FX trading volumes are climbing again as economic uncertainty spurred by recent developments over central banks’ policies encouraged speculators to pile back into the market.
The latest group of retail FX platforms to report their monthly volumes indicate that July was a busier month all round, with Exness setting its highest monthly volumes on record.
Exness’ traders transacted a total of $3.91 trillion, which is higher on a monthly basis by 19 percent from $3.3 trillion in June 2023. The figure was also higher by 72 percent from year-ago levels when weighed against $2.27 trillion in July 2022.
The consolidation of trading volumes was rather usual over the last few months given a downtick in volatility and market drivers. By comparison, July featured more activity, as investors traded frantically in response to the recent developments about the Russia-Ukraine war, central banks’ policy and subsiding inflation, among other headlines.
The number of active clients has also been off the charts, having crossed the 571,348 mark for the first time in the group’s 15-year history. This was up 7.5 percent from 531,511 in the month earlier. On a year-over-year basis, the number of active clients showed a remarkable 66 percent increase compared to July 2022’s 343,361 active clients.
Activity on Exness’ trading platform has been consolidating as the bull run in the second quarter created a profitable opportunity for industry players, from major venues to an array of retail-focused FX brokerages.
Exness’ average trading volume in 2023 was above the $3 trillion mark so far due to frenzied buying and selling activities. The uptick in volumes also comes as Exness, which is authorised by the FCA as an IFPRU €730K firm, continues to restructure its business.
Exness acquired its regulated UK license, an IFPRU €730K firm, back in 2016 to operate a CFDs brokerage business. The broker launched a mainly retail offering, which focused on CFDs in Forex and commodities. In light of an internal business decision to restructure its business and focus on other markets to grow their B2B operations, Exness decided in 2019 to close the retail business in the EU/EEA region, including in the UK.