FXCast, Oanda Release New Mobile Trading Platforms; FXCM Restructures

1. FXcast Pro Mobile

Good news for FXcast trading junkies out there. There’s no more need to be tethered to your PC or laptop! The company just launched FXcast Pro Mobile and FXcast Pro Mobile Smartphone Edition (SE). The apps will allow you to access your accounts and trade anytime and from anywhere in the world.

FXcast Pro Mobile is designed to run on pocket PCs with Windows Mobile OS while FXcast Pro Mobile (SE) is meant for smartphones with MS Windows Mobile. Not only do the apps allow full management of trade accounts, but they also provide you with the latest market news and charts with about 30 technical indicators. Fundamental and technical analysis on the go, anyone?

Learn more about it and download the apps here.

2. Oanda for the Blackberry

If you’re trading with Oanda and you have a BlackBerry, you’re also in luck! In addition to its other mobile applications, Oanda released OANDA fxTrade Mobile for BlackBerry just last week.

It’s best used with the 9000, 9650, and 9700 series, but it can also work with other models. Its features are pretty sweet. Besides being able to buy, sell, and set orders, the application also has multiple time frame charting capabilities. Yep, that’s right – you can setup custom-colored live-streaming charts on your BlackBerry!

The application is available to both live (fxTrade) and demo (fxGame) users. You can download the application here.

3. FXCM’s Restructuring Plans

For most forex brokers, the tough part in getting clients from all over the globe is having to conform with the local regulatory rules in different countries. FXCM Inc., for instance, is being questioned by regulatory firms in U.S., Canada, and Japan regarding the way the broker solicits clients and executes trades. Because of that, FXCM decided to come up with some plans to restructure.

In the U.S., the financial reform law requires FXCM’s U.S. customers to hold trade accounts only with a subsidiary overseen by the CFTC. To comply with that regulation, FXCM has to move some of its U.S. customer accounts to CFTC-regulated subsidiaries and freeze some accounts whose holders refused.

Meanwhile, Japan’s Financial Services Authority is requiring FXCM to revise its plan for soliciting retail customers. The broker is then thinking of moving some of their retail customers in Japan to subsidiaries overseen by another regulator. However, this move could be met with sanctions from Japan’s FSA or complaints from customers.

FXCM is undergoing a similar situation in two Canadian provinces, in which regulatory agencies are requiring information about the broker’s retail customers in the region. Now, FXCM is planning to conduct their business through registered investment dealers to help manage its customers, but then this action would cost FXCM some of its profits since they’d have to split their revenue with a third party.

Okaaaaaaaay, that’s about it this week. Don’t forget to check back here next week for the latest developments in the forex industry!