Exness reveals 15pct drop in FX volumes

abdelaziz Fathi

Following the boom in activity seen at major FX trading venues in March, both institutional ECNs and retail platforms were in a sea of red in April 2022, as currency trading volumes were down even further.

Activity on Exness’s multi-regulated platforms dropped last month to $2.1 trillion, which is lower on a monthly basis by -15 percent from $2.48 trillion in March 2022. The figure was however higher by two times and half from year-ago levels when weighed against $841 billion in April 2021.

The difference can’t be explained by fewer working days since April saw a total of 22 trading days, the same as it had been in the month prior.

During the month of March 2022, Exness reported a whopping 170 percent growth, beating the last peak of activity, as investors traded frantically in response to a tumult of factors. It had been a volatile month for the financial markets as traders respond to news about the Russia-Ukraine war, central banks’ policy and soaring inflation, among other headlines.

The number of active clients has been also off the charts, having crossed the 300,000 mark for the first time in the group’s 13-year history. However, this metric took a step back in April as Exness reported its active client base at 281,279, down 6 percent from 301,575 in the month earlier. On a year-over-year basis, the number of active clients was up 44 percent from 195,000 in 2021.

Exness lures gambling veteran

FinanceFeeds last reported about Exness last month when the company appointed Alfonso Cardalda, who has a colorful career across the gaming industry, as its newest Chief Marketing Officer.

Cardalda is tasked with managing the group’s global marketing capabilities based out of Cyprus. His mandate will focus on bolstering the firm’s brand strategy, its product marketing efforts, corporate communications, and digital marketing efforts. He will also lead Exness’ brand and customer acquisition initiatives to strengthen their position in the online industry.

Alfonso brings to the CMO role 11 years of B2C marketing experience, most recently serving in an analogues position at PokerStars Casino. He spent there 12 years and was instrumental in leading the igaming entity’s operations until he left this month.

Prior to PokerStars, Alfonso was head of content and social media at PokerNews, managing the gambling website on a daily basis. He has strong networks with local and international financial institutions, corporate clients and peers in the sector.

Read this next

Digital Assets

FTX Japan has until March to return customer assets

The Kanto finance bureau of Japan’s Ministry of Finance (MoF) said it will extend its business suspension order for FTX Japan, the Japanese arm of the beleaguered crypto exchange FTX.com.

Executive Moves

Johan Wiese replaces Richard as director of IG South Africa

IG Group, Europe’s largest online trading platform, has relocated its Finance Chief Operating Officer (COO) Johan Wiese to join its South Africa business as a director.

Digital Assets

Nexo continues European expansion with Polish licence

Crypto lender Nexo said today that it had been registered as a virtual currency operator with the Ministry of Finance in Poland, which enables its European-based entity to provide services to the country’s residents lawfully.

Digital Assets

Wirex expands crypto lineup to 130 tokens

Payment and crypto wallet provider Wirex has listed 52 new tokens on their app, bringing the total number of supported digital assets to 130, alongside 13 fiat currencies.

Executive Moves

Capital.com lures IG’s long-serving exec Greg Adams

Multi-licensed online brokerage group Capital.com has appointed Greg Adams, who spent the bulk of his two-decade career at IG Group, as its newest head of risk.

Digital Assets

Farcana and Dravus join forces to line up sustainable mining power sources

As a result of growing ecological awareness, the sector’s top companies have been working to achieve effective cryptocurrency mining while still being energy-efficient: e.g. using mining facilities fueled by renewable power and located in colder regions to lower heat-dissipation costs.

Retail FX

Vantage to expand swap-free trading offering after savings of $1 million in gold XAUUSD

The swap-free product enhancement was designed to provide greater convenience for gold XAUUSD traders. Clients are not charged overnight fees when trading across all trading accounts, including on the Vantage App, regardless of trade size.

Digital Assets

Bosonic launches Cross Custodian Net Settlement to further eliminate settlement risk

Bosonic has announced the go-live of Cross Custodian Net Settlement (CCNS) in which trades in USDC and ETH were executed, cleared, and settled atomically between two digital asset custodians, First Digital in Hong Kong and Propine in Singapore.

Industry News

IntraFi taps Broadridge to offer loans to costumers of brokers, advisors, and RIAs

“Broadridge’s partnership with IntraFi expands the availability of securities-based lending to previously underserved parts of the market — community and regional banks, independent broker-dealers, and unaffiliated advisors and RIAs.”

<