Due to pending geopolitics issues, Exness trading volume exploded and hit the $2 trillion mark, the highest in the company's history.
One of the largest trading platforms, Exness, broke the trading volume record. In late March, the trading volume of the multi-asset broker surpassed the $2 trillion mark, the highest level in the company's operating history.
This Cypriot-based forex and CFD broker hit $2 trillion one week before the end of March. In February 2022, Exness' volume had nearly touched the 2 trillion mark of $1.59 trillion.
Declining Crypto Volume
Damian Bunce, Chief Trading Officer of Exness said that the increase in currency and commodity volumes was driven by uncertain geopolitical conditions and rising global inflation.
"With almost a week to go before the end of March, we understand Exness has already executed yet another volume record smashing the 2 trillion mark. The business is responding to geopolitical events, firstly the war in Ukraine which has created volatility across assets but in particular US Oil, and Gold and in addition a more hawkish federal reserve stance saw the Yen weaken vs the Dollar, so a lot of activity in these currencies related to the inflationary talk. We see an ongoing influx of new customers attracted to our trading conditions at a time when the markets provide opportunity," added Bunce.
On the other hand, the crypto market has actually experienced a downward trend since December 2021 due to weakening investor interest. According to Bunce, the decline in crypto volume actually makes traders shift to other asset options such as forex.