The total monthly FX deposits have been at a steady rise across the industry since June. When data of a single one-time deposit is measured, there hasn’t been any improvement. Before the June surge, the value average FX deposit fell from $2,312.17 to $2,184.
Apart from deposits, data for average withdrawal did not change much, with $2,564.27 recorded for first-time deposits.
An Improvement On Monthly Total Deposits
The total deposits for the month had a surprise improvement in June. The total value of monthly deposits grew from $9,884 to $10,902, which has been the highest recorded so far this year. Additionally, the monthly withdrawals from FX accounts also increased from its May figure of $4,997 to $5,337. With the market showing signs of slight inactivity, analysts expect the FX values to remain or drop for July and August.
The slow summer growth in FX trading activity has already started showing, according to the cPattern examined by the Finance Magnates Intelligence. It shows that the average number of transactions per FX trader dropped from 219.7 in May to 205.2 in June. And as usual, China topped the chart when it comes to the region with the highest number of FX transactions for the month.
A Shift From Desktop To Mobile FX Trading
In another development, mobile FX trading is gradually seeing increased activities from FX traders. Trade execution on mobile devices has increased over the past few years due to the digitalization of the trading industry.
Recent data noted that 55% of trades were executed on mobile devices in the first quarter of 2021. This indicates that more traders are using mobile devices to execute trades than desktop platforms. While it’s not a complete representation of the industry, it’s an indication of the current shift in paradigm.
The simplicity of using mobile devices and the fact that more apps are now available on such devices will be the users’ main motivation.
