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Saxo Bank, a Danish bank specialized in providing online trading services, saw its trading volume falling to $221 billion in August, which is the lowest since November 2015. Although the figure represents a drop of 16.6% from the previous month, it is rather flattish if compared to a year earlier.
Its average daily trading volume stood at $9.6 billion in August, which is significantly lower than the monthly average since the beginning of the year which ranged between $11 billion in March and $12.9 billion in January. In comparison, the average trading volume in August 2015 was $10.5 billion per day.
Saxo Bank’s client deposits, however, reached a record-high of $12.89 billion in August. This is slightly up by 0.8’5 from July and 17.2% higher than the same month a year earlier.
Saxo Bank, set up in Copenhagen in 1992, offers about 30,000 trading instruments, including forex, binary options, contracts for difference (CFDs), stocks, bonds, and futures. The company holds a banking license from Denmark’s Financial Supervisory Authority (FSA). The group operates through its subsidiary companies across Europe, Asia and the Middle East, Australia, South America, and South Africa.
Earlier this year, Saxo Bank announced it is shutting down its offices in Russia, Poland and Greece. It said at the time its clients in these regions will be served by its larger offices. Meanwhile, it is expanding its presence in China through white-label partnerships with Lufax, a leading Chinese internet finance company, in addition to a tri-party deal with Wallstreet CN and LeanWork.