IG, one of the largest and most respected forex brokers in the UK is buying DailyFX from FXCM for a whopping $40m.
As the industry is saturated with new FX brokers on an almost daily basis established firms have to look for new ways to source new customers.
CMC Markets did something similar a while back when they bought Digital Look the news and data portal from the original founders. That didn’t work out and it was swiftly passed on to the WEBFG the Spanish data provider.
Stats from Similarweb suggest that Daily FX has around 4.2m monthly visits, nearly 20% of which come from the US. Could this mean that IG is also on the acquisition hunt for a US broker to accelerete us expansions. They do of course own NADEX the North American Derivatives Exchange. But that’s basically a binary options broker.
Richard founded the Good Money Guide (previously Good Broker Guide) in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.