Exness FX volumes buzzing again with $2.24 trillion in monthly turnover

abdelaziz Fathi

FX trading volumes are climbing again as economic uncertainty spurred by uncomfortably high inflation and 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 June was a busier month all round, with Exness setting its second-highest monthly volumes on record.

Total trading volumes on the Exness’ platform ticked higher last month, helped by a rise in volatility driven by central banks’ policy announcements. Specifically, June’s figure came in at $2.24 trillion, up 12 percent from $2.0 trillion in May.

Over a yearly basis, the multi-regulated FX broker’s turnover had shot higher by 160 percent when compared with $861 billion reported back in June 2021.

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.

The company also said its active client base is now at record levels and is materially higher than it was in 2021, with levels of retention comparable to historical averages. Exness reported the number of active clients at nearly 323,000, up 58 percent from 204,000 in the same month a year earlier. On a month-over-month basis, the number of active clients is also up by 6 percent from 304,000 in May.

The average trading volume in 2021 was $820 billion, but the metric has jumped to record levels above the $2 billion mark over the last three months 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.

Earlier in June, Exness made a key vacancy to fill after Mohamad Ibrahim, its regional manager for the MENA region, announced that he would be parting ways with the broker.

Mohamad originally joined Exness back in October 2019 and has served for the past three years within its MENA unit based in Dubai. During his tenure, the broker has seen its Middle East presence swell, as well as strong performance of key trading metrics.

Exness also appointed also Alfonso Cardalda, who has a colorful career across the gaming industry, as its newest Chief Marketing Officer. He brings to the CMO role 11 years of B2C marketing experience, most recently serving in an analogues position at PokerStars Casino. Alfonso spent there 12 years and was instrumental in leading the igaming entity’s operations until he left.

 

Read this next

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

<