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Screenshot of a breaking news alert e-mail from Q2 2017
Retail FX broker FXCM has reported its trading volume metrics for April 2018, which was the company’s slowest month so far in 2018, although in line with what we have seen at several of the other leading online brokers.
Overall, retail FX trading volumes were down 12% MoM from March to $184 billion, the first time this year that monthly trading volumes dipped below $200 billion at FXCM.
The dip in volumes and activity, although again not unexpected given what we have already reported for other brokers, comes at a precarious time for FXCM. We recently reported that FXCM owes majority owner Leucadia National Corp (NYSE:LUK) another $70 million on its high interest (20.5%) loan, for which no principal was repaid to Leucadia during Q1. The loan, already extended once, comes due in January 2019, just eight months away.
April 2018 Customer Trading Metrics from Continuing Operations at FXCM:
- Customer trading volume of $184 billion in April 2018, 12% lower than March 2018 and 5% higher than April 2017.
- Average customer trading volume per day of $8.7 billion in April 2018, 8% lower than March 2018 and 1% lower than April 2017.
- An average of 340,354 client trades per day in April 2018, 9% lower than March 2018 and 2% lower than April 2017.
- Active accounts of 110,434 as of April 30, 2018, a decrease of 461, or 0.4%, from March 31, 2018, and a decrease of 18,932, or 15%, from April 30, 2017.
- Tradeable accounts of 95,903 as of April 30, 2018, a decrease of 153, or 0.2%, from March 31, 2018, and a decrease of 12,980, or 12%, from April 30, 2017.