Brokerage group ATFX announced on Monday that it saw $624bn in trading volume during the first quarter of 2024. That represented a 31.4% year on year increase for the firm.
According to data compiled by Finance Magnates, ATFX was one of the five largest FX/CFD brokers in the world by trading volume in the first quarter of this year. This has now been the case for several consecutive quarters.
In a statement shared with TradeInformer, ATFX noted that precious metals trading played an outsized role in this increase. The broker said that precious metals trading rose by 43.9% year on year and was also up 23.7% compared to the final quarter of 2023.
Gold trading has become the predominant trading instrument for a large number of brokers in the last two years. That reflects the significant price rise we’ve seen in the precious metal, as well as the appeal it tends to hold in certain regions, notably East Asia and the MENA region.
ATFX expansion
The rise in trading volumes coincides with a period in which ATFX has made several key hires. Most notably the broker brought in FXCM Founder Drew Niv as Chief Strategy Officer and hired FXCM’s Chief Commercial Officer Siju Daniel.
ATFX has also made several key hires in Dubai, where it has marketed itself heavily over the last two years. That includes ads the Emirate’s airport and a metro station, as well as the opening of a new office in February of this year.