Clients of Saxo Bank were the ones who most frequently profited in the FX/CFD market towards the end of 2023, according to the latest report by Finance Magnates Intelligence. The profitability level was 38%, increasing by two percentage points over the last two months and standing 11.5% higher than the average for the top twenty brokers in terms of retail volumes.

Saxo Bank Clients Lead in FX/CFD Market Profits as of December 2023

The Quarterly Industry Report by Finance Magnates Intelligence was used to analyze the 20 largest FX/CFD brokers by volume, examining their monthly profitability and loss levels. Since mid-last year, a steady increase in profitability has been observed. To recall, the average profitability in August 2023 was 25.6%, gradually increasing to 27.4% in October and reaching a slightly higher 27.5% in December 2023.

There were changes in the top rankings. Saxo Bank (profitability 38%) once again surpassed TeleTrade (36.6%) to take the top spot, while Hantec Markets (34%) moved up to third place, dethroning CFI (30%), which is now in fourth position.

Fifth place is held by CMC Markets (29%). For 50% of the firms considered, values remained unchanged, 25% noted increases, with the largest being recorded by Hantec Markets and Libertex, both exceeding 5% over two months. Profitability levels declined for 25% of FX/CFD brokers, with CFI leading the drop 4%.

Lower Profitability in Four Firms

Compared to previous months, there's a decreasing number of firms achieving low profitability levels, defined as below 25%. In the latest report, there are four such firms compared to five reported in October. They include Axi (24.5%), XTB (22.0%), GBE Brokers (21.3%), and Plus500 (18%). Notably, the profitability level for Plus500's clients usually falls below 20%.

Finance Magnates Intelligence published a report last month on October's average deposits in the FX/CFD market. That month saw another period of growth in average values, with data from CPattern showing that the average deposit increased to $15,248 from $13,504.