Analysis: DMM Becomes First Japanese Broker to Pass 600,000 Account Mark

The broker recently launched its cryptocurrency exchange 'DMM Bitcoin'.

With 85,241 new accounts added in the last 12 months, DMM.com Securities remains the biggest broker in Japan in terms of newly-opened FX accounts.

At the end of January 2018, the firm was maintaining 643,927 FX accounts, surpassing the next most-successful Japanese broker by 112,734. At the same time, DMM.com Securities became the first and the only FX broker in Japan to hold more than 600,000 active accounts.

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According to Finance Magnates Intelligence, the broker ranking after DMM.com Securities had 531,193 accounts open, one of three with more than 500,000. Together, the number of open accounts at the top 10 Japanese brokers has grown by 7.4 percent when compared with January 2017.

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Recently DMM.com Securities has been forcing its way into the cryptocurrency arena too. As reported by Finance Magnates in 2017, DMM plans to create and develop a mining operation that will rank in the top three of the world’s mining farm companies.

In January 2018 the broker officially launched its cryptocurrency exchange ‘DMM Bitcoin’. The new exchange will initially offer seven cryptocurrencies, combining to make up fourteen currency pairs. The platform will feature Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ethereum classic (ETC), Nem (XEM), Bitcoin Cash (BCH), and Ripple (XRP). At first, each of the aforementioned virtual currencies will trade against the Japanese yen, in addition to the following crypto-based currency pairs: ETH/BTC, ETC/ETH, XEM/BTC, XRP/BTC, LTC/BTC, ETC/BTC and BCH/BTC.

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