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Trading platform Capital.com is set to double its technology workforce over the next year after reporting a significant increase in trading volumes during the third quarter of 2024.
The Cyprus-based fintech firm, which surpassed $1 trillion in trading volumes last year, saw client trading volumes reach $450 billion in Q3 2024, marking a 20% increase from the previous quarter. The platform also recorded a 9% rise in new user accounts and a 19% increase in total trades to 31 million.
Index trading dominated the platform's activity, representing 53% of all trading volumes, with particularly strong engagement from Middle Eastern and European clients.
Dana Massey, Chief Marketing, Product & Technology Officer at Capital.com, said: "Our Q3 results highlight the sustained growth of our platform as we continue to deliver the best trading experience for our clients globally. Supported by our strong track record and growth metrics, we have ambitions to further diversify our product offering and develop pioneering technologies that enhance efficiency across our award-winning platform."
The company's Senior Market Analyst, Daniela Sabin Hathorn, attributed the increased trading activity to several key market events: "With anticipation for the US presidential elections building in Q3 we've seen increased interest in indices and FX pairs, specifically those that included the dollar. The capital injection on behalf of China to revive its struggling economy was also a key driver of the momentum in equities throughout the month of September as traders pushed aside concerns about growth in China. Other key events include the market meltdown and then, following the subsequent recovery in stocks, the worse-than-anticipated jobs data during the summer months, which triggered the Sahm rule and brought on concerns about the Federal Reserve being too restrictive for too long. As economic data has improved, so has sentiment in equity markets, with the key global indices starting Q4 close to record highs."
The expansion plans include hiring 200 new professionals across various technical roles, including Java and Angular Software Engineering, DevOps, and Site Reliability Engineering. The positions will be distributed across the company's global offices in London, Warsaw, and Limassol, with both remote and in-office opportunities available.
"As a tech-first company, expanding our engineering team is crucial to scaling our services and meeting the demands of our growing global client base," added Massey. "We're looking to bring on top talent from around the world across engineering, technology support, and development to ensure Capital.com remains at the forefront of fintech innovation."
Capital.com, founded by Viktor Prokopenya, currently employs over 700 people across eight global locations.
