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Midpoint's forex volumes continue to grow

Total transaction volume increased 19% and the number of trades increased by 11%.
Midpoint's forex volumes continue to grow
The company has created a central online marketplace that for a fee matches buyers and sellers of foreign currency

Midpoint Holdings (CVE:MPT) saw volumes through its web-based forex trading platform grow again in the three months to December.

The company has created a central online marketplace that for a fee matches buyers and sellers of foreign currency at the midpoint of the relevant currency pair interbank rate.

Sales rose to C$66,000 (C$39,000) in the quarter taking the Total for the half year to C$123,000, a near 80% improvement on the same period a year earlier.

Total transaction volume increased 19% and the number of trades increased by 11%. The number of repeat users also rose to 88% from 50% with an average transaction size now of C$31,000.

The average transaction size is $31,000 and the average client has transacted over $85,000

Higher transaction costs meant losses for the quarter were little changed at C$264,000 and rose slightly to C$592,000 over the six months, though Midpoint is still essentially in start-up mode as it develops its website and administrative platform. 

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