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Top Forex Brokers report over $105B in daily traded volume

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I know you’ve been expecting it so here it is: The largest and most up-to-date report detailing the average trading volumes by retail Forex brokers. The report shows that all prior estimates were far from the actual figures. Retail forex volume doubled itself in less than two years and the total average daily volume is well above $100B.

Largest retail Forex broker, as you probably already know, is FXCM with Oanda coming in at a distant second place. It looks like FXCM’s world Forex domination is all but complete and all that is left for others is the competition for 2nd and 3rd places. Good luck Oanda, Gain, Saxo and GFT.

The numbers as were officially, and to some extent unofficially, released by the brokers themselves:

may2009brokersvolume

The figures are incomplete as some brokers such as FXDD, FX Solutions and CMS simply don’t report or disclose their numbers.

It is my estimate that the non-reporting, non-disclosing brokers are able to contribute at least 20-30B more to the daily traded volume, meaning that the total reported and estimated volume is in the range of $130-140 billion dollars a day.

A year ago I was sure retail Forex growth was about to slow down, guess I was wrong. Who wonders if $140B is the limit?

* – based on 2007 numbers and taking the average retail volumes growth since into account

** – based on report that GFT and Gain were pretty identical in size in 2007 and currently have similar cash piles


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More information on this subject is found in the latest Forex Magnates Quarterly Report


5 Comments on this post

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  1. Proposed NFA Capital Requirement - Page 58 - Forex Trading wrote:

    […] has released an interesting new survey on forex broker trading volumes (in the billions). Top retail Forex brokers report well over $100B in daily traded volume | Forex Magnates Monthly Trading Volume 1. FXCM $560,000,000,000 2. Oanda $338,000,000,000 3. Saxo Bank […]

    May 28th, 2009 at 4:52 pm
  2. Trade The Forex - Make Money wrote:

    […] Wonder who the biggest forex brokers are? Well, FXCM ranks #1 – clearly beating out their competition. […]

    May 31st, 2009 at 3:17 pm
  3. Top retail Forex brokers report well over $100B in daily traded … | Business News wrote:

    […] the rest of this great post here Share and […]

    June 19th, 2009 at 5:44 pm
  1. G said:

    Hi Michael,

    Great site and excellent post. Its about time someone did something like this .

    A couple of comments and questions about this post:

    I am a little confused about CMC. You mention that they don’t disclose their volume and yet you have them listed as doing 50 yards a month. Is this an estimate?

    Also I noticed your numbers don’t quite add up. You are adding the rounded estimates. If you add the monthly figures, you get 2092bn monthly. Divide that out by 22 trading days and you get 95bn a day. About 10% less than your figure. Also I suspect many of these brokers are beefing up their numbers. Either way I think it’s a pretty good estimate and I suspect smaller brokers are adding a lot of volume to this. Lets not forget that there are hundreds of them out there. Your list is comprehensive as far as western firms but you neglect other regions. Just South Korea and Japan alone would add a significant amount. I wouldn’t be surprised if the total number is between 150bn and 200bn.

    G

    BTW – other’s comments on this post don’t seem to be visible

    June 3rd, 2009 at 10:11 pm
  2. forex broker said:

    It’s nice to know the latest reports on this kind of business.In order to know the results and series of updates.

    Thanks for this post!

    July 16th, 2009 at 9:43 pm

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