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FXCM: America's Top Forex Broker

Late last week the Australian research company Investment Trends announced to the media that it has completed a comprehensive report on the U.S. retail forex market. 

 
In order to figure out what's what on that scene, in March and April this year Investment Trends surveyed close to 12,000 retail investors (let's hope they didn't lie on their questionnaires; kidding!). 
 
According to the research, American traders have a favorite broker, and that's – not surprisingly – FXCM, one of the forex giants not only in the USA but also worldwide, with 26% of interviewed traders putting the broker on top of the “Overall satisfaction” list. FXCM also ranked best in the customer service and educational resources departments (frankly, I have never been too impressed by the broker's customer care reps but I guess they do what they're supposed to). 
 
There one more leaderboard that FXCM is heading: the size one; take a look at the five biggest brokers in the U.S.: 
 
1. FXCM
3. OANDA
4. FXDD
 
To rank them, traders had to evaluate their brokers based on a complex mix of criteria, featuring 21 areas such as functionality, service, and price. What's interesting to note here is that 88% of the investors who took part in the survey claimed that they are happy with their brokerage house, and rated it positively, and a mere 2% gave their brokers a poor rating. When you think about it, this makes a lot of sens: we are speaking of a very limited market here, and brokers are going that extra mile to make sure their clients are satisfied with what they get.  
 
 

The U.S. forex market: the most mobile forex market worldwide

 
According to Investment Trends, 115,000 Americans traded forex at least once in the period April 2012 – April 2013, which accounts for a decent market – however this number also speaks of a low level of adoption relative to the adult population of the country – only 0.05%. For comparison, this percentage is 0.31% in Australia, and 0.15% in the United Kingdom. 
 
What's peculiar, though, is that the USA takes the lead when it comes to mobile trading: according to Investment Trends, over 60% of the American traders trade from a mobile phone and/or tablet. This level of mobile trading adoption is incredibly high, given that on a global scale only 10% of trading is carried out through a mobile device. 
 
Most of the traders who tool part in the survey admitted that they would mainly use mobile trading apps to monitor their accounts but the number of people who actually place orders is increasing. 
 
 

About FXCM

 
FXCM is a global online provider of foreign exchange (forex) trading and related services to retail and institutional customers world-wide.
 
At the heart of FXCM's client offering is No Dealing Desk forex trading. Clients benefit from FXCM's large network of forex liquidity providers enabling FXCM to offer competitive spreads on major currency pairs. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts.
 
FXCM's U.K. subsidiary, Forex Capital Markets Limited, also offers CFD products with no re-quote trading and allows clients to trade oil, gold, silver and stock indices along with forex on one platform. In addition, FXCM offers educational courses on forex trading and provides free news and market research through DailyFX.com.
TAGS: forex  forex broker  forex trading  forex survey  US retail forex market  retail forex  Investment Trends  FXCM 

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