Saxo Bank has published its monthly figures, with an average daily volume of FX and commodities business at the center. The FX average daily volume witnessed a drop in October in comparison to September 2022. The figure stood at $6.1 billion, down by 9% from the value of $6.7 billion in September 2022.
While the month-to-month figure has gone down, the same is fortunately not the case on a year-over-year basis. Saxo Bank’s value has increased by 20% from $5.1 billion during the same period. October 2022 has shown that despite the yearly increase, there is a monthly fall in the valuation, which needs to be corrected to end the current year in a better way.
Not only has Saxo Bank’s average daily FX volume decreased, but so has its total monthly FX volume. September 2022 registered a total volume of $146.7 billion. The number went down by 13%, touching the mark of $128 billion. Again, this is an increase when seen yearly.
The total FX volume of Saxo Bank in October 2021 was $113 billion. It has gone up by 13% to take center stage at the said value.
Saxo Bank is among the other regulated forex brokers in the UK that have survived for a long time to better serve their customers. Despite their alarming nature, frequent ups and downs are an inevitable part of any business’s operation. Considering the complexity and volatility of the FX market, one can only appreciate how well Saxo Bank is doing in the market.
Saxo Bank has survived for so long largely due to the generosity of other offerings on the list. However, one of them adds to the concern, just like the average daily and total monthly FX volume figures.
The commodities business of Saxo Bank has fallen from $1.8 billion in September 2022 to $1.7 billion in October 2022. A fall of 5.6% is something that Saxo Bank will seriously look into moving forward.
Established Forex in 1992, Saxo Bank remains firm on the initial infrastructure that was constructed to provide the best financial services to its customers. Its regulatory compliance efforts are spread across the United Kingdom, Denmark, Singapore, and Australia. Registered customers gain access to over 3,500 trading instruments in the safest environment.
A vast list of materials is available on the platform for new traders to get familiar with trading tools and offerings. Read more about it to find out what currencies Saxo Bank accepts.
The recent development follows Saxo Bank’s announcement to lower the minimum order size for stock index CFDs, enabling traders to open trades at 0.1 or 0.01, depending on the instrument. This has, so far, attracted new traders in a large number.
By December 2022, Saxo Bank hopes to provide investors and the trading community with a more accurate picture.
Source: https://www.cryptonewsz.com/fx-volume-declines-for-saxo-bank-in-october-2022/