Analysis: Where Are Middle East FX Traders Depositing Most Often?

While the size of deposits and withdrawals remain the same, the number of deposits goes lower in October

With 2020 just about upon us, Finance Magnates Intelligence is digesting the latest CPattern data for September and October. While the main metrics are stabilizing, we learned new information related to deposits from retail traders.

Both the average deposit and average withdrawal came close to $2,400 in October. On average, retail traders were depositing $2,386 and withdrawing $2,400 per one time.

Discover iFX EXPO Asia 2020 in Macao – The Largest Financial B2B Expo

Average forex metrics

Number of average deposits decreased

At the same time, we learn that, on average, traders in the top 10 countries sent six new deposits per month to their trading account in October. That is fractionally lower than the 6.3 deposits registered in September.

Suggested articles

2020 Global Market Outlook: How the “Known Unknowns” Can Affect CurrenciesGo to article >>

Average deposits globally

So, in which country are traders depositing most often? In Kuwait, each trader sent a new deposit to their trading account 7.5 times on average. Shortly behind was Qatar, with 7.3 deposits per month from each trader. Saudi Arabia was catching up to Qatar with 6.8 deposits per month.

The top 3 positions in this new ranking were dominated by Middle East countries. Although hampered by conflict and low oil prices, the financial market in the region continues to show resilience and steady growth.

 

For this reason, the Finance Magnates Intelligence Department has launched a new project, creating a set of indices encompassing various aspects of the online trading industry. These indices will provide you with unique data points gathered by our analysts that will serve as a valuable knowledge base for your decision making.

Got a news tip? Let Us Know