Europe’s largest online trading platform IG US increased its market share this week, following $20.4 million earned in customer deposits. The January figure was 25% higher against the previous month, which is also about six times bigger than in mid-2019.
The Commodity Futures Trading Commission (CFTC) showed balances of US retail traders last month. The report showed higher trading during the first month of the new year.
In the report, the foreign exchange funds at registered brokerages in the US came in at $639 million in January 2020. It had a small increase of two percent in comparison with the $629 million achieved in December 2019.
The figure included FCMs that are registered as Retail Foreign Exchange Dealers (RFEDs).
IG Group hired Joanna Nayler as Chief Legal and Governance Officer last month with immediate effect. She has more than 20 years of corporate legal experience, including expertise in law and governance.
In addition to that, she is also familiar with mergers and acquisitions, securities and transactional work, and managing legal risk.
Before stepping into the Group, Mrs. Nayler was in Just Retirement Group, now called Just Group. She also became the General Counsel at PA Group in 2013.
Other Brokers So Far
Another online broker giant Interactive Brokers suffered against IG US this month. Its funds grew by $7.5 billion, nearly 10% month-over-month.
The Connecticut-based company is the worst performance in recent months. It lost a fraction of its forex traders’ deposits to almost $100 million in June 2019.
While retail deposits at TD Ameritrade and Oanda were mostly unchanged from the month before, GAIN Capital demonstrated loses. The first two brokers gained $62 million and $329 million, respectively, while the last lost $2.7 million in January 2020.
GAIN’s loss accounts for one percent of its retail assets during the month.
Luckily for the biggest retail forex broker in the United States, it also showed climbing customer client transactions last month. Clients transacted a total of $161 billion, which was up 23% month-over-month against December.
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