In May, both the average size of a deposit and withdrawal were lower than in April. However, we still observe increased activity in the FX/CFDs industry. Finance Magnates Intelligence delves deeper into the latest CPattern data to uncover the most significant changes in customer behavior.
While both of our leading indicators were slightly lower, they managed to remain at their highest level over the last five months for deposits and even the last twelve months for withdrawals. The average single withdrawal is still higher than a deposit, standing at $3,159.42 in May. The average deposit fell during that period to $2,214.65.
We also noticed a gradual growth in the size of the average first-time deposits. It appears that April established a higher low on the chart compared to August 2022. If this momentum persists, the average value of a first-time deposit could approach the $2,000 mark.
Turning to monthly cumulative figures, we have witnessed significant improvements for both deposits and withdrawals. Cumulative monthly deposits from a single trader grew to $13,551, which is up from $10,557 in April, marking the highest value since May 2022. Meanwhile, a monthly withdrawal value increased to $8,549 from $7,255 last month, reaching the highest level since August 2022 and elevating a NET deposit value to $5,002 from $3,302.
Turkey on the Rise
Which country ranked first in monthly deposits for May? It was Turkey, with an average monthly deposit of $2,025 from a single FX/CFDs trader. Speaking of Turkey, it's worth mentioning that the country remains the dominant player in the region. Not only does it have a thriving FX/CFDs industry, but also a vibrant fintech sector. Just recently, in August, a Turkish fintech company, Param acquired Czech Twisto, further solidifying its presence in the fintech space.
