The global Forex market has continued its overall growth in terms of volume in the past quarter.
According to Forex Magnates Retail Forex Market quarterly report, Oanda witnessed a drop in client profitability. Oanda had to remove accounts which are only paid interest from the calculation as this was a new requirement set out by Commodity Futures Trading Commission (CFTC).
This resulted in Oanda's profitability number dropping to 38 percent in the first quarter from 43.5 percent in the fourth quarter of 2010 and 51 percent in the third quarter.
Oanda has also removed almost 20,000 accounts from the total number of accounts and now shows slightly less than 30,000 accounts, still retaining its status as the largest broker in the US.
This means that interest-only accounts are no less than 40 percent of total Oanda's accounts.
The report also showed that GFT now is the most 'profitable' broker in the US, which means, on an average, its clients are more profitable than others.
Meanwhile, the most notable aspect in this report is the average growth in overall client profitability. Almost all brokers have reported better profitability numbers in this quarter compared to the previous one, and this is in line with Forex Magnates expectations. Overall clients were 2 percent more profitable this quarter than in the previous one.