What is found below is the most complete retail forex volumes survey and estimation that has been compiled in recent years. This survey is the result of discussions and surveys made with hundreds of brokers, liquidity and software providers and other market participants. Although this figure is not perfect it is as accurate as a survey of this very private market can get. This survey humbly started in Q2 2009 and two years later it encompasses almost all significant brokers out of a list of several hundred that operate in this market.
For the first time this report also includes the little known Russian, South Korean and Japanese markets.
The total of about 500 micro and small brokers are aggregated into one estimated number. For the first time FXCM has overthrown all other brokers and is now the number one broker based on volume (outside Japan), this however may not be the actual case as Saxo Bank’s figures may be higher but no data is available for 2011 yet. It is also interesting to note how Oanda has dropped several places only due to better estimation of its actual retail Forex volume. Interbank FX’s actual volume is much lower than any previous estimate and it too dropped quite a few places.
This report consolidates all Japanese brokers under one position as the Japanese (and South Korean) market is very different from others and deserves separate mention.
Overall result is this: retail Forex market volume is $237 billion daily and almost $5 trillion monthly.