Sat, March 02, 2024

Saxo Bank Records a 35% Higher FX Trading Volume in March

Broker News

Even with the drastic jump in the trading demand, equities are experiencing slowed demand.

In March, the overall monthly trading volume in SAXO Bank shot up to $460.4 billion, which makes it the highest since April 2020. Consequently, the current numbers caused a significant overflow of demand in retail services, hence the closure during the first quarter of 2021.

Compared to February, the overall trading volume in March jumped with a difference of 9.8%. Still, there was a 17% jump in yearly trading activities.

Moreover, the total volume daily strengthened up to$17.1 billion from the $15.1 billion observed in the previous month.

Forex Demand Shoot up

One of SAXO’s aid to traders, theForex trading pairs, traded for up to a volume of $152.2 billion. The trade was higher than the previous month’s volume by 35% but lower by 10.7% as opposed to March 2021.

Additionally, there was $6.6 billion coming from the daily average for Forex instruments, which shot from February’s $5.6 billion.

The equities offering in the last month made the trading demand with the instrument drop to $231.7 billion. Besides, on SAXO, January and February had a low market for the equities trading of 20.5% and 8%.

Furthermore, the trading demand for commodities rose to $67.6 billion from the $43.9 billion in the previous month. On the other hand, there was a drop of 18.5% in the fixed income.

SAXO published its 2021 financials early this year, announcing a low revenue increase with flat profits, whereas there was a 19% jump in the number of clients.

Still, more retail platforms are reporting massive shoot in customer operations from the previous months. More specifically, Exness, majorly based in Europe and other upcoming markets, shut down in March with a trading volume of $2.48 billion.

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