Singapore leads world in smartphone FX trading usage

According to Investment Trends' 2013 report.

Investment Trends’ 2013 Singapore CFD & FX Report observed that smartphone usage in relation to FX trading is higher in Singapore than in any other country studied.

The Investment Trends report also named IG as the number one forex provider in Singapore. IG increased its primary market share amongst FX traders by 3% from 2012 to 16% to become the clear market leader. Furthermore, IG has the highest market share amongst frequent FX traders (those who trade more than 15 times each month) at 22%.

The report also found IG to have the highest satisfaction ratings amongst FX traders for its mobile / smartphone trading platform in Singapore. IG has retained the award for mobile FX trading for three years running.

Head of IG Singapore, Greg Baker, said “It’s encouraging to see that our forex offering has been well received in Singapore. We invest heavily in IT to incorporate the latest tools and technology into our trading platforms for the best customer experience.”

Amid a tough regulatory environment, Investment Trends reports that the number of new traders entering the forex market in 2013 dropped by 30% (3,500 new traders versus 5,000 in 2012), and the total number of active FX traders fell by 5,000, reducing it to 15,000.

As at September 2013, there were 17,000 active CFD traders in Singapore, down 23% from October 2012.

IG said it was relatively successful at attracting CFD switchers and grew their primary market share by 4% to overtake CMC, sitting second to Phillip CFD. Amongst frequent CFD traders however, IG has the highest primary market share on 33%, with Phillip CFD on 17%.