It is quite surprising that October data left the industry with an increased appetite. However, November data from cPattern analyzed by Finance Magnates Intelligence shows a healthy pause. As we approached the end of the year, all key forex industry indicators measured by us retraced from their peaks.
Firstly, the total monthly deposits to FX accounts dropped to $13,668 from a record level of $14,401 seen in October. Still, that was the second-highest result in 2021. The leading country in this rank was Bahrain, where on average every trader deposited $20,767 in November.
The average total monthly withdrawal fell to $8,234 from $8,349, which was seen in October. However, here it was still a high result, especially if compared to data from February when it was only $4,919. Retail FX traders were most actively withdrawing money in Jordan, which was followed by traders from Bahrain.
Active Forex Industry in Asia
While the Middle East seems to play a major role on the global map of deposits, the most active traders can be traditionally found in Asia. Once again it was China on top of the rank, where a single FX trader was making 285 transactions in November. Overall activity measured as an average for the top 10 countries, which fell to 220 transactions monthly from 241 registered in October.
Usually, the data for November (and December) showed growth in deposits, so this time we witnessed a small change in traders’ behaviour. 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.
