IC Markets, a Sydney-based forex and CFDs trading services provider, announced on Wednesday that the trading volume for March 2021 on the platform came in at $1.04 trillion.
The astronomical growth in the monthly trading volume last month hit a record for IC Markets, as the numbers even remained higher than March 2020 when Covid-spurred volatility pushed traders towards the markets.
Demand among Retail Traders Pumped the Broker’s Numbers
According to the brokerage, the spike in the trading volumes resulted from an influx of clients and its product diversification, which attracted a diversified base of traders.
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The press release shared with Finance Magnates detailed that the Aussie broker witnessed a demand surge across all asset classes, including forex, stocks, commodities, digital currencies and futures. In addition, the brokerage expanded its offerings with cryptocurrencies and share CFDs, which might have brought in more traders.
Overall, the first quarter of the year, from January to March, witnessed a record trading volume of $2.84 trillion, 19 percent higher than what the broker recorded in the same quarter the previous year.
Commenting on the record numbers and its offerings, IC Markets CEO, Andrew Budzinski, said: “Our focus has been on providing our customers with the best possible trading experience. By offering more choice, our clients can now diversify their portfolio into new asset classes.”
Though lockdowns to check the spread of Coronavirus stalled the global economy severely, brokers gained a windfall due to traders’ accessibility and activity in a volatile market. IC Markets reported a total annual volume of $9.32 trillion for 2020 and is now expecting to set another record year if the Q1 trend continues.