On the other hand, equities demand on the platform skyrocketed last month.
Saxo Bank has published its trading statistics for May, reporting a further slide in forex trading demand month-over-month, but overall volumes recovered.
The latest numbers show that the monthly volume with forex instruments remained at $104.3 billion, coming down from the prior month’s volume of $124.2 billion. That was a dip of 16 percent of demand within a month.
Also, Forex demand went down when we compared it on a yearly chart. Last year in May, the forex and CFDs provider recorded $158.7 billion in forex trading volume, meaning the latest demand dipped by more than 34 percent.
The daily average trading volume with forex pairs for last month was $5 billion, 10.7 percent down month-over-month and 34.2 percent lower year-over-year.
One of the Best Months for Equities
While forex remained dull, demand for equities soared on the platform. The broker recorded $141.9 billion in equities trading volume for May, which is up 24.2 percent from the prior month’s figures. Additionally, the daily average came in at $6.8 billion.
May remained one of the best months for equities trading on Saxo as the volumes were behind the record set for the last two years in the month of March. The broker reported $182.6 billion and $175.8 billion in equities trading volume for March 2020 and March 2021, respectively, making May’s numbers the third highest.
In addition, demand for commodities increased by 37 percent to $43.3 billion. However, fixed income trading plummeted to only $9 billion.
Overall, Saxo’s numbers recovered to $298.6 billion from the previous month’s figure of $279.5 billion. However, the heavy dent in forex demand eclipsed the impressive rise in equities.
Meanwhile, Saxo has decided to expand its product range by adding cryptocurrency derivatives instruments due to the rising demand for the asset class among both retail and institutional traders. Initially, it will be available to traders in Australia and Singapore.