian Securities and Investments Commission (ASIC), the Cayman Islands Monetary Authority (CIMA), and the Cyprus Securities and Exchange Commission (CySEC).
Regulatory issues[edit]
In May 2008 FOREX.com’s parent company GAIN Capital was rebuked by the China Banking Regulatory Commission for directly soliciting forex trading services to Chinese residents through the internet without a permit. In response GAIN Capital stopped servicing Chinese clients between 2008 and 2010[23]
GAIN Capital was fined by the National Futures Association (NFA) in October 2010 for allegedly engaging in margin, liquidation, and slippage practice that benefitted the company at the customers’ expense. GAIN paid the $459,000 fine[24] and agreed to refund customers the amount of negative slippage experienced on trades placed between May 1 and July 31.
FOREX.com’s UK site was fined $490,000 in June 2020 after FOREX.com UK knowingly registered accounts of customers based in the US[25]. Additionally, many of these accounts were handled by an unregistered commodity trading advisor (CTA). The fraudulent activity of the unregistered CTA caused customers to lose approximately $280,000, and FOREX.com UK earned $241,671, which the business was forced to remit.
In the spring of 2022 FOREX.com received a $700,000 fine by the NFA[26][27]. Through the afternoon and evening from March 31 to April 1, traders using the FOREX.com platform were unable to see the current published price for 14 different currency pairs while still able to place stop and limit orders. FOREX.com incurred almost $3 million in losses during this time. Afterwards, the business tried to negatively adjust the affected accounts to gain back the money lost, a move approved by Gain Capital CEO Alex Bobinski. This violated NFA compliance rules and Bobinski, along with Gain’s CCO, ignored emails from the NFA warning the brokerage of this violation.
References[edit]
- ^ "StoneX Group Inc. Reports Fiscal 2022 Fourth Quarter Financial Results". StoneX. Retrieved 29 June 2021.
- ^ "StoneX Group Inc. Reports Fiscal 2022 Fourth Quarter Financial Results". StoneX. Retrieved 29 June 2021.
- ^ "About Us - FOREX.com Timeline - FOREX.com US". www.forex.com. Retrieved 2023-03-14.
- ^ Fathi, abdelaziz (2022-07-12). "IG overtakes Interactive Brokers as US 4th largest retail FX broker". FinanceFeeds. Retrieved 2023-03-14.
- ^ "MetaTrader 4", Wikipedia, 2023-03-06, retrieved 2023-03-14
- ^ Allemann, Andrew (2011-02-22). "Hedge Fund Investor and Forex.com Owner Wins Domain Name Dispute". Domain Name Wire | Domain Name News. Retrieved 2023-03-17.
- ^ "2006 Technology Fast 500" (PDF). Retrieved 2023-03-14.
- ^ Li, Hao (2010-12-15). "Gain Capital (Forex.com) goes public with IPO, price below range". International Business Times. Retrieved 2023-03-14.
- ^ GAIN, Capital Holdings Inc. (2012-07-26). "FOREX.com Launches in Canada". www.newswire.ca. Retrieved 2023-03-17.
- ^ "Forex.com aquires dbFX". forexbrokerz.com. 2011-04-21. Retrieved 2023-03-14.
- ^ Agnew, Harriet (2014-10-31). "Spencer sells City Index to GAIN Capital". https://en.wikipedia.org/wiki/Financial_Times. Retrieved 2023-03-14.
- ^ Nikolova, Maria (2017-11-09). "GAIN Capital puts sum paid for FXCM US client accounts at $7.2m at end of Q3'2017". FinanceFeeds. Retrieved 2023-03-14.
- ^ Saks-McLeod, Andrew (August 4, 2017). "BREAKING: GAIN CAPITAL POISED TO GO ON M&A DRIVE AS CEO GLENN STEVENS HERALDS THE AMAZING DEAL IN ACQUIRING FXCM CUSTOMERS". Finance Feeds. Retrieved March 17, 2023.
- ^ Staff, LeapRate (2017-06-01). "GAIN Capital's Forex.com launches new HTML5 web trading platform". LeapRate. Retrieved 2023-03-17.
- ^ "StoneX Group Completes Acquisition of Forex.com". AtoZ Markets - Forex News & Trading Tools. Retrieved 2023-03-17.
- ^ "INTL FCStone to Acquire GAIN Capital in All-Cash Deal". Financial and Business News | Finance Magnates. 27 February 2020. Retrieved 2023-03-14.
- ^ "INTL FCStone Inc. Agrees to an All-cash Acquisition of GAIN Capital Holdings, Inc. at $6.00 Per Share". GlobeNewswire. 2020-02-27. Retrieved 2023-03-14.
- ^ Nikolova, Maria (2021-12-23). "Glenn Stevens buys more shares in StoneX". FX News Group. Retrieved 2023-03-17.
- ^ Bogdanova, Steffy (2022-10-14). "FOREX.com announces offering automated trading strategies with Capitalise.ai". LeapRate. Retrieved 2023-03-17.
- ^ Steves, Rick (October 14, 2022). "FOREX.COM ANNOUNCES FREE ACCESS TO CAPITALISE.AI'S AUTOMATED TRADING STRATEGIES". Finance Feeds. Retrieved March 17, 2023.
- ^ "About Us - FOREX.com Timeline - FOREX.com US". www.forex.com. Retrieved 2023-03-14.
- ^ "Regulation Policy and Funds Security - FOREX.com US". www.forex.com. Retrieved 2023-03-14.
- ^ IPOdesktop (2010-12-15). "GAIN Capital: Regulatory Problems Affect Revenue, Margins (NYSE:GCAP) | Seeking Alpha". seekingalpha.com. Retrieved 2023-03-14.
- ^ "NFA Case #: 10BCC00015". www.nfa.futures.org. 2010-10-27. Retrieved 2023-03-14.
- ^ Segal, Gerald (2020-06-09). "Forex.com UK hit with $490K fine for taking US customers". FX News Group. Retrieved 2023-03-17.
- ^ Fathi, Abdelaziz (December 8, 2022). "NFA FINES GAIN CAPITAL FOR DEDUCTING $3M FROM CUSTOMER ACCOUNTS". Finance Feeds. Retrieved March 17, 2023.
- ^ "NFA Fines GAIN Capital $700K for Compliance Violations". Financial and Business News | Finance Magnates. 9 December 2022. Retrieved 2023-03-17.
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