Trading in the USA Dropping
The United States of America is once again seeing an impact on their Forex Trading Industry. This market had grown over the spring but appeared to have dropped to normal levels in the Summer. This information comes from a report with the CFTC. This report indicates that funds held by RFED Brokers in July were $628 Million. This is $24.3 Million lower than the figures earned in June, which was $652 Million.
Additionally, this report also indicated that the USA’s most popular firm “Interactive Brokers”, lost $10 Million in profit from a lack of forex deposits. Shockingly, this firm is performing better than any other firm in the United States over May and June. Their popularity was so immense that they overtook TD Ameritrade in trading valuations.
The drop off in popularity can be attributed to the recent senate hearings regarding GlobalCoin. These hearing illuminated the adverse effects of trading with cryptocurrency, which has led analysts to believe prompted thousands of traders to return with standard financial markets like Wall Street. However, just as with any bad news about blockchain trading, it’ll eventually leave headlines, and trading valuations should return to their heightened levels. Especially with numerous professional brokerages from the European Union begin to look at the US market space.
The Winners & Losers
There was only one brokerage that saw a slight increase in revenue, which was the latest brokerage to enter the market. The IG Group, a London-Based exchange, recently joined the United States Blockchain Industry. Already they’ve doubled their popularity in the nation, earning $8.1 Million in July. This is more than increase the $3.8 Million earned in June. However, other firms like Gain Capital have seen a drop off of 3% in revenue for four months straight. They saw a decline of $8.2 Million in profit, while their most significant competitor, TD Ameritrade, only dropped by $6.4 Million. The lowest drop off of all major firms in the United States was OANDA, losing only $4 Million in July.