The Australian forex market saw a dynamic 2016 with a record influx of 16,000 new forex traders seeking ‘opportunities in market movements’ and additional 13,500 dormant traders reactivating during the year, CMC Markets said on Friday, citing data from the latest forex market report by Australian research house Investment Trends.
CMC Markets (LSE:CMCX) was the second largest forex brokerage in Australia last year with a primary market share of 12%. According to the Investment Trends report, the broker had the highest brand awareness among Australian investors and was third by overall client satisfaction.
In addition, the report indicated CMC Markets doubled its net promoter score (NPS) to 24%. The score is a key barometer for customer satisfaction and tangible evidence of how its existing clients are willing to positively recommend its products and services to other traders.
The report praised CMC Markets for “helping clients manage risk in volatile times” in the context of new market conditions. Helping clients manage their risk is vital to keep them active in highly volatile market conditions and was instrumental to CMC Markets’ success, according to the researcher.
“In an unpredictable era, FX traders value authenticity and want to trade with a safe provider that offers a superior service and product,” said Matthew Lewis, head of CMC Markets Asia Pacific. ” Our customer service and value proposition is at the heart of CMC Markets offering and we are resolute in driving client satisfaction to further increase market share and growth in key segments to regain the number one position in the Australian FX market,” he added.
The Investment Trends report is based on a survey conducted in November 2016 that covers 13,409 Australian traders and investors.
CMC Markets is a broker that offers trading in forex, CFDs, commodities, indices, shares, and other investment instruments. It holds a license from the UK’s Financial Conduct Authority (FCA). It is also registered across several countries in the EU, including with France’s Autorite des Marches Financiers (AMF).
The brokerage serves retail and institutional clients and has offices in 14 countries with a focus on the markets in the UK, Australia, Germany and Singapore. It got listed on the London Stock Exchange (LSE) in February 2016, raising about £218 million.