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.

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