The new CFTC rules come into effect now, and US forex brokers release the profitability rates, as required. Oanda stands out with a positive profitability rate, while others lag behind. How is your broker doing?
Michael Greenberg collected the profitability reports from the US brokers. In addition to the profitability percent, the brokers also released the number of active traders. The count is based on traders who made at least one action during the quarter, and that are controlled solely by the broker – not institutional accounts.
It’s also important to note that three important US brokers still haven’t released their figures: FXDD, Advanced Markets, and IG Markets. The figures are for Q3 2010.
So, Oanda has almost 50,000 active traders, leaving IBFX (18,579) and FXCM (15,023) far behind. Gain (forex.com) is fourth with 11,344 and GFT is fifth with 10,358.
As written in the title, Oanda is far above others regarding profitability – 51% of Oanda traders were profitable in Q3. Also here, the others are far behind. GFT reports 33% and the rest are between 21% to 29%.
I’ll update this post when more data emerges. Check out your broker in Michael’s article.
The leverage limit has created anger among traders. At least the CFTC also gave us a peak into important industry data. And how do you deal with the new leverage? There are quite a few things to take into account as this regulation comes in to effect. You’re welcome to read the article about How To Get Ready For the New CFTC Rules.
