After a record month in July with $253 billion in terms of FX trading volume, last month Exness' trading volume dropped 22 percent. What could be the reasons behind the large drop of Exness FX trading volumes in August?
5 September, AtoZForex – The CySEC regulated Forex broker, Exness Group has reported a record low FX trading volumes of $197.1 billion in August. In fact, it marks a 22% decrease from its record monthly volume of $253 billion in July. The huge FX trading volume in July was caused by high volatility in the wake of the Brexit vote.
Exness’ report in August reflects the declines in the other top retail and Institutional FX trading platforms due to low volatility during the last month of summer. The Forex broker's year-to-date in 2016 figures indicate a sum of $1.57 trillion in total trading volume, with a total of $155 million in total client withdrawals. Moreover, it has paid out $21 million in total partner rewards.
What caused the large drop in FX trading volume?
Interestingly, Exness was at the top $200 billion in trading volume almost all throughout 2015. However, the broker had experienced a sluggish growth earlier this year, where the volumes were ranging at $160-180 billion in the period from April to June. The drop in Exness' FX trading volumes was supposedly caused by a series of DDos attacks against the Forex broker and its trading terminals.
The cyber attacks disrupted the trading servers and Exness’ MT4 connection, as the broker's clients experienced poor connectivity post the incidents. It can be clearly seen in the timeline of Exness' FX trading volumes when the DDOS attacks occurred, as Q2 2016 shows that there was a sluggish trend in Exness' FX trading volumes.
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