Forex Deposits from EU and Middle East Lead the Way in December

The Finance Magnates Business Intelligence department has come out with the latest details on the size of Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term deposits worldwide. The data shows that despite the recent regulatory clampdown, the industry is very much relying on European Union member countries.

Aside from Europe, we are also seeing a substantial increase in activity from countries in the Middle East - Israel, the UAE and Qatar are all in the top 5 in December. The research and analysis work conducted for preparing this index was powered by the retention automation firm Cpattern.

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The FM index recorded the top ten average deposits and the average first time deposits at forex brokers during December, adjusted for GDP per capita.

This normalized version of the FM index shows that African countries were also quite important for the industry during the final month of 2016. Kenya, Lesotho and Botswana were all in the top 10 for first time deposits.

Many of the top 10 are of EU member states - Spain, France, the Netherlands, the UK and Germany. Companies appear to have preemptively targeted French and Dutch residents due to the impending advertising ban in these countries.

First Time Deposits

The average first time deposits data shows us an even bigger surprise - Israel is leading the top 10. This happens just as the country has formally introduced legislation that is going to forbid the marketing of products in and outside of the country for unregulated brokers. The steep changes to the Israeli industry are likely to affect future data releases materially.

Notably, we see three countries from Latin America in this section - Ecuador, Brazil and Costa Rica. The challenges for the industry in this region, mainly related to payment processing, appear to be diminishing.

FM Business Intelligence

This is the latest publication from the FM Indices – a new cross-industry benchmark created with a methodological formula that matriculates data from three main sources: insider information, our unique database and technological BI tools.

In today’s business world, big-data analysis and access to objective information sources are crucial to success. Until now it has been very difficult and costly, if possible at all, to find any reliable benchmarks for operations in social, FX, binary options and CFDs trading.

For this reason, the Finance Magnates Intelligence Department has launched a new project, creating a set of indices encompassing various aspects of the Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term industry. These indices will provide you with unique data points gathered by our analysts that will serve as a valuable knowledge base for your decision making.