UAE: Many people still moving to online forex trade after the pandemic, fearing job loss

UAE: Many people still moving to online forex trade after the pandemic, fearing job loss

The forex industry trades about $7.5 trillion per day

Damian Bunce (left) and Elie Nachawaty. — Supplied photos

Published: Thu 18 May 2023, 3:38 PM

Many people in the UAE, the region and globally as well have moved to online forex and commodities trading during the Covid-19 pandemic due to job loss fear and this upward trend is continuing.

Industry executives that the number of retail investors massively increased during the pandemic as people were at home and were worried about their jobs.

Damian Bunce, chief customer officer at Exness, said during the pandemic, there was a huge rise in the number of retail traders. “People were at home, worrying about jobs and finances, and online trading is obviously very accessible. So they entered the market and stayed in the market,” he said.

The forex industry trades about $7.5 trillion per day and the retail community trades $1 trillion per day. Exness trades about $150 billion a day.

“The trend doesn’t seem to be abating and that’s largely linked to the markets because markets are pretty chaotic, whether it’s weakening and strengthening of the US stock market and certain currencies such as dollar/yen being actively traded by central banks. The markets are hectic and active, obviously, it