Saxo Bank, a Denmark-based forex and CFD trading services provider, reported the third month of consecutive shrinkage in its total monthly volume in August.
Total volumes from its market activities in commodities, equities, fixed income and forex contracted to $311.8 billion last month.
Finance Magnates’ analysis of monthly basic key figures for August released by the broker shows that the monthly volume stood at $421.6 billion as of May.
However, the volume dropped to $398.8 billion in June and declined to $322 billion in July before worsening to $311.8 billion last month.
When compared to the same months in 2021, this year’s performance is much better in terms of the value of the volumes generated.
For example, the total monthly volume of $311.8 billion generated in August 2022 is an 18% increase from the $264.9 billion generated in the same month last year.
Saxo’s Forex Market
In August, Saxo Bank’s forex daily average volume (ADV) came in at 4.8 billion, which is a drop of 13% from the preceding month’s $5.5 billion.
The total monthly volume in the forex market dropped 5.1% to $109.8 billion in August. In July, the volume reached $115.9 billion.
Compared to 2021, Saxo Bank’s forex ADV in August rose 9% from $4.4 billion and total monthly volume surged 13% from $96.8 billion.
End of MT4 in Saxo Bank Japan?
MetaTrader4, which was introduced in 2005, is the leading platform for the trading of forex among retail investors.
In early August, Saxo Bank announced that it will terminate support for MT4 under its Japanese subsidiary on September 4 (Sunday).
"We have decided to terminate the use of MT4 except for some customers on September 4, 2022 (Sunday) as the last day. We would like to express our sincere gratitude to our customers who have used Saxo Bank Securities MT4 so far,” the Bank said.
Meanwhile, the bank recently announced that it has introduced fractional stock index CFD trading for its Japanese trader clients.
The broker said the move is targeted at lowering the trading barrier for retail traders.
Additionally, Saxo Bank promoted Ronni Bollerup Butler, its former Senior Product Specialist, in early August to lead its electronic trading and related services team.
