In the second quarter of 2026, trading activity slipped at 45 of the 51 retail brokers monitored by FM Intelligence, with the median broker’s monthly volume per active account falling 9.7 % from the first quarter to $3.06 million.

Trading Activity Decline Across Brokers

FM Intelligence’s calculations show that most brokers experienced a drop in overall trading volume, even as the number of active clients rose for many of them. The overall trend is that an expanding client base did not translate into proportional increases in trading flow, meaning headline account numbers were a poor indicator of how much those clients were actually trading. A detailed broker‑by‑broker comparison can be found on the FM Intelligence DataLab portal.

Account Growth Diverges From Volume

While some firms added more accounts, their monthly trading volumes either stagnated or fell. Only two brokers managed to grow both their active account base and their monthly volume, whereas the majority either added accounts and lost volume, kept their account estimates flat and saw a decline in volume, or fell on both measures. Seventeen brokers reported no change in their account estimates for the quarter, limiting the precision with which rankings can be interpreted.

Per‑Account Performance Highlights

Axi stood out by recording the highest per‑account figure among the 51 brokers, at $10.70 million per month—a 13.5 % increase from the first quarter. However, its overall monthly volume actually fell 12.4 %, and its estimated account base dropped 22.8 %. This pattern—volume growth, account base shrinkage, or both—appears throughout the ranking and does not by itself indicate whether the economics of trading have improved.

Industry‑Wide Volume and Account Metrics

Across the matched account series, aggregate monthly volume declined 7.3 % to $30.5 trillion. A separate FM Intelligence volume ranking, using different first‑quarter totals, places the quarterly decline at 9.3 %. The weighted industry ratio, calculated as total volume divided by total active accounts, fell 7.0 % to $4.12 million, a smaller drop than the median because larger firms carry more weight. Active accounts themselves hovered around 7.39 million, down 0.4 % on a Japan‑exclusion basis; the denominator barely moved, with the fall driven by reduced volume.

XTB sits at the lower end of the range; its estimate of 851,000 active accounts includes both investment and CFD accounts after the firm switched to combined client reporting from the first quarter.

Leverage and Reporting Definitions

In financial trading, leverage is a loan provided by a broker that enables traders to control a larger position with a smaller initial investment. This amplified exposure allows for greater potential returns, but also increases risk. Per‑account figures represent ratios of aggregate data, not the actual trading activity of individual clients. These ratios can shift with changes in product mix or leverage usage.

Data Source and Availability

The figures presented are derived from FM Intelligence’s Quarterly Industry Report series, covering the 51 brokers that appeared in both quarters and excluding the aggregated “other‑brokers” category. The full ranking, as well as lists of quarterly gainers and decliners and the account‑versus‑volume split, are available on the FM Intelligence DataLab portal.

Broker‑Specific Per‑Account Performance

Among the 51 brokers tracked, Axi stood out with the highest volume per active account at $10.70 million in the second quarter—an increase of 13.5 % over Q1. Despite this per‑account rise, its overall monthly volume slipped 12.4 % and its estimated client base contracted by 22.8 %. Similar patterns appear throughout the ranking: a broker’s per‑account figure can climb either because volume grows, the account count shrinks, or both, and the direction of the change alone does not indicate whether trading economics have improved.

Aggregate Volume and Account Dynamics

Across the matched account series, total monthly volume fell 7.3 % to $30.5 trillion. A separate FM Intelligence volume ranking, which uses a different set of first‑quarter totals, records a 9.3 % quarterly decline. The weighted industry ratio—total volume divided by total active accounts—dropped 7.0 % to $4.12 million, a gentler fall than the median because larger firms carry more weight.

Distribution of Account Growth and Trading Volume

Only six brokers raised their monthly volume per active account between Q1 and Q2. In four of those cases, the ratio improved while the estimated number of accounts fell. Across the board, merely two brokers increased both active accounts and monthly volume; the rest added clients but lost volume, kept their account estimates flat, or declined on both metrics. In the first‑quarter snapshot, the median per‑account volume was $3.40 million across 52 brokers, with a 17‑fold spread between the highest and lowest observations.

Industry‑Wide Metrics and Weighted Ratios

Total active accounts hovered near 7.39 million, a 0.4 % drop on an excluding‑Japan basis, indicating that the decline in total volume was largely driven by reduced trading activity rather than a shrinking client base. XTB’s figure sits at the lower end of the spectrum; its reported 851,000 active accounts now include investment accounts alongside CFD accounts after the broker adopted combined client reporting in Q1. Because per‑account figures are derived from aggregates, they shift with product mix and leverage levels.

Account Reporting Nuances

Seventeen brokers reported no change in their account estimates for the quarter, limiting the granularity with which rankings can be interpreted. The per‑account ratios are not direct observations of individual trading behavior; they reflect the overall mix of products and leverage employed by each broker.

Data Availability and Methodology

The calculations rely on FM Intelligence’s Quarterly Industry Report series, covering the 51 named brokers that appeared in both quarters while excluding the aggregated “other‑brokers” category. The full ranking, along with quarterly gainers, decliners, and the account‑versus‑volume split, can be accessed on the FM Intelligence DataLab portal.