EXNESS’ MONTHLY TURNOVER STAYS WELL ABOVE $2 TRILLION MARK

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 latest group of retail FX platforms to report their monthly volumes indicate that July was yet another busy month all round, with Exness setting its second-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, July’s figure came in at $2.27 trillion, up 2 percent from $2.24 trillion in June.

Over a yearly basis, the multi-regulated FX broker’s turnover had shot higher by 133 percent when compared with $974 billion reported back in July 2021.

Activity on Exness’ trading platform has been consolidating as the bull run in the second 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 343,360, up 64 percent from 209,000 in the same month a year earlier. On a month-over-month basis, the number of active clients is also up by 6 percent from 323,000 in June.

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.