Exness FX volumes buzzing with +$3 trillion in monthly turnover

abdelaziz Fathi

The busiest February on global markets in many years is raising hopes among brokers that 2023 will spark a long-awaited rebound in trading metrics.

Volatility on foreign exchange markets has spiked after comments from Federal Reserve Chairman Jerome Powell about a higher-for-longer approach to interest rates sent the greenback rising and volumes skyrocketing.

The latest group of FX platforms to report their monthly volumes indicate that Exness had set its highest monthly volumes on record. Total trading volumes on the Exness’ platform ticked higher last month to $3.05 trillion, up 8 percent from $2.82 trillion in January.

Over a yearly basis, the multi-regulated FX broker’s turnover had nearly doubled when compared with $1.58 trillion reported back in January 2022.

Activity on Exness’ trading platform has been consolidating as the bull run in the fourth 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 2022, with levels of retention comparable to historical averages. Exness reported the number of active clients at nearly 440,151, up 71 percent from 257,135 in the same month a year earlier. On a month-over-month basis, the number of active clients was also up by 6.12 percent from 414,502 in January.

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.

Read this next

Inside View, Institutional FX

Time for brokers to add options trading as volumes explode on high volatility

“Usually, adding options to the typical CFDs and equities offering leads to fragmentation of the platform technology as many brokers will need additional back-end and front-end components, and that could be an important barrier for them. Apart from that, legal hassle and costs associated with proper licensing of market data could be a barrier at first. We are seeing this trend among market data vendors and exchanges to make it easier and more affordable.”

Metaverse Gaming NFT

GCEX’s DeFi education and prime brokerage offering available in DubaiVerse

“We are excited to be part of the developments of The Sandbox and to join other top players in the region, including our regulator, Dubai’s Virtual Asset Regulatory Authority (VARA), as part of the DubaiVerse. This is a great opportunity to bridge the gap between Web3 early adopters and GCEX clients, building a community around Web3 and digital assets.”

Digital Assets

Circle wants Fed to back USDC stablecoin after “very serious stress test” with collapse of SVB

The collapse of Silicon Valley Bank allegedly proves Circle’s point that there is a need for its USDC stablecoin to be backed by the U.S. Federal Reserve with its U.S. dollars held at the Fed.

Digital Assets

Google searches for Crypto.com and Gate.io exploded by 300% amid FTX collapse

“The findings emphasize the importance of staying on top of market trends and being able to pivot strategies quickly and also offer valuable insights into the current state of the market and the behavior of traders, providing investors with valuable information to make informed decisions about their investments.”

Institutional FX

iS Prime reports £35m turnover, £16.2 million pre-tax profits, £37 cash balances

“We have plans in place to evolve the business over the next year, driving further growth for both iS Prime and for our clients.”

Industry News

Clearwater taps BNP Paribas to combine investment accounting/reporting solutions with custody

“We invite asset owners to explore our powerful, game-changing solution that fully leverages our award-winning technology platform and BNP Paribas’ suite of custody activities. Together with BNP Paribas, we aim to extend this solution to our key core markets.”

Executive Moves

XS.com hires ex-iFX EXPO Andreea Ilies as Global Head of Events

“I believe in 2023, events, trade shows and seminars will be of significant importance in the finance sector as we push forward with a more social and personalized approach to doing business.”

Executive Moves

FlexTrade hires ex-Fidessa Rajiv Shah as Head of Sales EMEA for sell-side OEMS, FlexOMS

“It’s an exciting time to join FlexTrade. From a business perspective, the firm has a demonstrable track record in creating and growing long-standing customer relationships through first-class support and a client-first approach. Alongside this, the advanced capabilities of FlexOMS make it one of the most compelling offerings available within the OEMS space.”

Digital Assets

DWF Labs invests $20 Million in Synthetix, token trading volume triples

Global Web3 venture capital and market maker DWF Labs has pledged an investment of $20 million to spur development in the growing ecosystem of Synthetix, a derivatives liquidity protocol on Ethereum.

<