FXCM Agrees to Purchase IBFX U.S. and Australian Clients

Leading FX brokerage FXCM has now agreed to purchase IBFX’s Australia and US customers. IBFX is owned by Japanese financial firm Monex Group. FXCM will buy nearly $63 million in customer equity and 13,000 client accounts.

Recently, FXCM acquired the U.S. operations of Alpari and FXDD. The new purchase of IBFX’s business appears to be targeting the Asian market, which accounts for most of the purchased accounts.

“FXCM welcomes the IBFX clients and our team will work hard to ensure a smooth transition,” Drew Niv, CEO of FXCM, said in a press release. “We are dedicated to providing clients with a wealth of tools, resources and educational services along with our award winning customer service, superior technology, and transparent No Dealing Desk forex execution.”

IBFX is the fourth biggest U.S. retail FX company after FXCM, Oanda and Forex.com (owned by Gain Capital).

The IBFX’s MT4 client accounts are expected to be transitioned to FXCM US and FXCM Australia by end of this month, with all clients transferred to FXCM MT4 trading platform, with minimal disruption. FXCM’s improved MT4 platform aligns well with its No Dealing Desk forex execution.

Meanwhile, Danish FX broker Saxo bank on Friday released its August 2014 trading metrics, which revealed that monthly total trading volumes fell 1 percent to $212 billion, down from $215 billion recorded in July. The July figures were the weakest on a monthly basis so far this year and the lowest since 2012.

However, average daily volumes rose to $10.1 billion from $9.8 billion in July. Customer deposits rose to a new high of $10 billion.