Saxo Bank Posts 42% MoM Jump in March FX Volume

Saxo Bank, a Danish brokerage firm, has published its trading statistics for the month of March, showing a significant jump in Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and equities demand. The total monthly volume jumped over 30 percent to $393.4 billion from the previous month’s $302.4 billion.

The brokerage, which is known for offering leveraged Forex Trading Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Read this Term services, reported a total FX trading volume of $170.5 billion for March. It witnessed a month-on-month jump of more than 42 percent in this asset class as the FX volume for February remained $119.8 billion.

The average daily trading volume with forex instruments also went up to $7.4 billion from the previous month’s $6 billion, a solid monthly gain of 23.3 percent.

The Trading Industry Is Booming

The drag in the month was in line with the trend in the trading industry, which saw a dramatic increase in the trading demand. The forex volumes on Saxo last month were at their highest over the past twelve months but less than the record which the broker achieved in March 2020.

Apart from forex, the equities demand surged heavily last month with a total monthly trading volume of $175.8 billion, 27.7 percent higher than February. The daily trading average for equities came in at $7.6 billion, compared to the previous month’s $6.9 billion.

While fixed income instruments, comprising only a fraction of Saxo’s volumes, saw a decent surge in monthly volume with $8.3 billion, its daily average remained the same as in February. Additionally, commodities demand on Saxo surged marginally, but the daily average saw a monthly dip.

Saxo’s business saw tremendous growth last year. The group reported its annual financials for 2020 in February, showing a profit of DKK 750 million, which jumped from 2019’s DKK 40 million. Furthermore, the client assets on the platform surpassed DKK 500 billion.