PrimeXM’s monthly volume surpassed $1 trillion in March 2021
PrimeXM’s monthly volume surpassed $1 trillion in March 2021

PrimeXM, a technology provider in the forex trading industry, reported strong demand for March with a total monthly trading volume of $1.06 trillion, which is only behind the record figures achieved by the platform in March 2020.

The figures remained impressive when compared with February’s $909.89 billion, meaning there was a month-over-month surge of around 16.5 percent. Additionally, this is the second time the total volume of PrimeXM went beyond the $1 trillion mark, after March 2020’s $1.15 trillion.

The average daily volume on the platform for last month came in at $46 billion, which is 1.1 percent up from the previous month’s $45.49 billion. Moreover, the total number of trades executed in the month surged 20 percent to reach 34.56 million.

Institutional Demand is Soaring

The Spike in trading demand on PrimeXM was in line with the industry-wide surge. Finance Magnates also reported on a similar growth trend witnessed last month across platforms like Cboe, Integral and FXSpotStream.

Founded in 2010, PrimeXM’s key business focus is providing aggregation software, low-latency connectivity, hosting solutions and high-end MT4/MT5 bridging and white labels. Additionally, the Swiss-based ‎technology company offers a MetaTrader 5 Gateway low-latency connectivity to over 120 providers of forex and CFD liquidity.

The firm manages three data centers to serve its institutional client base. It detailed that 77 percent of its monthly trading volume was recorded in the LD4 data center, in which the data centers in New York and Japan handled $124.55 billion and $122.22 billion in trades, respectively.

In addition, gold again remains the favorite of institutional traders as 29 percent of the overall monthly volumes came from XAUUSD trading, which jumped 13 percent month-over-month in the notional value. Furthermore, FX pairs EURUSD and GBPUSD dominated with a combined trading volume of $305.5 billion.

TimeBit/Financemagnates

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