Analysis: FX Traders from Singapore Were Most Active in June

Following a highly successful pre-summer period, an inevitable slowdown gripped the FX/CFDs industry. Finance Magnates Intelligence delves into the most recent CPattern data for June.

While May had already exhibited some signs of a summer deceleration, certain data points still held promise, notably monthly deposit and withdrawal figures. However, in June, we observed the typical characteristics of a summer lull.

First and foremost, the sizes of individual and initial deposits continued their descent. In June, the average individual deposit dropped to $1,748 from the $2,214 that was recorded a month prior. Similarly, the average initial deposit size dwindled to $1,059 from $1,369. Concurrently, individual withdrawal amounts surged to $3,397 from the already elevated figure of $3,159. Evidently, retail investors were extracting capital for summer expenditure.

June's data unveiled similar trends in the monthly metrics. Also, May saw significant improvements in both deposits and withdrawals. Cumulative monthly deposits from a single trader ascended to $13,551, which is up from $10,557 seen in April. Meanwhile, the monthly withdrawal value rose in May to $8,549 from $7,255.

This time, we witnessed a collapse in both metrics. The total monthly deposit value plummeted to $10,829 from $13,551. This marked the lowest value for this metric since March 2023. Simultaneously, the total monthly withdrawal declined to $7,520 from $8,549.

Singapore Tops Trading Activity Rank

However, the most pronounced decline was observed in trading activity. The average number of transactions decreased to 223 from May's 254. Surprisingly, Singapore claimed the top spot in activity rankings, with the average trader conducting 247 transactions in May.

As far as Singapore is concerned, the Monetary Authority of Singapore (MAS) recently unveiled its latest Enforcement Report. This document outlined various actions taken against financial institutions and individuals, encompassing offenses from market abuse to anti-money laundering violations. Over 18 months, the watchdog imposed a total of $20 million in civil and financial penalties.