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FXCM US Exceeded 20,000 Active Forex Trading Accounts In Q3

Oct 25 2012
By
Forexbrokerz.com

Earlier today, Forexmagnates.com released a report on the US forex traders profitability during the third quarter of the year.  

 
To no surprise, FXCM is one of the very few brokers with significant growth during Q3. In the US, FXCM has attracted a significant number of new customers and with this, the total of their active accounts was increased by 833 to reach the impressive number of 20,017. In fact, the only other broker with more registered accounts is Oanda with 22,814 – but it is not amongst the three other US brokers who had an increase in the number of new accounts opened during the quarter: CityFX Pro, ILQ and Interactive Brokers. Objectively speaking CityFX Pro and ILQ shouldn’t even be on the same leaderboard with FXCM – these two brokers hold 676 and 830 accounts respectively, with growth that is insignificant. FXCM’s new traders account for approximately 32% of the active traders growth in the USA for the past three months
 
As we recently reported, this summer the US branch of FXCM registered a record amount of customer funds deposited - in August the amount of money kept in trading accounts by the broker’s customers has increased by over $112,569,289. The interest in the broker’s services is only logical, having in mind that it has recently decreased its spreads significantly – with the newly launched dealing desk execution model, the FXCM’s typical spread on EURUSD is now as low as 1.6 pips
 
Establishing and maintaining excellent trading conditions is not the only thing that makes FXCM so attractive for US traders. The broker has been investing a lot in technological development and forex education – during Q3 it introduced the NinjaTrader platform, and organized the FXCM Expo, where trading professional from all over the world had a chance to meet and share expertise. 
 
Naturally, in July 2012 the global market research group Investment Trends named FXCM “Number One Forex Education Provider”, and later on gave it the title “Number One in Overall Client Satisfaction”. 
 
And while we see FXCM develop further and further, other brokers decide to withdraw from the US market. It just became clear that Advanced Markets is not renewing its RFED license. Apparently, the broker only had 46 retail customers and I can imagine that it simply didn’t make sense to go through all the hassle of renewing its authorization. 
 

About FXCM Inc.

 
FXCM Inc. (NYSE: 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: FXCM  forex spread  dealing desk trading  ILQ  Oanda  forex account  forex expo  NinjaTrader  Interactive 

More news about FXCM

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