CFTC data from US retail forex brokers is out for May, showing a surprising across-the-board pickup in activity at the leading brokers in the country.
Overall, forex assets rose 5% to $516.2 million in May, after April saw the industry total fall below $500 million for the first time in several years.
Each of the largest retail forex brokers in the US – FXCM Inc (NYSE:FXCM), Gain Capital Holdings Inc (NYSE:GCAP) and its Forex.com brand, and Oanda – saw a 2-8% rise in client assets during the month, with Gain Capital’s Forex.com overtaking Oanda into the #2 position behind industry leader FXCM.
The top three providers of retail forex trading in the US market now account for 86% of the industry total – meaning that US retail forex traders have less choice than traders almost anywhere else. Heavy handed government regulations meant to protect US traders have apparently had the opposite effect, with the lack of competition clearly hurting US traders.
US retail forex client assets, and the comparison to April 2016, break down as follows:
