March FX Trading Volume Up 35% at Saxo Bank

Saxo Bank reported a $460.4 billion monthly trading volume in March, the largest since April 2020. The broker ended the first quarter of 2021 with increased demand for retail trading.

The entire trade volume increased 9.8% in March compared to February. Moreover, trade activity increased by 17% year on year.

Overall daily average volume increased to $17.1 billion from $15.1 billion last month.

Forex Demand Soars

The volume traded on Saxo's forex trading pairs, which are popular with retail traders, was $152.2 billion. It was 35% greater than the previous month, but 10.7% lower than March 2021.

The daily average for FX instruments was $6.6 billion, up from $5.6 billion last month.

Last month, trading demand for shares dropped. It was $231.7 billion in total trading volume. This is the second straight month of falling demand for Saxo stocks, 8% in February and nearly 20% in January.

In contrast, demand for commodities increased to $67.6 billion from $43.9 billion last month, while demand for fixed income fell 18.5 percent.

Saxo announced its 2021 annual financials earlier this year, showing a little revenue gain but flat profitability. The trading platform's customer base grew by 17%.

Client activity has risen dramatically on other retail trading platforms in recent months. Exness completed March with $2.48 billion in trading activity throughout Europe and developing markets.