Saxo Bank's Volume Falls For The Third Month In A Row To $311.8 Billion

In May, the overall monthly volume was $421.6 billion.

On Sunday, Saxo Bank Japan discontinued MetaTrader4 support.

Saxo Bank, a Danish FX and CFD trading services provider, reported a decrease in total monthly volume for the third consecutive month in August.

Last month, total volumes from its market operations in commodities, stocks, fixed income, and currencies fell to $311.8 billion.

According to WikiFX research of the broker's monthly basic key numbers for August, the monthly volume was at $421.6 billion in May.

However, the volume fell to $398.8 billion in June, then to $322 billion in July before falling further to $311.8 billion this month.

When compared to the same months in 2021, this year's performance is much superior in terms of volume created.

For example, the total monthly volume created in August 2022 of $311.8 billion is an 18% increase over the $264.9 billion generated in the same month last year.

The Forex Market at Saxo

In August, Saxo Bank's FX daily average volume (ADV) was 4.8 billion, a 13% decrease from the previous month's $5.5 billion.

In August, total monthly activity in the currency market fell 5.1% to $109.8 billion. The volume hit $115.9 billion in July.

In August, Saxo Bank's currency ADV increased 9% from $4.4 billion to $96.8 billion, up from $4.4 billion in 2021.

Is MT4 being phased out at Saxo Bank Japan？

MetaTrader4, which debuted in 2005, is the most popular forex trading platform among individual investors.

Saxo Bank confirmed in early August that it would discontinue support for MT4 via its Japanese affiliate on September 4th (Sunday).

“With the exception of specific clients, we have decided to discontinue the usage of MT4 on September 4, 2022 (Sunday), and we would want to extend our heartfelt appreciation to our customers who have utilized Saxo Bank Securities MT4 so far,” the bank stated.

Meanwhile, the bank just revealed that it has begun offering fractional stock index CFD trading to Japanese traders.

The broker said that the change is intended to lessen the trading barrier for regular traders.

In addition, Saxo Bank appointed Ronni Bollerup Butler, its previous Senior Product Specialist, to oversee its electronic trading and associated services division in early August.

About Saxo Bank

Smaller account holders will face a number of unusual obstacles such as higher account minimums, a variety of fees, and fewer customer support options. Tiered accounts lower trading costs and additional benefits as equity grows, but the majority of retail traders will have a touque (VIP).

Pros

• Offerings are extensive.

• FCA regulates (U.K.)

• The best research in the industry

• Excellent user interface

• Provides client account security.

Cons

• Customer service is undervalued.

• Instrument fee schemes that are perplexing

• Does not accept customers from the United States.

• No MT4

About WikiFX

WikiFX is a worldwide corporate financial information searching tool that provides basic information searching, regulatory license searching, credit assessment, platform identification, and other services to participating foreign exchange trading firms.

WikiFX's database is sourced from official regulatory bodies such as the FCA, ASIC, and others, and the published content is based on fairness, objectivity, and fact. WikiFX does not charge PR fees, advertising fees, ranking fees, data cleaning fees, or other illogical fees.

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