OANDA joins ranks of Forex record breakers in September

Canadian retail FX firm OANDA has today announced that it set records in terms of trading volumes and new client accounts in September, joining the chorus of online trading companies benefiting from the return of market volatility.

In a press release, the broker said the trading volumes and the number of new clients registered in September 2014 were the highest it has seen since the launch of its proprietary trading platform fxTrade in 2001. September has brought highest-ever results only to see them beaten in October: OANDA reported that on October 3rd the daily trading volumes set a new record, exceeding levels seen on October 2nd and October 1st.

Dean Popplewell, Vice President of Currency Analysis and Research, OANDA Corporation, commented on the factors underlying the outstanding performance: “Traders have been waiting for volatility to return to the forex market, and September didn’t disappoint, as we saw record trading volume across the industry last month. Several factors contributed to that volatility including geopolitical events like the Scottish referendum and soft Chinese economic growth data that’s a concern to investors.”

Ed Eger, President and CEO, OANDA Corporation, added: “We’re excited that volatility is returning to the forex market. The third quarter ended with the highest trading volume OANDA has ever seen, and the fourth quarter is off to a promising start following the strong nonfarm payrolls numbers that were released this month.”

He also said: “I’m most thrilled about the record-breaking new client registrations our company has seen in the third quarter: we hit a new milestone in our company’s history. It shows that our reputation as a broker with superior execution, competitive spreads, award-winning technology and customer service is getting out there! And with some of the highest client profitability in the industry we’re extremely bullish on our future.”

Whereas the company did not provide any particular numbers regarding volumes and client accounts, it elaborated on the popularity of certain trading instruments. Data from OANDA’s fxTrends show that the three most traded currency pairs by the broker’s US clients in September 2014 were the EUR/USD (33%), the USD/JPY (15%) and the AUD/USD (11%).

OANDA has been reshuffling its services over the past several months and although fans of the Currensee social trading platform may be disappointed that OANDA Trade Leaders Program was shelved this month, the broker seems to be offering an impulse to other services. For instance, less than a fortnight ago the broker announced the launch of a beta-version of MT4 FXLabs. The broker also regularly updates its fxTrade platform: in September it introduced a more detailed and precise transactions history panel.

For the full press release by OANDA on its record-setting month, click here.

OANDA’s announcement furthers the excitement which surrounds September achievements that other retail and institutional FX brokers have shown too. As the latest LeapRate’s Retail FX Volume Index indicates, September was a very solid month for the retail forex industry, with ADV reaching $340 billion.

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