Exness volume hits fresh record at $2.8 trillion, active clients top 360K

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.

exness

The latest group of retail FX platforms to report their monthly volumes indicate that August was a busier month all round, with Exness setting its 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, August’s figure came in at $2.81 trillion, up 24 percent from $2.27 trillion in July.

Over a yearly basis, the multi-regulated FX broker’s turnover had shot higher by 220 percent when compared with $879 billion reported back in August 2021.

Activity on Exness’ trading platform has been consolidating 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 2021, with levels of retention comparable to historical averages. Exness reported the number of active clients at nearly 360,000, up 61 percent from 224,000 in the same month a year earlier. On a month-over-month basis, the number of active clients is also up by 5 percent from 343,000 in July.

Volumes are way up

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

Revolut receives FCA’s go-ahead to launch crypto trading

British fintech and banking firm Revolut has received a regulatory go-ahead to launch its cryptocurrency services in the UK.

Digital Assets

GBTC share is trading at 36% below bitcoin spot price

Grayscale Bitcoin Trust share has widened its discount relative to the underlying cryptocurrency held in the fund, the highest margin ever since its debut in 2013. Digital Currency Group’s flagship GBTC shares traded at a discount of 35.8% to net asset value (NAV) today.

Digital Assets

Crypto lender Nexo investigated by 8 US state regulators

State securities regulators in New York, California, Kentucky, Maryland, Oklahoma, South Carolina, Washington and Vermont are investigating crypto lender Nexo for allegedly failing to register its Earn Interest Product.

Metaverse Gaming NFT

Astar Network’s ad features 329 top brands to support Web3 in Japan

Blockchain innovation hub Astar Network is making strides in promoting the Web3 adoption worldwide. In yet another milestone, the smart contracts platform has run a national newspaper ad in Japan that set a new global record with participation from 329 blue-chip firms.

Digital Assets

Pyth Network welcomes onchain data from crypto market maker Auros

“By sharing our high-frequency trading data with a truly onchain decentralized network, we aim to foster innovation that will lead to better financial solutions for all participants.”

Digital Assets

Tokeny integrates Ownera to boost liquidity of tokenized assets

“The adoption of FinP2P will result in higher liquidity and better access to capital and assets by providing regulated firms with one secure point of connection to multiple digital asset networks across the globe.”

Digital Assets

BingX launches subsidy vouchers to cover user losses in copy trading

“With the introduction of copy trade subsidy vouchers, new users can easily try out trading strategies without incurring losses.”

Digital Assets

Talos expands sales team: Frank van Zegveld, Matt Houston, Hillary Conley

“The extensive leadership and industry expertise of these new hires will enable us to build long-lasting relationships as we continue to build out our global presence in EMEA and beyond.”

Executive Moves

FX and CFD broker Emporium Capital hires industry veteran Robert Woolfe as COO

His past experience within the FX and CFD industry includes top roles at Capital Index, London Capital Group, GKFX, ETX Capital, and IG.  “I’m delighted to be part of the Emporium Capital team and spearheading the brokerages global expansion plans”, he said about the appointment.

<