Exness is one of the largest forex brokers in the world. It’s based in Cyprus and serves expansive clientele. The broker had a nice start of the year having set a record high of $266.8 billion in terms of trading volume. However, in the month of February it dropped to $ 249 billion which represented 7% drop. On the other hand, the number of active clients who placed at least one trade stood at 42,423 customers. The same was registered by other reputable forex brokers. Although the broker has been shinning over the years, the figures may not be setting a good pace for the coming months. In 2016, Exness set an annual record volume of over $2.41 trillion and entered the category of the top ten largest forex brokers worldwide.
Major currencies traded in February 2017
Most retail traders concentrated on GBPUSD, EURUSD and USDJPY pairs. According to Deloitte audit firm, many traders were risk averse when trading cross currencies due to the uncertainty in the market. Further, traders used a lot size of between 1 and 100 depending on their risk appetite.
Exness CEO weighs on the decline
According to the CEO; Petr Valov, there are several fundamental factors which made traders stay away from the market. First, there has been a lot of uncertainty after the release of macro statistics of United States. Now that we have a new US president, many traders have decided to stay on the sidelines as they work on their fundamental analysis. Since President Donald trump took office, the lawmakers have come up with legislation on immigration, the issue of taxes and national security. This has forced the investors to trade carefully until the situation is well clarified.
However, this should not worry traders since Exness forex brokers has been performing well in recent months. In fact; when we compare the performance during the same period in 2016, the company is doing well. In February 2016, there were 30,435 active traders. On the other hand, the broker has performed well in recent months. For instance, in the month of January 2017, there were 40,809 active clients. This was an improvement compared to the same period last year.
Plans to increase the trading volumes
According to the marketing director, Exness is looking forward to dominate the UK online trading market. The decision was made after realizing the UK market is ever crowded. This will contribute to increase in the number of retail traders which is likely to bring a positive impact on trading volumes. Further, it will contribute to the company’s long-term success.
In the coming months, Exness forex broker is set to expand globally after targeting Europe. In addition, the company looks forward to incorporating first-class technology and systems to ensure it offers the best platform for retail customers. Further, the group CEO has stated that they have a lot in the pipeline to try and boost their global networks. It’s now clear that Exness is one of the best transparent brokers to choose from since it’s under FCA regulation. The company is looking forward to increase the number of active clients in March 2017. In fact, it’s set for a new annual record high.