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When did e-trade stop trading forex?

E-Trade, one of the leading online brokerage firms, was once a major player in the forex market. The company offered its clients the ability to trade currencies through its advanced trading platform. However, in 2015, E-Trade made the decision to stop offering forex trading to its clients. This decision was surprising to many traders, as forex trading had been a popular feature of the platform for many years. In this article, we will explore the reasons behind E-Trade’s decision to stop trading forex.

E-Trade’s Decision to Stop Trading Forex

In 2015, E-Trade announced that it would no longer offer forex trading to its clients. The company cited a number of reasons for this decision, but the primary reason was the lack of interest from its clients. E-Trade conducted a survey of its clients and found that very few were actively trading forex. In fact, only about 2% of E-Trade’s clients were actively trading forex at the time.

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Another reason for the decision was the complexity of the forex market. Forex trading requires a high level of expertise and experience, and many of E-Trade’s clients did not have the necessary knowledge to trade currencies effectively. E-Trade realized that it was difficult to provide adequate support and education to its clients in this area.

Finally, E-Trade cited regulatory concerns as another reason for stopping forex trading. The forex market is highly regulated, and E-Trade felt that it was difficult to comply with all of the relevant regulations while still providing a good user experience for its clients.

What Happened to E-Trade’s Forex Traders?

When E-Trade announced that it would no longer offer forex trading, many of its clients were left wondering what would happen to their existing forex positions. E-Trade assured its clients that all existing forex positions would be liquidated by the end of the year, and that clients would receive any profits or losses from those trades.

E-Trade also provided its clients with several options for continuing to trade forex. Clients could transfer their accounts to another broker that offered forex trading, or they could convert their forex accounts to other types of accounts offered by E-Trade. For example, clients could convert their forex accounts to futures accounts or options accounts.

Impact of E-Trade’s Decision on the Forex Market

E-Trade’s decision to stop trading forex had a significant impact on the forex market. E-Trade was one of the largest online brokers offering forex trading, and its exit from the market left many traders looking for alternative brokers.

Many traders who had been using E-Trade for forex trading were forced to switch to other brokers. This led to increased competition among forex brokers, as they competed to attract E-Trade’s former clients. Some brokers even offered special deals and promotions to entice these traders to sign up with them.

The Bottom Line

E-Trade’s decision to stop trading forex was a surprise to many traders, but it was ultimately driven by a lack of interest from clients, the complexity of the forex market, and regulatory concerns. While the decision had a significant impact on the forex market, many traders were able to find alternative brokers to continue trading currencies. Today, there are many online brokers offering forex trading, and the market remains a popular choice for traders around the world.

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