Exness reports eye-popping $4.5 trillion in August volumes
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 busiest August for FX broker Exness had set its highest monthly volumes on record. Total trading volumes on the Exness’ platform ticked higher last month to an eye-popping $4.5 trillion, up 15 percent from $3.9 trillion in July.
Over a yearly basis, the multi-regulated FX broker’s turnover was up by two thirds when compared with $2.8 trillion reported back in August 2022.
Activity on Exness’ trading platform has been climbing 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 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 625,626, up 73 percent from 360,785 in the same month a year earlier. On a month-over-month basis, the number of active clients was also up by 9.5 percent from 571348 in July.
Exness’ average trading volume in 2023 was above the $3 trillion mark so far 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 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.