The busiest February on global markets in many years is raising hopes among brokers that 2023 will spark a long-awaited rebound in trading metrics.
Volatility on foreign exchange markets has spiked after comments from Federal Reserve Chairman Jerome Powell about a higher-for-longer approach to interest rates sent the greenback rising and volumes skyrocketing.
The latest group of FX platforms to report their monthly volumes indicate that Exness had set its highest monthly volumes on record. Total trading volumes on the Exness’ platform ticked higher last month to $3.05 trillion, up 8 percent from $2.82 trillion in January.
Over a yearly basis, the multi-regulated FX broker’s turnover had nearly doubled when compared with $1.58 trillion reported back in January 2022.
Activity on Exness’ trading platform has been consolidating as the bull run in the fourth quarter created a profitable opportunity for industry players, from major venues to an array of retail-focused FX brokerages.
The company also said its active client base is now at record levels and is materially higher than it was in 2022, with levels of retention comparable to historical averages. Exness reported the number of active clients at nearly 440,151, up 71 percent from 257,135 in the same month a year earlier. On a month-over-month basis, the number of active clients was also up by 6.12 percent from 414,502 in January.
The uptick in volumes also comes as Exness, which is authorised by the FCA as an IFPRU €730K firm, continues to restructure its business.
Exness acquired its regulated UK license, an IFPRU €730K firm, back in 2016 to operate a CFDs brokerage business. The broker launched a mainly retail offering, which focused on CFDs in Forex and commodities. In light of an internal business decision to restructure its business and focus on other markets to grow their B2B operations, Exness decided in 2019 to close the retail business in the EU/EEA region, including in the UK.