Foreign money pairs made up 13.7% of the amount retail brokers reported within the second quarter, down from 26.8% a yr earlier, FM Intelligence mentioned right this moment (Monday). Month-to-month FX quantity throughout the brokers it tracks fell to $4.2 trillion from $6.4 trillion.
Quantity in index, commodity, fairness and crypto CFDs rose over the identical yr to $26.3 trillion from $17.4 trillion, in line with the total FM Intelligence evaluation. The business complete grew as a result of the second quantity outran the primary.
The 5 largest brokers now maintain 41.8% of the amount FM Intelligence attributes to named corporations, and so they generate 4% of theirs in currencies.
5 Brokers Maintain 41.8% of Named Quantity
In April, FM Intelligence reported that the 5 largest brokers’ share of tracked quantity had barely moved between the tip of 2021 and the tip of 2025, at 38.4% and 38.2%. The brand new figures present the share rising in every of the three quarters since, on the identical set of 51 to 52 named brokers.
The 5 on the prime, EC Markets, TMGM, IC Markets, IG Group and JustMarkets, have one factor in frequent past measurement. FX was 4.0% of their mixed quantity within the quarter, in opposition to 10.9% a yr earlier. Three of them route all of their reported quantity by way of MetaTrader.
The share didn’t rise as a result of the highest 5 grew within the quarter. FM Intelligence’s July rating put the business’s decline at 9.3% between Q1 and Q2. Damaged down by rank tier, the drop most brokers skilled was bigger than that, and two corporations clarify the distinction.
“A part of it’s the commerce itself,” Arkadiusz Jóźwiak, the Editor-in-Chief at Comparic.pl, informed FinanceMagnates.com, “as a result of the strikes that pull retail cash in over the previous yr have been in metals, equities and crypto, not in foreign money pairs.”
The Median Dealer Misplaced 12.6% within the Quarter
The share didn’t rise as a result of the highest 5 grew within the quarter. FM Intelligence’s July rating put the business’s decline at 9.3% between Q1 and Q2. The median named dealer misplaced 12.6%, and 47 of the 51 brokers current in each quarters reported decrease month-to-month quantity.
Two corporations clarify the hole between the 2 figures. EC Markets added 23.6% and TMGM held its quantity, whereas the opposite 49 named brokers fell 12.3% collectively. Throughout the prime 5, IC Markets, IG Group and JustMarkets every misplaced between 11% and 13%.
The August examine of quantity per lively account discovered buying and selling exercise per account falling at 45 of 51 brokers in the identical quarter. A dealer that reported a double-digit decline in Q2 sat in the course of its peer group on each measures.
A part of the FX Decline Is a Change within the Mannequin
The discovering comes with one limitation. FM Intelligence estimates the FX break up for a lot of smaller brokers, and it modified these estimates within the fourth quarter of 2025. Eighteen brokers present their printed FX share stepping from 65-70% to 27-30% in a single quarter.
The decline holds when these corporations are eliminated. Among the many 32 brokers whose shares moved progressively, the FX share fell to 11.7% from 20.5%, and 30 of the 32 reported a decrease share. IC Markets went from 19% to 10% and Saxo Financial institution from 22% to 16%.
The FX figures come from the printed quarterly tables, which combine dealer submissions with FM Intelligence estimates. FM Intelligence expanded its protection to 265 brokers in June, with 20% of the Q1 2026 figures classed as verified and 78% as estimated.
The breakdown by rank tier, the per-broker desk and three paths for the top-five share within the third quarter are within the full FM Intelligence evaluation
This text was written by Damian Chmiel at www.financemagnates.com.
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