Saxo Bank, an investment bank focused on providing trading services, announced that its average Forex trading volumes for the month of May were marginally higher than the previous month due to a more volatile market.
However, data have shown that the figures for the month still did not exceed the recent highs experienced in March. Saxo Bank’s rivals, such as US-based Benefit Capital, have posted mixed trading results in May.
Daily Forex Volume Up 7% in May
The Copenhagen, Denmark-based Forex broker experienced an increase of 7 percent at $7.6 billion in average daily Forex volume during the month of May. This is compared to the $7.2 billion figure recorded in the previous month. April ‘s performance has been the weakest since January 2020. It dropped by almost 38% from $11.3 billion in March. It is important to note that there has generally been an increase in trading volume experienced by the majority of Forex brokers in March 2020.
Over the year, Saxo Bank posted a 21 percent increase in its May 2020’s average daily volume, as compared to $6.3 billion recorded in the same month last year.
Also, when comparing the broker’s total monthly Forex volume, May 2020’s figure of $158.7 billion exceeded May 2019’s $145.2 billion by 9 percent. This number, however, corresponds to a 3% monthly decline compared to the $163.0 billion recorded in April 2020.
Although there was an apparent increase in volatility, Saxo wasn’t able to record remarkable trading volumes across its financial products. Both fixed income and commodities fell. However, equity showed improvement in the month.
Saxo Bank’s overall performance across all asset classes enhanced slightly in May 2020. It reported a $13.6 billion dollar ADV daily. This was 3 percent higher than the $13.2 billion figure from the previous month. It was also up by 14 per cent year-on-year from last year’s same month at $11.9 billion.
In a bid to take advantage of opportunities in different financial sectors, Forex broker Saxo Bank has been committed to expanding its portfolio. It’s most recent move was when it completed its acquisition of BinckBank, a Dutch stock broker company, in 2019. Saxo now owns 98 percent of the company.
Many Forex brokers nowadays, to be able to stay ahead of the pack, are looking to explore other markets outside Forex. This will allow them to cater to clients with other investment needs.
More About Saxo Bank
Saxo Bank, established in 1992, is regarded as one of the most reputable Forex brokers in the market today. Outside Denmark, this broker is also licensed to offer trading services to clients from France, Australia, Japan, South Africa, and UAE.
While other brokers supply their clients with MetaTrader platforms from MetaQuotes Corp, Saxo Bank is proud to have built its own trading platforms. Their SaxoTraderGo is a hit among traders of all levels. The platform supports trading of Forex, stocks, commodities and bonds.