According to a company announcement, Estonia-based brokerage, Armada Markets, marked a new record high of trading volume in October. The company’s customers traded $23.3 billion, which is 14% higher when compared to the previous month and 103% higher compared to October 2013.
The company highlighted the ongoing rise in volatility across all financial markets and a strong growth in client numbers from the Asia-Pacific region as the main contributing factors to the growing figures.
Armada Markets also reported its quarterly profit numbers, with the third quarter net profit coming in at $680,000, as the first two quarters of the year already yielded $1.10 million. According to the company’s outlook, the firm will report net profits for the entire 2014 of somewhere between $2.4 – $2.7 million.
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According to Armada Markets, its largest 100 clients accounted for 64.9% of the total trading volume, as the most active account accounted for 3.3% of the total trading volume. The firm expects to reach a monthly trading volume of $25 – $35 billion within the next 6-9 months.
The company’s CEO, Ingmar Mattus, stated in the company’s announcement, “Our clients and the whole team are delighted to see that volatility has finally returned to the spot FX markets and as the Fed has completed its QE program then I believe the volatility is here to stay.”
Adding to his views on the company’s performance he explained, “The positive financial results of Armada Markets are something we have expected. We have been capitalizing on this growth by investing into IT and infrastructure and expanding our team. In October we increased our global workforce by 9% and going forward continue to look for talented people.”