Due to the looming Brexit deadline, FXCM, a reputable spread betting, CFDs, and forex broker, becomes the first broker to announce that they are temporarily shutting the door and not accepting customers from the EU. FXCM have been in the industry for 20 years and made this decision to be fully compliant and responsible.
In the company statement:
“In December FXCM will be transitioning our European business to a new regulated entity. As a result of this regulatory change we will be unable to accept EU traffic via our affiliate program for the next few weeks of December. We will look to re-enable and accept European traffic in early 2021.
What does this mean for you? FXCM will be disabling EU links and unable to accept customers from the below countries after Monday 14th December 2020 until early 2021.
List of countries: France, Germany, Italy, Spain, Greece, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, Hungary, Ireland, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Sweden.
All other business for traffic from geographies outside Europe including the UK can proceed as usual and will be accepted.”
The company didn’t clarify how existing EU customers would be affected by this change. Please feel free to contact FXCM for futher clarifications if you think your trading account might be in risk.
Even after Brexit, Financial Conduct Authority (FCA UK) will remain one of the most respected financial authorites in the world and will make sure financial companies comply with its strict regulations no matter where they are from.