The currency market plays hide & seek, especially in October 2022. Saxo Bank reported a lower figure with larger disappointment in its Commodities section. The month-over-Month figure for average FX volume is 9%, down to $6.1 billion for October 2022. On the other hand, September 2022 painted a better picture with $6.7 billion in the reports.
The year-on-year comparison is better, though, as there is an increase of 20%, taking the figure of $5.1 billion on the higher side. While the yearly time frame is better, the same cannot be said about the monthly picture.
The total volume is not up to the mark either. October registered $128 billion against $146.7 billion for September 2022. Like the average figures, the total figure went above its mark for the month in the previous year. The total FX volume stood at $113 billion in October 2021. It gives a rise of 13% despite a rise not appearing on a Month-over-Month basis.
US Brokers are leading the pack of investors, letting them buy and sell a fraction of stocks. Some of the best forex brokers in Malaysia are expected to follow the trend. However, this is a part of the move where traders are looking to go beyond the promotion of no trading fee. It is a way to attract new investors with less sustainability for future functioning.
The Japanese arm of the bank earlier lowered the minimum order size for stock indices CFDs, giving more flexibility to traders.Saxo Bank is eyeing integrating Baffle into its products that directly face the customer. Saxo Bank previously deployed its Data Protection Services to support the migration process, ensure compliance with stringent regulations, and protect sensitive consumer data.
Saxo Bank, founded in 1992, is currently headquartered in Denmark, Copenhagen. The offerings include Futures, CFD, Forex, Stock, and Bond. One of the leading investment banks in the world takes pride in listing more than 35,000 trading instruments. However, this gives their users a wide range of options while crafting an investment portfolio.
Traders looking to ride the horse for short-term can register themselves as Saxo Bank is equipped with tools to make things happen their way. It is still recommended to take all precautions while selecting investment products. According to a full review of Saxo Bank, short-term traders can fairly trade forex and CFD products. Other offerings like stock, futures, and commodities may yield comparatively lower returns in the short run.
Its functions are licensed by the top bodies of the world. It includes regulators in the United Kingdom, France, and Switzerland, to mention a few. The web-based trading platform offers high security as the top feature to its users, who can also avail of other features like educational material and negative balance protection rules.