Global trading platform and fintech Capital.com has announced that total client trading volumes was more than $1.2trn in 2023.

This is a jump of 3% year-on-year and marks the first time trading volumes have totalled more than $1trn.

In addition, Capital.com has gained the top spot on the 2023 Deloitte Tech Fast 50 rankings for the third consecutive year.

The Deloitte Technology Fast 50 programme celebrates and recognises the fastest-growing technology companies that have their headquarters either in the Middle East or Cyprus. Capital.com, was ranked first as the fastest growing technology company among 50 nominees with an unprecedented revenue growth rate of 4011% over the last four years. 

Ariel Segev, Group Chief Financial Officer, Capital.com, said: “It is a great honour to be recognised as the fastest growing tech company at the DME Fast 50 for the 3rd year in a row. This win demonstrates our tenacity and resilience as a high-growth fintech company and we are extremely lucky to have our headquarters in a dynamic and thriving tech hub such as Cyprus. With its conducive, business-friendly ecosystem, deep talent pool and facilitative legislation, Cyprus is the ideal jurisdiction for tech scale-ups such as ours to supercharge their growth strategies.”

Daniela Hathorn, senior market analyst, Capital.com, stated: “The hype around semi-conductors was carried into Q1 2024 which helped boost tech stocks and the US Tech companies listed on the Nasdaq Stock Exchange. Traders also shifted their mentality in Q1 and started to welcome the resilience in the US economic data, moving away from the ‘good-data-is-bad’ rhetoric that dominated most of 2023. This allowed stocks to move to new highs even if it meant the Federal Reserve was less likely to start cutting rates.”

Over the same period, trading volumes in commodity markets accounted for 58% of total volumes traded, making it the second most heavily traded market by volume on the Capital.com platform. Trading volumes were largely concentrated in gold and crude oil.

“Risk appetite was strong throughout most of the quarter, a key driver of the rally in equities. That said, escalations in geopolitical tensions led investors to diversify their portfolios, causing gold to appreciate over 10% in the first three months of the year as safe-haven demand increased. Meanwhile, continued attacks on Russian refineries and fears about tight supply stemming from the conflict in the Middle East has pushed oil prices higher,” added Hathorn.