The website of UK Forex broker GFT today emerged with an announcement about the pending transfer of the company’s clients to City Index, which was acquired by Forex giant Gain Capital Holdings Inc (NYSE:GCAP) in October last year for $118 million.
GFT explains that it is this acquisition that has prompted the move of the clients to City Index.
When will the shift happen?
After the US market close at 10pm GMT on Friday 28th August existing GFT account(s) will be disabled.
Prior to market open at 10pm GMT on Sunday 30th August accounts, positions and balance will automatically be transferred into the new City Index Advantage or MetaTrader Account.
Traders’ accounts, including their open positions, orders and account funds will be transferred to City Index. Any open positions will be moved and re-established at the original open rate and no profit or loss will be realised.
Who will be affected?
Traders using the MT4 platform will continue to trade on the MT4 platform with CityIndex. Those who use Dealbook will be able to use the Advantage suite of products.
Transfer of funds
GFT will transfer traders’ funds from GFT Markets, a trading name of GAIN Capital – FOREX.com UK Limited, to City Index, a trading name of GAIN Capital UK Ltd.
Do traders have to do anything?
They will have to agree with new Terms&Conditions, with GFT keeping them updated about the steps of the migration process.
Account closure
If you do not want to transfer your account to City Index, you must terminate your GFT account and withdraw any remaining funds before the 28th of August by following these steps:
• Please call GFT on +44 (0) 20 7170 0770 and/or email [email protected] to inform the company that you intend to terminate your account.
• Close any open positions and withdraw your funds by completing a funds request form by the 28th August 2015.
To find out more about the clients’ move, click here.