Month-on-month growth in trading volumes, Forex Markets are on the roll with huge spikes as pandemic prevails across globe

HFX

We all know that the (COVID-19) coronavirus pandemic crisis tilt world's economy to a nosedive situation. It's even more than a year that COVID-19 hit our lives, but we are still dealing with extensive insecurity & uncertainty. Hundreds of millions of people have already lost their income and are struggling to cop up with their day to day living hood. Future still remained ambiguous around the world, as we speak.

While fighting the second and third waves of pandemic crisis we can see the forex trading boom which is highly remarkable and growing by every passing week. Some of us who have an idea on forex trading must know how the market have seen extensive growth in volumes during last couple of months and the graphs are still going up.

People are spending time either to learn forex trading or those who are already trained trying to experience their luck and trading via different trading platforms, trading forex and commodities or other tradable assets for that purpose. HonorFX - A multi-regulated forex trading broker reported a far-reaching growth trend which is going up month on month with around 6% to 8% only in forex trading, users seem more inclined towards exotic currency pairs. These percentages are derived from 18,000 newly opened accounts at HonorFX from April 2020 to April 2021. According to their representative the trading volumes soared up approx. by 300% from May 2020 till October 2020 over six months.

Furthermore, to our surprise, the growth rates discussed above were mostly related to developing countries, most of the users as per the report opened accounts from Africa, Eastern Europe, MENA Region and Southeast Asia making it up to 70% of the total new accounts. There is however a variety on trading markets as some traders focused more on safe haven commodities or currencies, while some tried using leverage opportunities including the inconsistent demand for crude oil.

"The conceivable profit unquestionably signifies a major influence factor for traders who wish to leverage on price punches. However, other sociological inclinations may have added fire to the fuel, as well." Said Devendra Singh- Market Analyst HonorFX.

"Operating remotely specifically from homes has given plenty of time for traders to focus on trading. Many of them have utilized this time to learn more about online trading and polish their skills which lead them to hit the right direct and grab opportunities to make profits. Which simply means more trading activity with higher interest rate in the market. Plus, the fact that forex trading has been done online for many years make it one of the most favorable actions for new and passive traders waiting to explore profitable practices." Said Braxton Eric - Fundamental Analyst HonorFX.

About HonorFX:

HonorFX is a brand name of Honor Capital Markets

Limited Group of companies. The Company is regulated by the Financial Services

Commission of the Republic of Mauritius with an Investment Dealer license.

License number GB200225826. The company is famous for instant withdrawals,

dedicated support services, variety of payment methods and raw spreads.