CFD Broker Trading Volumes Slide in Q2, Account Growth Not Reflected

A new analysis by FM Intelligence reveals that trading activity at retail forex and CFD brokers weakened in the second quarter of 2026, even as many firms continued to add clients. The report, which tracks 51 named brokers across the industry, shows that 45 of them experienced a decline in monthly volume per active account, with the median figure slipping 9.7% to $3.06 million from the first quarter.

Aggregate monthly volume on the matched account series fell 7.3% to $30.5 trillion, while a separate FM Intelligence ranking puts the quarterly decline at 9.3%. At the same time, the total number of active accounts held nearly steady at around 7.39 million, down just 0.4% on an excluding-Japan basis. This divergence suggests that many brokers are growing their client bases without a corresponding increase in trading flow.

"A larger client base did not reliably produce more client flow," the report notes, meaning headline account growth may not translate into higher trading revenues. The data underscore that per-account figures are ratios of aggregates, not direct observations of individual client behavior, and can be influenced by product mix, leverage, and how firms count low-frequency accounts.

Axi topped the distribution with $10.70 million in monthly volume per active account, up 13.5% from the previous quarter, even though its total volume fell 12.4% and its estimated account base shrank by 22.8%. In fact, only two brokers grew both active accounts and monthly volume during the quarter. Six firms increased activity per account, but in four of those cases the rise was driven by a shrinking account base rather than higher total volume.

The range between the highest and lowest per-account figures remains wide, at 21 times, with XTB at the low end due to a change in reporting that now includes investment accounts alongside CFD accounts. The full broker-by-broker breakdown is available on the FM Intelligence DataLab portal.

For retail traders, this data offers insight into industry health. The decline in trading activity could reflect lower market volatility or changing client preferences, but it does not necessarily signal a safety issue. Traders should continue to monitor their brokers' financial transparency and regulatory compliance, especially in an environment where account growth may be outpacing actual trading volume.

This is information, not investment advice.