Exness FX volume continues downward trend in October
Total traded volume submitted to Exness, a multi-regulated foreign exchange and CFD platform, took yet another step back in October.
In particular, Exness’ monthly trading statistics saw its turnover down by nearly eight percent on a month-over-month basis. The figure came in at $2.53 trillion from $2.74 trillion in September.
On a year-to-year timetable, the monthly turnover was however higher by 140 percent from year-ago levels when weighed against $1.04 trillion in October 2021.
The consolidation of trading volumes is rather usual given a downtick in volatility and market drivers. By comparison, August featured more activity, as investors traded frantically in response to the recent developments about the Russia-Ukraine war, central banks’ policy and soaring inflation, among other headlines.
Overall, both retail and institutional venues all reported lackluster metrics for the month, which makes Exness’ static reading a positive.
The number of active clients was virtually unchanged, having dropped slightly to 365,000 after the metric crossed the 368,000 mark in the previous month for the first time in the group’s 14-year history. On a year-over-year basis, the number of active clients was up 56 percent from 234,000 in October 2021.
Activity on Exness’ trading platform has been consolidating as the bull run in the third quarter created a profitable opportunity for industry players, from major venues to an array of retail-focused FX brokerages.
The average trading volume in 2021 was $820 billion, but the metric has jumped to record levels above the $2 billion mark in 2022 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 was in the news last week when the UK Financial Conduct Authority has put out a press release that warns about a new ‘clone firm’ investment scam impersonating the provider of FX services and ECN trading capabilities.
In a statement on its website, the regulator said the unauthorised clone firm is going under the name of ExnessFXcapital, operating through the domain https://exnessfxcapital.com/.
The copycat broker has chosen to operate under a name similar enough to Exness to convince potential clients that it was the authorized online trading firm that had contacted them.
This also provides an easy hunting ground for clone scams who target victims via paid-for adverts. As such, the City watchdog undertakes proactive monitoring, almost on a daily basis, to identify potential scams and provides search engines and social media networks with details of the alerts it issued. It also works closely with domain registrars to make it more difficult for cloned websites to stay online, and remove them as quickly as possible.