After a timid month, the demand for forex instruments on Saxo Bank jumped again in April. According to the latest figures, the monthly volume of forex instruments on the platform came in at $99.3 billion last month. The daily average also improved to $4.5 billion.

FX Volume Recovers from the Bottom

The recovery in the last month happened after Saxo reported its lowest monthly volume since 2016 in March. That month, the platform handled only $85.1 billion in FX volume, dropping 7.9 percent in a month and 45.3 percent in a year.

The latest figure shows that FX volume in April recovered by over 16.6 percent month-over-month, while on a yearly basis, it declined by 3.4 percent. Despite the recovery from the lower demand of the previous two months, the latest figure remains lower than the other months in the last couple of years.

The FX daily average also recovered to $4.5 billion, recovering from $4.1 billion in March and $4.4 billion in February.

A Record Month for Equities

Meanwhile, the demand for equities showed a significant improvement, with a monthly volume of $303.7 billion. Month-over-month, demand for equities jumped by about 27 percent, while year-over-year, it climbed a staggering 74 percent. It is also a record for the monthly volume of equities.

The daily average with equities came in at $13.8 billion last month, compared to $11.4 billion in March 2024 and $8.7 billion in April 2023.

Headquartered in Denmark, Saxo Bank was founded as a brokerage in 1992, and it was rebranded to its current name in 2001 after obtaining a banking license. Apart from forex and equities, the company offers trading services with commodities and fixed-income instruments. The platform also offers contracts for differences (CFDs) instruments of cryptocurrencies in some markets in the Asia-Pacific region but does not publish those volumes.

The monthly demand for commodities also improved to $70.7 billion from the previous month’s $44.1 billion. However, fixed income witnessed a decline in monthly volume to $9 billion from $9.3 billion.

The rising demand for equities and forex also pushed the overall monthly volume on Saxo to $482.7 billion, an increase of 27.8 percent month-over-month and 52.4 percent year-over-year.

Meanwhile, Saxo Bank is reportedly contemplating selling its minority or majority stake at a valuation between EUR 1.5 billion and EUR 2 billion. Earlier, the Danish broker failed to close a SPAC deal that would have taken it public.