FX volume at Exness takes step back in September

abdelaziz Fathi

Exness, a multi-regulated foreign exchange and CFD platform, has released its monthly trading statistics for September 2022, which saw its turnover slightly down on a month-over-month basis.

exness

Activity on Exness’ platforms dropped last month to $2.74 trillion, which is lower on a monthly basis by -2.5 percent from a record of $2.81 trillion in August 2022. The figure was however higher by 190 percent from year-ago levels when weighed against $947 billion in September 2021.

The consolidation of trading volumes is rather usual given a downtick in volatility and market drivers. By comparison, August featured more activity, as investors traded frantically in response to the recent developments about the Russia-Ukraine war, central banks’ policy and soaring inflation, among other headlines.

Overall, both retail and institutional venues all reported lackluster metrics for the month, which makes Exness’ static reading a positive.

The number of active clients has been also off the charts, having crossed the 368,000 mark for the first time in the group’s 14-year history. This was up 2.2 percent from 360,000 in the month earlier. On a year-over-year basis, the number of active clients was up 59 percent from 232,000 in September 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 average trading volume in 2021 was $820 billion, but the metric has jumped to record levels above the $2 billion mark in 2022 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.

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