Axi Leads at $10.70M per Account as Trading Activity Falls at 45 of 51 Brokers

The matched-broker median fell 9.7% to $3.06 million in Q2 2026, while only six firms increased monthly volume per active account. EC Markets and Tickmill were the only brokers to increase both active accounts and monthly volume.

Monthly trading volume per active retail brokerage account decreased at 45 of 51 named brokers between Q1 and Q2 2026, according to FM Intelligence calculations. The matched-broker median fell 9.7% to $3.06 million, while the industry ratio of aggregate volume to aggregate active accounts decreased 7.0% to $4.12 million. Axi recorded the highest Q2 ratio at $10.70 million, followed by GBE brokers at $10.10 million. Only six brokers increased volume per account, and only EC Markets and Tickmill reported growth in both active accounts and monthly volume. The results separate account acquisition from trading activity: a larger account base did not consistently produce more client flow during the quarter.