Saxo Bank’s July forex trading volume highest since beginning of 2016

Saxo Bank’s July forex trading volume highest since beginning of 2016

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The trading volume of Saxo Bank, the Danish investment services and retail forex broker, in July reached $265 billion, ranking it the highest since the beginning of 2016.

According to the report, the trading volume was 1.5% higher than in June, when it stood at $261 billion.

The average daily trading volume also continued to rise through July to reach $12.6 billion per day – the highest since January when it stood at $12.9 billion. In comparison, in June the ADV stood at $11.9 billion, or 5.9% lower.

At the same time, the trading deposits of Saxo Bank’s clients also continued to rise and increased 4.4% from June, to reach $12.79 billion. In comparison, in January, the sum was $10.79 billion.

In July Saxo Bank said it will discontinue SaxoWebTrader, the web-based version of its in-house trading platform, in the end of this September and is urging its clients to switch to its proprietary mobile trading platform SaxoTraderGO.

Also in September, Saxo Bank will introduce a simplified equity rating model to determine the margin required for trading CFDs and stock options.

Last week the broker announced it has hired the German consultancy company GFT Technologies to help it in the development and implementation of its growth strategy.

Saxo Bank, founded in Copenhagen in 1992, is a brokerage firm and a market maker. It holds a banking license from Denmark’s Financial Supervisory Authority (FSA). It offers trading in more than 30,000 instruments, including forex, binary options, CFDs, stocks, futures, and bonds through its proprietary online trading platforms SaxoTrader and SaxoTraderGO, which has versions for Android and iOS devices.

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