After a good month in May, we once again observed the growing value of total monthly FX deposits right before the summer break started. The June data from cPattern has been examined by Finance Magnates Intelligence to reveal improvement to this section of industry statistics.
First, data for single one-time deposits did not reveal any improvements. The value of an average deposit fell to a level of $2,184.01 from $2,312.17 seen in May. Also, data on single withdrawals were not impressive, decreasing to $2,554.18 from the level of $2,773.81. No recovery was observed for first-time deposits (FTD) either, which was equal to $2,564.27 compared to $2,641.40 registered in May.
FX Deposits Surprise
Surprisingly, total deposits for the whole month did see some improvement. In June, the value of monthly deposits grew to a level of $10,902 from $9,884. At the same time, it was the biggest value registered in 2021. Also, total monthly withdrawals from FX accounts grew to $5,337 from May’s $4,977. It will be interesting to see if this momentum is sustained in July and August.
In the meantime, the trading activity of retail FX traders has already started to show some results from a typical summer slowdown. The average number of transactions per trader decreased in June to a level of 205.2 from 219.7 seen in May. It was no surprise who was the leader in this rank. Once again it was China where retail FX traders made the largest number of transactions per month.
Finance Magnates Intelligence will be monitoring industry activity in the upcoming months. Stay tuned for more industry-related research or reach us directly for additional research requests.
