IC Markets, a forex and CFD service provider in Sydney, announced a surge in trading volumes for March 2021. On Wednesday, March 7, the firm stated that its trading volumes for the month were at $1.04 trillion.
IC Markets is a forex and CFDs trading service provider that is located in Sydney. This firm announced that its trading volumes for March 2021 were $1.04 trillion. This figure places their trading volumes for the first quarter of 2021 at $2.84 trillion, a record high for the company. The new quarterly volume is 19% higher than what was recorded in the first quarter of 2021.
For the better part of this year, IC Markets has been performing incredibly well owing to the bullish trend for digital assets. However, the trading volumes for March 2021 remain the highest for the firm after the intense market volatility caused by Covid-19.
Increased demand causes a spike in trading volumes
According to IC Markets, the surge in trading volumes resulted from increased demand from clients. Product diversification by the firm has pooled together different clients and attracted new types of clients. The announcement also illustrated how the broker enjoyed a surge in trading volumes on all digital assets.
These assets include stock, commodities, forex, futures, and cryptocurrencies. The broker had already increased its offerings related to digital currencies and share CFDs, and this move may have attracted a large trading pool.
The CEO of IC Markets, Andrew Budzinski, stated that the brokerage was focused on making sure that their clients have the best trading experience. Through product diversification, IC Markets gives clients a better portfolio that includes different asset classes to mitigate risk.
IC Markets enjoyed its highest trading volume in March 2021 after the volatility caused by the Covid pandemic increased demand for digital assets. However, the quarterly trading volumes in 2021 were much lower than the quarterly trading volumes recorded in 2021.
The Covid-19 pandemic created a rare chance for brokers to increase their returns and profits. Even though a recession was recorded in the economy during the pandemic, the lockdown measures imposed increased the demand for investments through digital assets.
Brokerage firms reaped enormous profits from this surge in demand. In 2021, IC Markets set a record after reporting annual trading volumes of $9.32 trillion. As demand continues, the trading volumes for 2021 are also expected to be higher.