IG US Reports 61% QoQ Uptick in Retail FX Accounts in Q1 of 2020

The United States operations of the IG Group, IG US LLC, has published information on the performance of non-discretionary retail foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (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) customer accounts, Finance Magnates has learned.

For the calendar quarter ended on the 31st of March 2020, IG US reported that it had 4,281 active non-discretionary trading accounts. From this number, 25.69 percent were profitable, and 74.31 percent were unprofitable during the quarter.

For the previous quarter, which is the three months ending on the 31st of December 2019, the US operations of the Group had 2,650 active non-discretionary trading accounts. During this period, 29 percent were profitable, and 71 percent unprofitable.

Taking a look at the above figures, during the first quarter of 2020, IG US achieved a growth of 61 percent from the previous quarter in active non-discretionary trading accounts.

US FX retail market at an all-time high

According to Finance Magnates Intelligence, this growth was unmatched by other brokers within the United States. Although we will be publishing the full statistics in our upcoming Quarterly Intelligence Report later this month, we can reveal that the total number of active accounts in the first quarter of this year was 167,608.

This is the largest number of active non-discretionary retail FX customer accounts in the history of the forex market in the United States - even before the implementation of the Dodd-Frank Act, and currently, the accounts held by IG US is contributing to slightly more than 2.5 percent.

In the final quarter of 2019, the total number of active accounts was 153,434. Therefore, the US FX market has posted an increase of around 9.2 percent quarter-on-quarter.

IG US historical growth

The first operational quarter for IG US was the three months that ended on the 30th of June 2019. During this period, the firm had 1,228 active non-discretionary trading accounts, of which 29 percent were profitable and 71 percent unprofitable. In the following quarter, there were 2,133 active non-discretionary trading accounts.