<p>Activities on Saxo Bank continued to decline in February as the platform reported a total trading volume of $359.8 billion for the month, a monthly slump of around 4.2 percent. Year-over-year, the decline is steeper, with a more than 14 percent fall.</p><p>However, the total daily average trading volume on the platform strengthened to $18 billion from the <a href=”https://www.financemagnates.com/forex/brokers/saxo-bank-posts-5-dip-in-january-fx-trading-volume/” target=”_blank” rel=”follow”>previous month’s</a> $17.1 billion. Though the average daily figure increased, a shorter month resulted in a lower overall monthly trading volume.</p><p>A Shorter Month Pushed Saxo’s Overall FX Volumes Lower</p><p>Coming to <a href=”https://www.financemagnates.com/terms/f/forex-trading/” class=”terms__main-term” id=”258a569f-bf49-4a61-a1b4-bc352d76141f” target=”_blank”>forex trading</a>, the total monthly volume with currency pairs came in at $110.8 billion, lower than $115.2 billion in the previous month. Again, the daily average was strengthened by over 3.8 percent to $5.5 billion.</p><p>The demand for forex instruments remains almost unchanged year-over-year. In February 2022, Saxo Bank handled $112.7 billion in forex trading volume with an average daily volume of $5.6 billion.</p><p><a href=”https://www.financemagnates.com/tag/saxo-bank/” target=”_blank” rel=”follow”>Headquartered in Denmark, Saxo Bank</a> also offers trading services with <a href=”https://www.financemagnates.com/terms/e/equities/” class=”terms__secondary-term” id=”d6e02698-4c6b-44dd-ab57-9ff12763325c” target=”_blank”>equities</a>, commodities, and fixed-income instruments. Demand for equities offerings remains the highest, with $208 billion in total trading volume. The figure was 5.3 percent lower than the previous month and more than 17 percent from the comparable month of the previous year. Though equities volume at Saxo hit a record last November, the figures have declined since, primarily due to the overall market trend.</p><p>For commodities and fixed-income instruments, the monthly volume for February came in at $32.9 billion and $8 billion, respectively. Interestingly, the trading demand for both these asset classes increased marginally last month.</p><p>A Dent in Profitability</p><p>Saxo Bank recently published its annual report, revealing its performance in 2022. The company brought in DKK 711 million as net profit, a six percent decline. It highlighted that the <a href=”https://www.financemagnates.com/institutional-forex/lower-trading-bites-6-into-saxo-banks-profit-in-2022/” target=”_blank” rel=”follow”>profitability suffered</a> due to “lower trading activity following the macroeconomic situation, which created uncertainty for clients who traded less.”</p><p>Further, the number of newly onboarded clients on the platform declined by 40 percent to 157,000 in 2022. Regardless, the broker boasted record-high client numbers, with 876,000 clients at the end of last year. The Danish platform is also migrating clients from BinckBank, which it acquired in August 2019.</p>
This article was written by Arnab Shome at www.financemagnates.com.
