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Forex.com Climbs to Top 3 of Brokers with Most Retail Forex Accounts Held

Jan 15 2013
By
Forexbrokerz.com

Earlier today ForexMagnates.com released the data for the US spot forex profitability in Q4 of 2012. With GFT having exited that particular market, the number of retail brokers offering services in the USA is down to 11, and they seem to be doing ok but definitely not great. 

 
Only three brokers managed to register an increase in the number of active accounts held with them: Gain Capital's Forex.com, FXCM and the institutional ILQ – and the 8,000+ that Forex.com acquired from GFT are not even factored in. 
 
Oanda remains on top of the account number leader board with a total of 21,704 accounts, even though it lost approximately 1,100 accounts between Q3 and Q4 of 2012. It is followed by FXCM's 20,379 accounts, and Forex.com with 10,556 (please note that as I said, the GFT accounts took over by Forex.com are not included in this number; technically, for the time being Interactive Brokers lead Forex.com by about 40 accounts). Given that the American spot forex market currently caters to a little over 89,000 active traders, and that there has been very little happening with retail forex in terms of volatility in 2012, I say that these numbers are pretty good. 
 
Here is the full data released: 
* Does not include the accounts taken over from GFT. 
 
Forex.com's jump is quite a significant one – in Q3 of 2012, it held the fifth spot in number of accounts – but it is consistent with the broker's effort to power up its retail division. When Gain Capital released its operational data at the end of Q3, it became clear that there is a problem there – unlike the institutional side of the business that was doing exceptionally well, the retail forex operations were almost stuck. 
 
To change this, Gain Capital focused on improving its offering by introducing the TRADE CFD trading platform and by acquiring the Open E Cry online futures platform, as well as by launching a rebate program. All this must have paid out, because it seems things are looking up for Forex.com. I am now looking forward to the broker releasing its data for Q4 of 2012 to find out more. Stay tuned.
 
 

About GAIN Capital

 
GAIN Capital Holdings, Inc. (NYSE: GCAP) is a global provider of online trading services. GAIN’s innovative trading technology provides market access and highly automated trade execution services across multiple asset classes, including foreign exchange (forex or FX), contracts for difference (CFDs) and exchange-based products, to a diverse client base of retail and institutional investors.
 
Through our retail brand, FOREX.com, we provide retail traders around the world with access to a variety of global OTC financial markets, including forex, precious metals and CFDs on commodities and indices. GAIN Capital also operates GTX, a fully independent FX ECN for hedge funds and institutions; OEC, an innovative online futures broker; and GAIN Securities, Inc. (member FINRA/SIPC) a licensed U.S. broker-dealer.
 
GAIN Capital and its affiliates have offices in New York City; Bedminster, New Jersey; London; Sydney; Hong Kong; Tokyo; Singapore; Beijing; and Seoul.
TAGS: Forex.com  retail forex  US forex market  Forex.com  FXCM  ILQ  Oanda  GFT  CFD  trading platform  institutional forex 

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