Saxo Bank has reported a total monthly trading volume of $460.4 billion for March, which is the highest since April 2020. With the latest numbers, the broker closed the first quarter of 2021 with a significant surge in demand for retail trading services.
The overall trading volume in March jumped by more than 9.8 percent when compared to the previous month. And, the jump in trading activities was 17 percent on a year-over-year basis.
Additionally, the overall daily average volume strengthened to $17.1 billion from the previous month’s $15.1 billion.
Forex Demand Skyrockets
Foreign exchange (forex) trading pairs, which is one of Saxo’s top offerings to retail traders, were traded for $152.2 billion in volume. It was 35 percent higher than the previous month’s volume, but around 10.7 percent lower than the trading volume of March 2021.
The daily average for forex instruments came in at $6.6 billion, which is up from the previous month’s $5.6 billion.
Coming to the equities offering, the trading demand with the instrument fell last month. The total trading volume with equities trading instruments came in at $231.7 billion. Demand for equities trading on Saxo saw a downfall in two consecutive months now, 8 percent from February and over 20.5 percent from January.
Commodities trading demand again surged to $67.6 billion from the previous month’s $43.9 billion, whereas trading volume with fixed income dropped by 18.5 percent.
Earlier this year, Saxo released its yearly financials for 2021, reporting a marginal increase in revenue, but presenting flat profits. Meanwhile, the client number on the trading platform jumped by 19 percent.
Other retail trading platforms have also witnessed a massive jump in client activities over the past few months. Exness, which has operations in Europe and other emerging markets, closed in March with $2.48 billion in trading volume.
