Japan's DMM.com Maintains Dominance: Tops Global FX Ranking in 2024
DMM.com Securities dominated the 2024 global retail FX volume rankings, averaging $1.488 trillion monthly and surpassing $2 trillion in peak months. Japan remains a crucial global FX hub, seeing a significant volume increase in Q3 2024 (10.748 trillion USD). Japan is also growing as a crypto hub, notably with SBI VC Trade securing approval to list Circle's USDC, marking the first time a foreign dollar pegged stablecoin is legally distributed in the country.
The FX/CFD industry experienced significant success in 2024, with the number of active accounts breaking new thresholds. In the global FX volume rankings (excluding other instruments), Japan's **DMM.com Securities** maintained its top position, recording an average monthly volume of **1.488 trillion USD** for the year, consistent with 2023 figures. DMM.com dominated all twelve months, with peak volumes exceeding 2 trillion USD in January and July. Japan remains a key player on the global FX map, showing substantial volume growth in Q3 2024, reaching an average monthly volume of **10.748 trillion USD** (up from 6.6 trillion USD year over year). Additionally, Japan took a significant step in the digital asset space, with **SBI VC Trade securing regulatory approval to list Circle’s USDC**, marking the first legal distribution of a foreign dollar pegged stablecoin under Japan’s new payments framework.
2024 Global FX Volume Dominance and Japan's Market Status
DMM Dominates
Finance Magnates Intelligence conducted a global study to determine which broker recorded the highest average monthly volumes in 2024. The study focused exclusively on FX trading, excluding other instruments. Without any surprise, DMM.com Securities once again secured top spot in our ranking.
The Japanese broker ended the year with an average monthly volume of $1.488 trillion, slightly lower but not far from its 2023 figure of $1.523 trillion. It is worth noting that in 2022, DMM.com led the annual rankings with an average volume of $1.29 trillion and in 2021, it had an average monthly volume of only $0.87 trillion.
DMM.com dominated the FX rankings for all twelve months of 2024. In both January and July last year, its average monthly volume exceeded $2 trillion. Throughout the year too, its volume never dropped below the $1 trillion mark.
Japan as a Global Hub for Retail FX Trading
Looking at the data, we can establish that Japan has always been a key player on the global FX map. For years, it accounted for over 50 percent of total global trading volumes. While its market share is not as dominant as before, it still remains impressive.
In the third quarter of 2024, we observed $10.748 trillion in average monthly FX volume in Japan a substantial increase from the already impressive $6.6 trillion recorded in the corresponding period in 2023.
Apart from being a retail FX hub, Japan also has a well developed cryptocurrency industry. Recently, the country took a significant step forward in stablecoin adoption, with SBI VC Trade securing regulatory approval to list Circle’s USDC. This marks the first time a foreign dollar pegged stablecoin has been legally distributed in the country. Under Japan’s new payments framework, the exchange will introduce USDC trading, signaling a major shift in the country’s approach to digital assets.