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UK, which is the largest forex market in the world with a daily average volume of $2.4 trillion, as of April 2016, has posted a significant growth in the CFD segment, shows the UK Leverage Trading Report of the consultancy Investment Trends.
According to the data of the report, quoted by Finance Magnates, CFD trading in UK posted a 21% increase year-on-year. The main driver of the growth was identified as the local forex and CFD broker Plus500. “Plus500’s client acquisition machine has caused a noticeable shift in the industry, where CFDs no longer play second fiddle to the traditionally preferred spread betting product,” said Research Director of Investment Trends, Irene Guiamatsia.
At the same time, the forex, CFD and spread betting broker IG Group, has retained its top position, holding the lion’s share of the UK market, or over one third. Its share is four times bigger than that of CMC Markets, which ranks second.
“IG’s strong brand presence has been an undeniable asset for cementing their leadership,” Guiamatsia.
The survey, which was conducted among over 13 800 traders and investors this May, finds that the UK traders are overall very satisfied with the services they receive. “UK traders are amongst the most satisfied globally and CMC Markets’ results represent a remarkable feat. The whole industry will undoubtedly continue to lift its game, if only asa defensive measure,” noted Guiamatsia.
IG’s clients, for example, are most pleased with the innovation provided by the broker, while CMC Markets’ clients are overall the most happy. They are particularly satisfied with customer service, education materials, trading platforms and the trading platform features.