Retail Broker Volumes Fall 9% From Their Q1 Peak as the Top Spot Changes Hands Again

FM Intelligence data puts monthly retail FX and other volume at $30.4 trillion in Q2 2026, within 1.4% of a year earlier, with EC Markets replacing TMGM and IC Markets at the top of the ranking.

Retail brokers reported $30.4 trillion in aggregated monthly FX and other volume in Q2 2026, according to FM Intelligence, down 9.3% from the $33.5 trillion recorded in Q1 2026 and 1.4% below the $30.82 trillion of Q2 2025. Daily volume measured $1.40 trillion. EC Markets ranked first at $2,113 billion in monthly volume, ahead of TMGM at $2,035 billion and IC Markets at $1,576 billion, after holding fourth place a year earlier. Across the 21 ranked brokers, 18 reported quarter-on-quarter declines, while all of the top 10 recorded year-on-year gains. The quarter reversed part of the increase seen in Q1 2026 and returned monthly volume close to its Q2 2025 level.