Forex traders, whether new or experienced, can benefit from informative statistics on the forex market; however, you will often find a long list of boring facts and figures when you delve into the subject. We wanted our readers to have the opportunity to learn something new without getting bored, so we scoured the internet for the most surprising statistics on the forex market.
Only 10% of forex traders are successful
Our first statistic is both depressing and surprising, but the good news is that it's not hard to avoid becoming one of the bankrupt traders we're talking about. The majority of this percentage are aspiring traders who opened a trading account without proper training or with unrealistic expectations. The misconception that currency trading is just a get-rich-quick scheme attracts traders, then they quickly give up when they realize they may have unrealistic expectations.
51.6% of traders prefer Android smartphones to iPhones
For more than a decade, people all over the world have been arguing over whether Android or iPhone is better. We've heard a lot of arguments in favor of the iPhone for all its unique features; however, iPhone users might be surprised to learn that Android not only sells more phones than Apple, but the smartphone brand is also preferred by forex traders.
90% of successful forex traders say they use Expert Advisors
An EA is a trading robot that executes trades on behalf of the trader. There are a large number of types of Expert Advisors that enter and exit trades based on different principles. Although there are some very profitable trading bot options out there, many traders may be apprehensive about using them because they can fail and also because many EAs cost at least a few hundred dollars, which means you won't have not a good share of money if you invest in an unprofitable robot. That's why it's surprising to hear that so many successful traders actually depend on these services.
27% of forex traders are between 18 and 32 years old
When you imagine a forex trader, your mind may think of someone in their 40s or 50s, or even older. However, forex traders start at a much younger age these days. Additionally, 28% of forex traders are between the ages of 35 and 44, which means young forex traders make up more than half of the total number of forex traders globally.
More than 5 trillion dollars are traded every day in the foreign exchange market
It's quite surprising to hear that an almost unheard of amount of money is flowing through the forex market every day, but did you know that currency trading has more money flow than the stock market? It can be harder to find exact numbers, but prices seem to be more in the billions range when you look at the stock market, giving forex a substantial lead.
41% of all foreign exchange transactions take place in the UK
The most popular currency pair is the US dollar, so you might be shocked to learn that almost half of all forex trading is actually done in the UK. If you're wondering how many transactions take place in the United States, the answer is only about 19%.
Only 7% of traders have 10 or more years of experience
If you feel at a disadvantage because you have little forex trading experience, you might be surprised to learn that traders with between 1 and 3 years of experience account for 39% of forex traders, while 31% have less than one year of experience.
40% of traders choose to trade because they want to be their own boss
The number one reason people choose to trade is to be their own boss, with almost half of traders saying this is their main motivation, even more so than just making money. Of course, forex offers many advantages that you cannot find with a regular job.
Over 45% of traders don't spend money on learning resources
When you become a trader, you can find a lot of resources online for free, but some may think that the resources you pay for would give you better educational opportunities. This is not necessarily the case, as almost half of forex traders have chosen not to pay a dime for educational resources in the past year.
About 89.1% of forex traders are men
One would think that the number of traders exceeds the number of female traders, but it is surprising how high this percentage is. Of course, this is a strong incentive for aspiring women traders to jump in and break down these stereotypes.