Analysis: Unexpected Growth in October FX Deposits

After somewhat of a slowdown and stabilization was seen in September, the October data from cPattern shows interesting changes. Finance Magnates Intelligence examines the latest developments in key forex client-related metrics.

In October, growth in almost all areas was observed. Firstly, the average single deposit increased from the $2,071 seen in September to $2,932. However, even larger growth was seen in withdrawals where the average single withdrawal from an FX account grew from $2,339 to $3,257. Only in the case of first-time deposits (FTD) was there a fractional decrease of $46 down to $1,732.

Additionally, more funding from forex clients could be seen in the monthly data. In October the average total monthly deposit to an FX account grew from $10,316 seen in the previous month to $14,401. This was the highest reading in 2021. Also, an average monthly withdrawal increased, from $5,791 up to $8,349.

More Key Forex Clients Related Metrics

The main activity of forex traders in sending money was not accompanied by more trading activity. The latest data shows the average number of transactions decreased from 246 to 241. However, there was a change in the rank, with Romania moving to first place, followed by China. In October, Romanian traders conducted 272 forex transactions on average. The last place was held by Pakistan in 10th position with a result of 216 transactions per month.

Usually, the data for November and December showed some growth in deposits, so it will be interesting to see the data for these months. 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.