Investing > Forex Statistics

Forex Statistics

The Forex market is a fast-paced, dynamic arena - one that is often maligned. But investing in Forex can be a profitable venture - so long as you’re armed with the proper information.

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The foreign exchange market is the largest and most liquid market on Earth. We’ve compiled a list of important, up-to-date, actionable statistics regarding Forex trading so that you know what you’re getting into if you choose to trade Forex. 

These statistics have been sourced from credible, authoritative websites, as well as international surveys, central banks, and other financial institutions. The data we’ve compiled is derived from sources which include:

  • The Bank for International Settlements’ triennial survey released in 2019
  • Euromoney magazine’s 2019 FX survey
  • The Federal Reserve Bank of New York
  • The Bank of England
  • The Australian Foreign Exchange Committee operating under the Reserve Bank of Australia
  • The Bank of Japan

Although the broader market has experienced a variety of unexpected, negative effects due to the COVID-19 pandemic, the Forex market has remained relatively unscathed – at least for now. In fact, the volume of trading has increased due to the volatility that the pandemic has brought on.

It is impossible to tell how the pandemic will affect the foreign exchange market from here on out, but up to this point, the increased volatility of the global economy has brought about a huge amount of opportunities for Forex traders – particularly in the short term.

History of Forex Trading

Forex trading as we now know it began in 1973, after the collapse of the Bretton Woods system, which tightly regulated exchange rates. However, Forex trading has existed in one form or another for a very long time – just about as long as humans have used coinage.

There is evidence that Forex trading, or an early form of it, occurred in ancient Babylon, Egypt, and the Byzantine Empire. In the 15th century, the famed Medici family of Florence opened banks in foreign lands specifically for the purpose of facilitating trade and currency exchange. The first true Forex market was established in the Dutch city of Amsterdam, some 500 years ago.

The story of modern Forex trading begins with the gold standard. Adopted by various countries around the world in the late 19th and early 20th century, the gold standard guaranteed the value of national currencies. Any note could be converted into a certain amount of gold.

The expenses of WW1 meant that countries had to start printing large amounts of money that weren’t backed by gold – this led to inflation, and the eventual abandonment of the gold standard in 1931.

After WW2, a new system was put in place with the Bretton Woods agreement. The US dollar was pegged to gold, at a fixed rate of $35 per ounce. The dollar became the world’s reserve and reference currency – and other national currencies were fixed to the dollar.

Eventually, the budget and trade deficits of the US, as well as its dwindling gold reserves, led president Richard Nixon to abandon the Bretton Woods system in 1971. By 1973, the modern form of Forex trading had already taken shape.

But that isn’t quite the end of the story. For the longest time, Forex trading was an arena that was solely available to large institutions with a huge amount of capital, such as governments and banks.

However, the 1990s brought with them a perfect storm for Forex trading – dozens of economies had begun the transition to capitalism, and technology, particularly the internet and electronic communication networks, revolutionized communication and information exchange.

All of a sudden, the barriers that prevented your average Joe from giving Forex trading a try were gone. The advent of retail Forex brokers allowed individual traders to invest far smaller sums – and it was no longer required to have an army of brokers and traders at your beck and call to participate in this form of investing.

That brings us to the present day. Now, Forex trading is popular in a number of jurisdictions. There are a number of regulated forex brokers in the United States, and several other leading countries as well.

But what does the future hold in store? We don’t claim to know for certain, of course – but today’s technological advancements are already beginning to have an effect on the Forex market. The rise of cryptocurrencies, in particular, will surely have a large effect on the foreign exchange market by the end of the decade.

Size of the Forex Market

1.  According to BIS’s 2019 triennial survey, trading in FX markets reached an incredible $6.6 trillion per day in April of 2019.

2. The worth of the entire global forex trading market is estimated to approximately $2.4 quadrillion – in other words, around $2409 trillion.1BIS, https://www.bis.org/publ/qtrpdf/r_qt1912.pdf, accessed June 24, 2020.

3. Global GDP in 2019 amounted to roughly 142 trillion dollars – meaning that the annual turnover of the forex market is almost 17 times larger.2BIS, https://www.bis.org/publ/qtrpdf/r_qt1912.pdf, accessed June 27, 2020.

4. The forex market dwarfs even the largest stock exchanges in the world – for example, Nasdaq has a daily volume that averages around $200 billion.

5. Over 170 currencies are traded on the global forex market.3BIS, https://www.bis.org/publ/qtrpdf/r_qt1912.pdf, accessed June 26, 2020.

6. Although it is already immense, the forex market hasn’t slowed down or become sluggish. Some forecasts, such as the one from the IMARC group, predict a compound annual growth rate of 6% in the next five years.4BIS, https://www.bis.org/publ/qtrpdf/r_qt1912.pdf, accessed June 27,2020.

8.  The Forex market is the largest and most liquid asset market on earth.5BIS, https://www.bis.org/publ/qtrpdf/r_qt1912.pdf, accessed June 27, 2020.

9. Retail Forex trading – that is to say, trading that is done by individuals, accounts for only 5.5% of the entire Forex market. Large institutions are still getting the biggest slice of the cake – thankfully, it’s an enormous cake.6AllFXBrokers, https://www.allfxbrokers.com/blog-articles/50-fascinating-facts-about-forex, accessed June 28, 2020.

10. Five businesses maintain a 40% share of the global Forex market, according to Euromoney magazine’s 41st annual FX survey released in 2019.7Euromoney, https://www.euromoney.com/article/b1fpv028mthbmy/euromoney-fx-survey-2019-results-released, accessed June 28, 2020.

RankCounterpartyMarket Share 2019
1JPMorgan9.81%
2Deutsche Bank8.41%
3Citi7.87%
4XTX Markets7.22%
5UBS6.63%

Forex Trader Demographics and Statistics

11. Forex traders are perhaps younger than you’d expect – 27% of forex traders fall into the 18-34 age group.8Forex School Online, https://www.forexschoolonline.com/forex-industry-statistics/, accessed June 28, 2020.

12. The 35-44 age group represents 28% of traders, while the 45-54 age group accounts for 21% of traders. Only 24% of traders are older than 55, and only 9% are older than 65.9Forex School Online, https://www.forexschoolonline.com/forex-industry-statistics/, accessed June 28, 2020.

Average Age of traders

13. Men account for 89.1% of forex traders – meaning that only 10.9% of traders are women.10Compare Forex Brokers, https://www.compareforexbrokers.com/forex-trading/statistics/, accessed June 28, 2020.

14. Only about 15% of forex traders make a profit.11Forex School Online, https://www.forexschoolonline.com/forex-industry-statistics/, accessed June 28, 2020.

15. 66% of traders make use of daily charts.12Forex School Online, https://www.forexschoolonline.com/forex-industry-statistics/, accessed June 28, 2020.

16. 41% of traders average between 9 and 20 trades each month.13Forex School Online, https://www.forexschoolonline.com/forex-industry-statistics/, accessed June 28, 2020.

17. 45% of traders spend 1-2 hours each day trading, while only 14% spend more than 6 hours per day.14Forex School Online, https://www.forexschoolonline.com/forex-industry-statistics/, accessed June 28, 2020.

18. 31% of traders have been trading for less than a year, and 39% have been trading for 1-3 years. Traders which have been trading for 4-9 years account for 23%, while those that have been trading forex for over a decade account for only 7% of all traders.15Forex School Online, https://www.forexschoolonline.com/forex-industry-statistics/, accessed June 28, 2020.

Average Times Traders Have Been Trading

19. The most popular trading platform is still the classic MT4, which is used by 85% of traders. The second most popular platform is the MT5, which is used by only 6% of traders.16Forex School Online, https://www.forexschoolonline.com/forex-industry-statistics/, accessed June 28, 2020.

20. 70% of trades use a live account, while the other 30% are using demo accounts.17Forex School Online, https://www.forexschoolonline.com/forex-industry-statistics/, accessed June 28, 2020.

21. 72% of forex traders have no prior experience in trading in other markets.18Forex School Online, https://www.forexschoolonline.com/forex-industry-statistics/, accessed June 28, 2020.

22. There are approximately 10 million forex traders in the world today.19BrokerNotes, https://brokernotes.co/forex-traders-map/, accessed june 29, 2020.

23. Of those 10 million, 3.2 million are in Asia, and 1.5 million each in Europe and North America.20BrokerNotes, https://brokernotes.co/forex-traders-map/, accessed june 29, 2020.

24. There 1.3 million traders in Africa, almost a million in the Middle East, and 600,000 in South America. Central America has around 335,000 traders, while Oceania has 190,000.21BrokerNotes, https://brokernotes.co/forex-traders-map/, accessed june 29, 2020.

25. As for specific countries, the UK, as a hub of forex trading, is the leader in this regard, having more than 280,000 online traders.22BrokerNotes, https://brokernotes.co/forex-traders-map/, accessed june 29, 2020.

Forex Broker Stats

26. The largest global forex broker is the Australian-based IC Markets, which has an average daily trading volume of $18.9 billion.23Wealth&Value, https://www.wvwv.org/forex-brokers/largest-forex-brokers.html, accessed June 29, 2020.

27. The second-largest global broker is the XM Group, with an average daily trading volume of $13.4 billion.24Wealth&Value, https://www.wvwv.org/forex-brokers/largest-forex-brokers.html, accessed June 29, 2020.

28. The third-biggest player in the global Forex market is the Saxo Bank, which has an average daily trading volume worth $12.3 billion.25Wealth&Value, https://www.wvwv.org/forex-brokers/largest-forex-brokers.html, accessed June 29, 2020.

29. The largest US-based broker is Forex.com, which is owned by GAIN Capital Holdings inc. It has an average daily trading volume of $15.5 billion.26Wealth&Value, https://www.wvwv.org/forex-brokers/largest-forex-brokers.html, accessed June 29, 2020.

30. The second-largest US broker is Oanda, with an average daily trading volume of $10.7 billion.27Wealth&Value, https://www.wvwv.org/forex-brokers/largest-forex-brokers.html, accessed June 29, 2020.

31. Pepperstone, the second-largest broker in Australia, has an average daily trading volume of $6.7 billion.28Wealth&Value, https://www.wvwv.org/forex-brokers/largest-forex-brokers.html, accessed June 29, 2020.

Forex Currencies

32.  The US Dollar is the most popular forex trading currency – with 88.3% of global trades involving the ever-reliable greenback.29BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

33. The second most popular currency in the forex market is the Euro – accounting for 32.3% of trades.30BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

34. The Japanese Yen comes in at third place, with 16.8% of all trades involving this currency. However, the Japanese Yen’s share has dropped 5% in the last three years.31BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

35.  Currencies that belong to emerging market economies contribute to 24.5% of all forex trades. This constitutes a rise of 4% when compared to the last BIS survey, which was conducted in 2016.32BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

36. The British Pound Sterling accounted for 12.8% of all trades in 2019.33BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

37.  The Australian Dollar’s share in global forex trading remained at a stable 6.8%.34BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

38.  The Canadian Dollar and Swiss Franc each accounted for roughly 5% of forex trading in 2019.35BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

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39. Trading in Chinese Renminbi has seen an increase that was in line with aggregate market growth. The Renminbi is at one side of 4.3% of all forex trades.36BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

40. The Hong Kong dollar has seen a surprising increase in the overall share of the forex market in the last three years. The HKD’s share has doubled from 1.7% in 2016 to 3.5% in 2019.37BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

41. The New Zealand Dollar has retained an unchanged percentage of the market – with 2.1% of all transactions involving this currency both in 2016 and 2019.38BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

Forex Currency Pairs

The most commonly traded currency pairs in the Forex market are referred to as the majors. Although there is no strict definition of the term, it is generally used to refer to the 7 most popular currency pairs – all of which involve the US dollar on either the base side or the quote side.

51. Major pairs account for 67.4% of the Forex market’s daily volume. The 7 major pairs are: USD/EUR, USD/JPY,  USD/GBP, USD/AUD, USD/CAD, USD/CNY, and USD/CHF.39BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

52. The USD/EUR pair, popularly called Fiber, is the most traded on the forex market – accounting for 24% of trades in 2019. This marks an increase from 2016’s share of 23.1%.40BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

53. The USD/JPY currency pair accounted for 13.2% of forex trades in 2019. This pair is commonly referred to as Gopher, Yen, or Ninja. In 2016, it accounted for 17.8% of trades.41BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

54. The USD/GBP pair, which is nicknamed Cable, made up 9.6% of forex transactions in 2019. Its share of the market remained relatively unchanged from 2016 when it accounted for 9.3% of trades.42BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

55. The USD/AUD pair, popularly known as Aussie, made up 5.4% of transactions last year. The Aussie, much like the Cable, has remained quite stable in the last three years – in 2016, it accounted for 5.2% of trades.43BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

56. The USD/CAD pair, nicknamed the Loonie, represented 4.4% of trades in 2019. This pair’s share of the market has remained almost unchanged in the past three years.44BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

57. The USD/CNY pair, which sets the American Dollar against the Chinese Renminbi, accounted for 4.1% of daily trades last year. This marks a very slight increase from 2016’s share of 3.8%.45BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

58. The USD/CHF pair often called Swissy, made up 3.6% of forex transactions in 2019. Much like the Franc’s own famed stability, this pair also hasn’t seen any major fluctuations since the last BIS triennial study, when it accounted for 3.5% of trades.46BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

59. Although it isn’t a major pair (at least yet), the eighth most common currency pair – USD/HKD, which pits the US dollar against the Hong Kong dollar, is quickly gaining on the Swissy – in 2019, it accounted for 3.3% of forex transactions, which is a rapid rise from 2016’s  share of 1.5%.47BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

60. Currency pairs that do not include the US dollar are known as minors or cross-currency pairs. Some of the most popular minor pairs are EUR/GBP, GBP/AUD, GBP/JPY, CAD/JPY, and EUR/NZD.48BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

Currency pairs that consist of major currencies and the currencies of developing or emerging economies are referred to as exotic pairs.

Forex Market by Country

61. Sales desks in five countries – the UK, the US, Hong Kong SAR, Singapore, and Japan, accounted for 79% of all forex trading.49BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

62. Since the last triennial survey, trading activity in the UK, Hong Kong SAR, and mainland China grew by more than the global average.50BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

63. The United Kingdom is the largest hub of forex trading, with 43.1% of the global fx turnover.51BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

64. The United States’ share of the global forex turnover is 16.5%.52BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

65. Singapore and Hong Kong SAR each contribute 7.6% to the global forex turnover.53BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

66. Japan’s share of the global forex turnover is 4.5%.54BIS, https://www.bis.org/statistics/rpfx19_fx.pdf, accessed June 29, 2020.

67. The Forex market is a distributed electronic marketplace, and as such, it doesn’t have a central hub. 

68. Forex trading is conducted 24/7 across the world, but a single day’s trading is segmented according to the regional market hours of major marketplaces. The three major segments, also commonly referred to as sessions, represent periods of peak activity. These are, in order: the Tokyo session, the London session, and the New York session.

Forex Market in the US

US Forex Market Currencies

69. The US dollar is involved in the lion’s share of transactions – 89% of trades in the US market involve the greenback, up from 87% three years ago.8

70. The Euro is the second most traded currency in the US market, accounting for 36% of trades, up from 31% in 2016.55Federal Reserve Bank of New York, https://www.newyorkfed.org/medialibrary/media/markets/triennial/2019/2019triennialreport.pdf, accessed June 30, 2020.

US Forex Market Currency Pairs

71. The USD/EUR currency pair accounted for 27% of the market’s average daily turnover.56Federal Reserve Bank of New York, https://www.newyorkfed.org/medialibrary/media/markets/triennial/2019/2019triennialreport.pdf, accessed June 30, 2020.

72. The USD/GBP pair accounted for just over 12% of the market’s turnover in 2019.57Federal Reserve Bank of New York, https://www.newyorkfed.org/medialibrary/media/markets/triennial/2019/2019triennialreport.pdf, accessed June 30, 2020.

73. The USD/JPY pair, which pits the US Dollar against the Japanese Yen, accounted for 11% of trades. This marks a noticeable decrease from 2016’s 19%.58Federal Reserve Bank of New York, https://www.newyorkfed.org/medialibrary/media/markets/triennial/2019/2019triennialreport.pdf, accessed June 30, 2020.

74. The USD/CAD currency pair represented 7.5% of trades in the US in 2019.59Federal Reserve Bank of New York, https://www.newyorkfed.org/medialibrary/media/markets/triennial/2019/2019triennialreport.pdf, accessed June 30, 2020.

Forex Market in the UK

UK Forex Market Currencies

75.  The UK is the largest hub of the forex market, with a 43% share of the entire global turnover. In 2016, the UK’s share of the global turnover was 37%.60Bank of England, https://www.bankofengland.co.uk/-/media/boe/files/statistics/bis-survey/2019/summary-of-uk-survey-results-2019.pdf, accessed June 30, 2020.

76.  The net average turnover of the UK foreign exchange market is $3,576 billion, or in other words, $3.576 trillion.61Bank of England, https://www.bankofengland.co.uk/-/media/boe/files/statistics/bis-survey/2019/summary-of-uk-survey-results-2019.pdf, accessed June 30, 2020.

77.  The US dollar is the most traded currency in the UK forex market, with 90% of all trades involving the US dollar. This denotes a 1% increase when compared to the data from 2016.62Bank of England, https://www.bankofengland.co.uk/-/media/boe/files/statistics/bis-survey/2019/summary-of-uk-survey-results-2019.pdf, accessed June 30, 2020.

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78.  The second most popular currency in the UK market is the Euro – accounting for 36% of all trades.63Bank of England, https://www.bankofengland.co.uk/-/media/boe/files/statistics/bis-survey/2019/summary-of-uk-survey-results-2019.pdf, accessed June 30, 2020.

79. The UK’s own currency, the Pound Sterling, comes in at third place – with 17% of trades having the Pound at one side.64Bank of England, https://www.bankofengland.co.uk/-/media/boe/files/statistics/bis-survey/2019/summary-of-uk-survey-results-2019.pdf, accessed June 30, 2020.

80. The Japanese Yen is involved in 15% of the UK market’s turnover – marking a noticeable drop from 2016’s 19%.65Bank of England, https://www.bankofengland.co.uk/-/media/boe/files/statistics/bis-survey/2019/summary-of-uk-survey-results-2019.pdf, accessed June 30, 2020.

81. The Australian Dollar and the Swiss Franc account for 6% and 5% of trades, respectively – just as they did in 2016.66Bank of England, https://www.bankofengland.co.uk/-/media/boe/files/statistics/bis-survey/2019/summary-of-uk-survey-results-2019.pdf, accessed June 30, 2020.

UK Forex Market Currency Pairs

82. The EUR/USD pair accounts for 28% of the UK’s average daily turnover. This amounts to a staggering $1.009 trillion each day.67Bank of England, https://www.bankofengland.co.uk/-/media/boe/files/statistics/bis-survey/2019/summary-of-uk-survey-results-2019.pdf, accessed June 30, 2020.

83. The second most common currency pair in the UK market isn’t a currency pair per se – rather, 23% of the market’s turnover involves the US dollar and a currency other than EUR, JPY, GBP, and AUD. This amounts to approximately $822 billion traded each day.68Bank of England, https://www.bankofengland.co.uk/-/media/boe/files/statistics/bis-survey/2019/summary-of-uk-survey-results-2019.pdf, accessed June 30, 2020.

84. Coming in at third place, the USD/JPY pair accounts for 13% of the market turnover – down from 16% in 2016.69Bank of England, https://www.bankofengland.co.uk/-/media/boe/files/statistics/bis-survey/2019/summary-of-uk-survey-results-2019.pdf, accessed June 30, 2020.

85. The USD/GBP pair accounts for 13% of the average daily turnover in the UK market. Percentage-wise, not much has changed from 2016 – in fact, this pair’s share of the market hasn’t changed more than 1% in the last 10 years.70Bank of England, https://www.bankofengland.co.uk/-/media/boe/files/statistics/bis-survey/2019/summary-of-uk-survey-results-2019.pdf, accessed June 30, 2020.

86. The USD/AUD pair accounted for 5% of average daily turnover in the UK – just as it did in 2016.71Bank of England, https://www.bankofengland.co.uk/-/media/boe/files/statistics/bis-survey/2019/summary-of-uk-survey-results-2019.pdf, accessed June 30, 2020.

Forex Market in Australia

Australian Forex Market Currencies

87. The most traded currency in the Australian fx market is the US dollar – which is found at either end of 93% of trades.72AFXC, https://afxc.rba.gov.au/statistics/fx-turnover-reports/2019/oct-2019/list-of-tables.html#table_3, accessed June 30, 2020.

88. The Australian Dollar is the second most popular currency – accounting for 52% of trades.73AFXC, https://afxc.rba.gov.au/statistics/fx-turnover-reports/2019/oct-2019/list-of-tables.html#table_3, accessed June 30, 2020.

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89. The Euro comes in at third place – with 13% of trades involving the single currency.74AFXC, https://afxc.rba.gov.au/statistics/fx-turnover-reports/2019/oct-2019/list-of-tables.html#table_3, accessed June 30, 2020.

90. 42% of trades in the Australian market involve currencies other than USD, AUD, and EUR.75AFXC, https://afxc.rba.gov.au/statistics/fx-turnover-reports/2019/oct-2019/list-of-tables.html#table_3, accessed June 30, 2020.

Australian Forex Market Currency Pairs

91. The USD/AUD pair, the Aussie, is the most popular currency pair in the Australian market. It accounts for 47% of the average daily turnover. This amounts to $66.088 billion each day, on average.76AFXC, https://afxc.rba.gov.au/statistics/fx-turnover-reports/2019/oct-2019/list-of-tables.html#table_4, accessed June 30, 2020.

92. The second most popular currency pair in Australia is USD/EUR – accounting for 11% of turnover, with a daily average turnover of $15.039 billion.77AFXC, https://afxc.rba.gov.au/statistics/fx-turnover-reports/2019/oct-2019/list-of-tables.html#table_4, accessed June 30, 2020.

93. The USD/JPY pair accounts for 10% of the Australian market’s turnover. This amounts to $14.174 billion.78AFXC, https://afxc.rba.gov.au/statistics/fx-turnover-reports/2019/oct-2019/list-of-tables.html#table_4, accessed June 30, 2020.

94. The USD/NZD pair also accounts for 10% of the market’s turnover – with a slightly lower average trading volume which amounts to $13.546 billion.79AFXC, https://afxc.rba.gov.au/statistics/fx-turnover-reports/2019/oct-2019/list-of-tables.html#table_4, accessed June 30, 2020.

95. Currency pairs involving the US dollar and minor Asian currencies account for 6% of the market’s turnover, amounting to an average daily turnover of $8.985 billion.80AFXC, https://afxc.rba.gov.au/statistics/fx-turnover-reports/2019/oct-2019/list-of-tables.html#table_4, accessed June 30, 2020.

96. The USD/GBP pair represents 5% of trades, with an average daily turnover of $6.322 billion.81AFXC, https://afxc.rba.gov.au/statistics/fx-turnover-reports/2019/oct-2019/list-of-tables.html#table_4, accessed June 30, 2020.

Forex Market in Japan

Japanese Forex Market Currencies

97. The Japanese Yen is the most traded currency on the Japanese forex market. It is involved in 38.9% of trades, and the average daily turnover of the Yen amounts to $292.3 billion.82BOJ, https://www.boj.or.jp/en/statistics/bis/deri/data/deri1904.pdf, accessed July 1, 2020.

98. The US dollar is neck-and-neck with the Yen – it is involved in 38% of trades, and has an average daily turnover that amounts to $285.6 billion.83BOJ, https://www.boj.or.jp/en/statistics/bis/deri/data/deri1904.pdf, accessed July 1, 2020.

99. The Euro is the third most common currency in the Japanese forex market. It is involved in 9.9% of trades and has a daily turnover of $74.6 billion.84BOJ, https://www.boj.or.jp/en/statistics/bis/deri/data/deri1904.pdf, accessed July 1, 2020.

100. The British pound is found at either side of 3.4% of trades in the Japanese market. Its turnover amounts to $25.9 billion.85BOJ, https://www.boj.or.jp/en/statistics/bis/deri/data/deri1904.pdf, accessed July 1, 2020.

101. Other currencies account for 9.7% of trades, and their joint turnover adds up to $72.6 billion.86BOJ, https://www.boj.or.jp/en/statistics/bis/deri/data/deri1904.pdf, accessed July 1, 2020.

Japanese Forex Market Currency Pairs

102. The most popular currency pair in the Japanese forex market is, unsurprisingly, the USD/JPY pair. In April of 2019, it accounted for 55.8% of the market’s average daily turnover. In 2016, this currency pair amounted to 62.3% of the market’s turnover. As of April 2019, this currency pair’s average daily turnover amounted to $209.6 billion.87BOJ, https://www.boj.or.jp/en/statistics/bis/deri/data/deri1904.pdf, accessed July 1, 2020.

103. Coming in at a distant second place, the EUR/JPY pair accounted for 9.6% of trades in 2019 – marking a significant rise from 2016’s 5.5%. The latest results from the Bank of Japan’s FX survey estimates the daily average turnover of this pair to be worth $36.2 billion.88BOJ, https://www.boj.or.jp/en/statistics/bis/deri/data/deri1904.pdf, accessed July 1, 2020.

104. The USD/EUR is the third most common currency pair in the Japanese market, representing 9.2% of all trades. Three years ago, this currency pair accounted for 8.6% of trades. The average daily turnover of the USD/EUR pair in the Japanese market is worth $34.7 billion.89BOJ, https://www.boj.or.jp/en/statistics/bis/deri/data/deri1904.pdf, accessed July 1, 2020.

105. All other currency pairs, both major and minor, account for 25.3% of the Japanese market’s average daily turnover, which amounts to $95 billion per day.90BOJ, https://www.boj.or.jp/en/statistics/bis/deri/data/deri1904.pdf, accessed July 1, 2020.

Forex Trading vs Cryptocurrency

Cryptocurrency is a relatively recent phenomenon. Unless you’ve been living under a rock for the past five years, you’re more than likely aware of these new digital currencies, their potential, and their wild and often unpredictable fluctuations.

Cryptocurrencies have already had an effect on the foreign exchange market, and will continue to have an ever-increasing role as the years go by. We likely won’t see cryptocurrency trading become a part of mainstream investing for another couple of years – at least until the market develops new technologies and becomes much more regulated.

But good investing practices always have one eye pointed to the future. To wrap up our list of Forex statistics, let’s take a look at what will undoubtedly be the next big thing in Forex.

106. There are currently more than 5,000 cryptocurrencies being traded. Their total market capitalization is estimated to be $201 billion.91Yahoo Finance, https://finance.yahoo.com/news/top-10-cryptocurrencies-market-capitalisation-160046487.html, accessed July 1, 2020.

107. The largest and most famous cryptocurrency by far, Bitcoin, has a market capitalization of $128 billion.92Yahoo Finance, https://finance.yahoo.com/news/top-10-cryptocurrencies-market-capitalisation-160046487.html, accessed July 1, 2020.

108. The second-largest cryptocurrency, Ethereum, has a market capitalization of $19.4 billion.93Yahoo Finance, https://finance.yahoo.com/news/top-10-cryptocurrencies-market-capitalisation-160046487.html, accessed July 1, 2020.

109. The third-largest cryptocurrency is Ripple or XRP, with a market capitalization of $8.22 billion.94Yahoo Finance, https://finance.yahoo.com/news/top-10-cryptocurrencies-market-capitalisation-160046487.html, accessed July 1, 2020.

110. There are approximately 43 million crypto traders in the world.95Chappuis Halder, https://www.chappuishalder.com/wp-content/uploads/2019/06/Publication_Crypto-traders-06-2019.pdf, accessed July 1, 2020.

111. There are approximately 15.3 million crypto traders in the United States.96Chappuis Halder, https://www.chappuishalder.com/wp-content/uploads/2019/06/Publication_Crypto-traders-06-2019.pdf, accessed July 1, 2020.

112. There are approximately 11.3 million crypto traders in Europe.97Chappuis Halder, https://www.chappuishalder.com/wp-content/uploads/2019/06/Publication_Crypto-traders-06-2019.pdf, accessed July 1, 2020.

113. The trading volume of cryptocurrency spot and futures markets amounted to $8.8 trillion in the first quarter of 2020.98Bitcoin.com, https://news.bitcoin.com/trillion-traded-cryptocurrency-spot-futures-markets/, accessed July 1, 2020.

114. Approximately 99% of cryptocurrency trades occur on centralized exchanges.99CoinCasso, https://coincasso.com/blockchain-academy/10-interesting-facts-about-cryptocurrency-exchanges/, accessed July 1, 2020.

115. The world’s largest cryptocurrency exchange, Binance, had an average daily trading volume of $2,852,591,354 in 2019, and currently has over 15,000,000 users.100Binance, https://www.binance.com/en/blog/418708327988203520/Binance-2019-Year-in-Review, accessed July 1, 2020.

116. The most popular cryptocurrency trading pairs that pit cryptocurrencies against fiat currency are BTC/USD, ETH/USD, XRP/USD, and LTC/USD.

117. Cryptocurrency CFDs allow you to speculate on the price movements of cryptocurrencies without a crypto wallet.

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