In spite of a stronger ADV, Saxo Bank’s February FX Volume declined

Saxo Bank reported a total trading volume of $359.8 billion in February, a monthly fall of about 4.2 percent, as activity on the platform continued to decline. The decrease is greater year over year, falling by more than 14 percent.

Yet, the platform’s overall average daily trading volume increased to $18 billion from $17.1 billion in the preceding month. Despite an increase in the average daily number, the monthly trade volume fell overall due to the shorter month.

With regard to FX trading, the overall monthly volume for currency pairings was $110.8 billion, down $115.2 billion from the previous month. Once more, the daily average increased to $5.5 billion by more than 3.8 percent.

The demand for FX instruments has been essentially constant over the past year. With an average daily volume of $5.6 billion in February 2022, Saxo Bank handled $112.7 billion in currency trading.

Saxo Bank, which has its headquarters in Denmark, provides trading services for stocks, commodities, and fixed-income products. The largest demand is still for equity issues, which account for $208 billion in total trading activity. The figure was more than 17 percent higher than the same month last year and was 5.3% lower than the previous month. Although Saxo’s equity volume reached a record in November of last year, the numbers have subsequently decreased, mostly as a result of the general market trend.

The monthly volume for commodities and fixed-income securities in February was $32.9 billion and $8 billion, respectively. It’s interesting to note that last month, trading demand for both of these asset groups somewhat increased.

Saxo Bank just released its annual report, which details how it performed in 2022. The business reported a net profit of DKK 711 million, a six percent decrease. It emphasised that lesser trading activity after the macroeconomic circumstances, which produced uncertainty for clients who traded less, caused the profitability to suffer.

Also, from 2022 to 2022, there were 157,000 fewer newly onboarded clients on the platform, a 40% decrease. Yet, the broker reported having 876,000 clients at the end of the previous year, a record-breaking total. The Danish platform is also transferring customers from BinckBank, which it purchased in August 2019. You can find out more in our Saxo Bank Review.

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