Clients of Saxo Bank were the ones who most frequently profited in the FX/CFD
market towards the end of 2023, according to the latest report by Finance
Magnates Intelligence. The profitability level was 38%, increasing by two
percentage points over the last two months and standing 11.5% higher than the
average for the top twenty brokers in terms of retail volumes.
Saxo Bank Clients Lead in
FX/CFD Market Profits as of December 2023
The Quarterly
Industry Report by Finance Magnates Intelligence was used to analyze the 20
largest FX/CFD brokers by volume, examining their monthly profitability and
loss levels. Since mid-last year, a steady increase in profitability has been
observed. To recall, the average profitability in August 2023 was 25.6%,
gradually increasing to 27.4% in October and reaching a slightly higher 27.5%
in December 2023.
There were changes in the top rankings. Saxo Bank (profitability 38%) once again
surpassed TeleTrade (36.6%) to take the top spot, while Hantec Markets (34%)
moved up to third place, dethroning CFI (30%), which is now in fourth position.
Fifth place
is held by CMC Markets (29%). For 50% of the firms considered, values remained
unchanged, 25% noted increases, with the largest being recorded by Hantec
Markets and Libertex, both exceeding 5% over two months. Profitability levels declined for 25% of FX/CFD brokers, with CFI leading the drop 4%.
Lower Profitability in
Four Firms
Compared to
previous months, there’s a decreasing number of firms achieving low
profitability levels, defined as below 25%. In the latest report, there are
four such firms compared to five reported in October. They include Axi (24.5%),
XTB (22.0%), GBE Brokers (21.3%), and Plus500 (18%). Notably, the profitability
level for Plus500’s clients usually falls below 20%.
Finance
Magnates Intelligence published a report last month on October’s average deposits in the FX/CFD market. That month saw another period of growth in average values, with
data from CPattern showing that the average deposit increased to $15,248
from $13,504.
This article was written by Damian Chmiel at www.financemagnates.com.
