America loses another retail forex broker – Forex Club to focus on ...
by Michael Greenberg at Forex Magnates
Thanks to considerable regulatory efforts making it extremely difficult for forex brokers to operate in the US the number of forex brokers keeps going down. Forex Club today announced to its employees that it is going to downgrade its license to FCM, basically meaning it will no longer be an RFED and will not be accepting retail forex traders directly. Forex Club will focus on institutional business and will probably partner as an IB with another RFED on retail business. As part of this focus change Michael Klena, formerly E*Trade, was appointed as US CEO. This is similar to the action taken by Easy Forex last year.