Aggregate trading volumes across retail CFD brokers declined to $30.4 trillion monthly in the second quarter of 2026, representing a 9.3 percent contraction from the prior quarter’s $33.5 trillion, according to FM Intelligence data. Despite the sequential drop, year-over-year activity remained nearly flat, down just 1.4 percent from the corresponding 2025 period, suggesting broader market stabilisation rather than systemic weakness.
The underlying composition of the rankings shifted considerably even as headline figures held steady. Among 21 brokers tracked, 18 posted lower quarterly volumes, yet all top ten firms exceeded their year-earlier totals. One broker climbed from fourth to first position over the twelve-month span, more than doubling its monthly throughput, while the previous leader slipped to third.
A notable trend emerged in the product mix driving these volumes. The current top-ranked broker generated 97 percent of its reported activity outside currency pairs, primarily through equity, index, commodity, and cryptocurrency CFDs. Two competing firms reported 99 percent of volume in non-FX instruments, raising fundamental questions about whether retail trading data remains meaningfully representative of currency markets.
For brokers and platform operators, this shift underscores the accelerating diversification beyond traditional forex products. Compliance teams may need to reassess risk frameworks as multi-asset volumes reshape liquidity profiles and operational exposures. Firms dependent on FX-centric revenue models face mounting pressure to expand instrument offerings or risk margin erosion.
FXnCO Insight
The migration of retail volumes into non-currency CFDs signals that client acquisition and retention increasingly depend on diverse product suites rather than forex spreads alone.
Source: Finance Magnates