The FinancialThe US affiliate of global Forex and CFD broker IG Group Holdings plc (LON:IGG) has reported some metrics for the first quarter of 2020. Not surprisingly amid the heavy market volatility and chaos caused by the Covid-19 pandemic, the broker saw improvements in the performance of non-discretionary retail foreign exchange (forex) customer accounts.
In the calendar quarter ended March 31st, 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. In the previous quarter, 4Q 2019 showed the broker maintaining 2,650 active non-discretionary trading accounts. During this period, 29 percent were profitable, and 71 percent unprofitable. As such, the active accounts grew by 61% in just three months.
IG’s US operation is competing for a big pie – the number of active retail trading accounts in the US in the first quarter of 2020 is estimated to be around 167,000+, according to Finance Magnates. Given that IG has entered the US market fairly recently, the ability to quickly grow active accounts amid the Covid-19 pandemic suggests the broker can continue to claw away business from established brands, such as FOREX.com/GAIN Capital and OANDA.
Don’t miss the latest news and discussion on our Telegram channel. Subscribe today!