Q4 Volume Exploded While Nobody Was Looking

The retail brokerage landscape in Q4 2025 has moved beyond simple growth into a phase of structural mutation. Market incumbents are facing a "Velocity Gap" where high-tech ecosystems like eToro and OANDA are absorbing market share at 3x the industry average. Meanwhile, volume is decoupling from traditional G10 currencies as "Other" assets (Commodities and Indices) now account for over 85% of total turnover for the top-tier leaders.

•  Leading brokers are no longer FX-dependent. TMGM and JustMarkets reported that 98% and 96% of their volume, respectively, originated from non-FX instruments.
• While legacy firms grow in the low single digits, eToro (+74%) and OANDA (+51%) have dominated 6-month momentum.
• INGOT Brokers (EMEA) and HYCM (APAC) are outperforming global averages by leveraging localized demand for high-volatility metals and indices.