The Q4 2013 US Retail Forex profitability report is out. Despite tame markets, US traders experienced a decline in profitable accounts while overall customer numbers contracted showing waning US interest for FX trading.
NFA member brokers have reported their Q4 2013 retail account numbers and profitability figures. During the quarter, 33.6% of US retail account holders registered profits, while 66.4% were in the red. The 33.6% figure compared negatively to 33.4% in Q3 2013. Also falling was the total number of US retail Forex accounts, which declined by 448 customers to 96,587 clients who placed trades during the quarter. The decline in profitability occurred as volumes and Volatility were also below Q3 levels.
(Correction: Chart has been updated as it previously showed CitiFX profitability declining 7% instead of rising.)
With individual brokers, once again, InteractiveBrokers(IB) has taken the top spot in terms of both number of accounts and most profitable customers, with 45.3% of clients in the black, easily edging in second place is CitiFX. IB also expanded its lead on FXCM as the US’s largest retail forex broker by number of accounts. During the quarter, IB added 1,176 accounts for a total of 24,935 customers, versus a 22,674 total at FXCM. Speaking of FXCM, the broker added 619 accounts during the quarter. The growth was most likely the result of the company’s assumption of Alpari’s US retail account base which took place at the end of September, with the majority of customers only beginning to place trades with FXCM in Q4. For reference, Alpari had 2013 accounts on record at the end of Q2 (Q3 results were unavailable from the broker).
Among other brokers, one of the most interesting ones is the performance being seen at OANDA. Typically among brokers with the most profitable customers, OANDA’s client performance has been steadily declining this year. Although ranked number three when compared to its peers, the broker’s 32.5% account profitability number has fallen from the 40.5% figure that was reported in Q4 2013 (see below). At the end of 2012, OANDA changed its trading conditions as it moved from fixed to dynamic spreads. Feedback from clients was mixed, with many customers complaining on OANDA’s trading forums of excessive slippage and stops getting triggered incorrectly. Responding to questions about the changes to Forex Magnates in early 2013, Courtney Gibson, Vice President of Trading at Oanda, stated to us that spreads are on average tighter as he said, “OANDA’s average spreads have decreased significantly on a time-weighted basis since we introduced the new algorithm.” Regardless of whether average spreads are indeed lower, the account profitability figures reflect that clients have been performing poorer since the trading changes took place.
Also of note is GAIN Capital. For the most part, GAIN’s FOREX.com US retail customers have been in the middle of the pack in terms of profitability. However, during 2013, performance has been on the decline, culminating in Q4’s data of only 27% of traders achieving profits during the quarter. The company’s US business has also experienced contraction between Q1 to Q4. Following a boost of account growth due to GAIN Capital acquiring GFT’s US customer base in Q1, at 10,819 accounts, client numbers are back towards their Q4 2012 pre-GFT level.
NFA member brokers have reported their Q4 2013 retail account numbers and profitability figures. During the quarter, 33.6% of US retail account holders registered profits, while 66.4% were in the red. The 33.6% figure compared negatively to 33.4% in Q3 2013. Also falling was the total number of US retail Forex accounts, which declined by 448 customers to 96,587 clients who placed trades during the quarter. The decline in profitability occurred as volumes and Volatility were also below Q3 levels.
(Correction: Chart has been updated as it previously showed CitiFX profitability declining 7% instead of rising.)
With individual brokers, once again, InteractiveBrokers(IB) has taken the top spot in terms of both number of accounts and most profitable customers, with 45.3% of clients in the black, easily edging in second place is CitiFX. IB also expanded its lead on FXCM as the US’s largest retail forex broker by number of accounts. During the quarter, IB added 1,176 accounts for a total of 24,935 customers, versus a 22,674 total at FXCM. Speaking of FXCM, the broker added 619 accounts during the quarter. The growth was most likely the result of the company’s assumption of Alpari’s US retail account base which took place at the end of September, with the majority of customers only beginning to place trades with FXCM in Q4. For reference, Alpari had 2013 accounts on record at the end of Q2 (Q3 results were unavailable from the broker).
Among other brokers, one of the most interesting ones is the performance being seen at OANDA. Typically among brokers with the most profitable customers, OANDA’s client performance has been steadily declining this year. Although ranked number three when compared to its peers, the broker’s 32.5% account profitability number has fallen from the 40.5% figure that was reported in Q4 2013 (see below). At the end of 2012, OANDA changed its trading conditions as it moved from fixed to dynamic spreads. Feedback from clients was mixed, with many customers complaining on OANDA’s trading forums of excessive slippage and stops getting triggered incorrectly. Responding to questions about the changes to Forex Magnates in early 2013, Courtney Gibson, Vice President of Trading at Oanda, stated to us that spreads are on average tighter as he said, “OANDA’s average spreads have decreased significantly on a time-weighted basis since we introduced the new algorithm.” Regardless of whether average spreads are indeed lower, the account profitability figures reflect that clients have been performing poorer since the trading changes took place.
Also of note is GAIN Capital. For the most part, GAIN’s FOREX.com US retail customers have been in the middle of the pack in terms of profitability. However, during 2013, performance has been on the decline, culminating in Q4’s data of only 27% of traders achieving profits during the quarter. The company’s US business has also experienced contraction between Q1 to Q4. Following a boost of account growth due to GAIN Capital acquiring GFT’s US customer base in Q1, at 10,819 accounts, client numbers are back towards their Q4 2012 pre-GFT level.
FCA Approval Expands Stratiphy's Retail Offerings with Customized Portfolios
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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