Exness’ monthly turnover stays well above $2 trillion mark

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 July was yet another busy 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, July’s figure came in at $2.27 trillion, up 2 percent from $2.24 trillion in June.

Over a yearly basis, the multi-regulated FX broker’s turnover had shot higher by 133 percent when compared with $974 billion reported back in July 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 343,360, up 64 percent from 209,000 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 323,000 in June.

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 four 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

Centralized exchanges are 10 times more popular than DEXs in Western Europe

Western European traders are found to prefer centralized exchanges over decentralized ones as CEX traffic outpaces DEXs by a factor of ten.

Market News

Stock Market Analysis: Is NVDA Losing Its Leadership?

Since the beginning of the week, the S&P 500 Index (US500) has seen a modest increase of about 0.58%, whereas NVDA’s share price has experienced a decline of approximately 3.8%. This recent divergence raises concerns among Nvidia stock investors — could it signify a loss of NVDA’s market leadership?

Industry News

ESG: Australian regulator wins first greenwashing court case against Vanguard

Vanguard admitted that a notable portion of the securities within both the Index and the Fund did not undergo the promised ESG scrutiny.

Fintech, Uncategorized

BitMEX integrates HALO from Solidus Labs for cross-market surveillance

“The recent approval of the Spot Bitcoin ETF has piqued the market’s interest. As a result of price volatility, the trading volumes for crypto derivatives have gone up substantially. HALO, with its advanced technology and crypto-native detection architecture, will enable BitMEX to smoothly and safely scale trade surveillance across its increased trading volumes and provide the necessary safeguards for new product launches.”

Reviews

IUX Broker Review

IUX, recently rebranded from IUX Markets, stands as a multi-asset Forex broker recognized for its regulatory compliance across various jurisdictions.

Industry News

Horizon Software rebrands to Horizon Trading Solutions

“Horizon Trading Solutions has seen accelerated global growth over the past year to meet the rising demand for our trading solutions and built-for-purpose technology offering. The choice to rebrand represents a key part of this development, while maintaining our heritage and history in the industry.”

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

Digital Assets

DED Trends on Twitter After Memecoin Snapshot Announcement

Polkadot-backed community coin #DED, made it to the trending charts on X, demonstrating community’s engagement and interest behind the memecoin. 

Digital Assets

BlockDAG Presale Nears $10 Million Amid Toncoin’s Momentum, Green Bitcoin’s Presale, and the Rise of Other Top Cryptos

This article will examine three top trending topics: Toncoin’s potential, Green Bitcoin’s innovative presale, and BlockDAG’s sustainable mining approach. These cryptocurrencies take centre stage for their uniqueness and innovation.

<