What is the monthly turnover of the forex market?

What is the monthly turnover of the forex market?

Do you want to know the annual, monthly turnover of the forex exchange according to country and several other important details? If yes, then you have landed in the right place. 

If you want to become a part of forex trading, then turnover is the important thing that you want to know. So, without any delay, let’s delve straight into the article. 

What is the forex market?

The forex market or FX exchange is the biggest trading platform, and it is the most liquid as well. In forex trading, a currency pair is involved that has currencies from two currencies. The trader has to sell one currency and purchase the other one. There are multiple forex trading options available in the market including exness, AcaTrade, legacy fx etc. Give a read to legacyfx review to know more.

Statistics of forex trading 

The day-to-day turnover of the forex market was roughly $6.6 trillion dollars in the year 2019, and it was more than that of 2016. In 2016 the turnover was $5.1 trillion.

The total value of the forex market is approximately $2.4 quadrillion, or we can say it is $2409 trillion. 

In 2019 the GDP was 142 trillion dollars, and it shows that it is way less than that of the forex market’s annual turnover.

In 2022 the forex market has a total worth of $2,409,000,000 globally or $2.409 quadrillion, and approximately a total of $6.6 trillion is traded in the forex market daily. 

A total of 170 currencies are involved in the global forex exchange. 

Although the forex market already has a huge volume but has not stopped growing yet. In fact, according to some predictions, it may have a growth rate of 6% in the coming five years. 

Forex currencies 

All the forex currencies don’t have the same performance. So, let’s discuss the top forex currencies. 

USD is the most famous forex currency, and most investors trade in this currency. Approximately 88.3% of trades all around the globe are using this currency. 

The second-biggest currency is Euro. Globally 32.3% of traders are utilizing this currency for their trading. 

Japanese Yen is the third largest currency, and 16.8% of investors are trading in this currency. 

Besides these, there are also some other currencies that are performing exceptionally, including the British pound, Australian Dollar, Swiss franc, Canadian dollars etc. 

Forex Market Volume By Country

The five giants of the forex market are the US, UK, Singapore, Japan, and Hong Kong SAR. All these five countries account for a total of 79% of the whole forex trading volume. It is important to mention here that according to a report, the forex trading activities in the Hong Kong SAR, UK and China are expanding more as compared to the global average. 

Among the above-mentioned countries, the UK has the largest volume, and its turnover is 43.1%. The second-largest country in terms of the forex market is the US, and its turnover is roughly 16.5%. 

Hong Kong SAR and Singapore have a global turnover of 7.6%. Moreover, Japan has a turnover of 4.5%. 

Also read: Financial Success Is Defined As The Achievement of

Final Thoughts 

To wrap up the discussion, we must say that the forex market has a huge volume and it is still expanding, and the statistics are continuously changing.