Finance Magnates has learnt exclusively that Exness, one of the largest financial trading platforms, witnessed record-breaking trading volume in March. The trading volume has already crossed the level of $2 trillion, which is the highest level in the operational history of Exness.
The Cyprus-headquartered retail FX and CFDs broker reached the $2 trillion mark almost one week before the end of March. The latest announcement came on the back of a strong month for Exness. In February 2022, the financial trading services provider touched the mark of $1.59 trillion in trading volume.
In an exclusive discussion with Finance Magnates, Damian Bunce, the Chief Trading Officer at Exness, said that uncertain geopolitical conditions and rising global inflation drove trading activity across different currencies and commodities.
“With almost a week to go before the end of March, we understand Exness has already executed yet another volume record smashing the 2 trillion mark. The business is responding to geopolitical events, firstly the war in Ukraine which has created volatility across assets but in particular US Oil, and Gold, and in addition, a more hawkish federal reserve stance saw the Yen weaken vs the Dollar, so a lot of activity in these currencies related to the inflationary talk. We see an ongoing influx of new customers attracted to our trading conditions at a time when the markets provide opportunity,” Bunce told Finance Magnates.
Crypto Volumes
The crypto market has been in a downtrend since December 2021. Amid market correction, the interest of traders in the emerging asset class has decreased. According to Bunce, the recent decline in crypto volume gave traders an opportunity to explore options in other assets.
“Crypto volumes (BTC in particular) have been downward for a few months across the industry in particular in March when traders have seen better opportunities in other assets,” the Chief Trading Officer of Exness added.
