Top 5 Retail CFD Brokers Control the Same Volume Share as Four Years Ago, but Three of Five Names Are New

Finance Magnates Intelligence analysis of 52 brokers shows total monthly trading volume rose 173% between Q4 2021 and Q4 2025, yet the five largest brokers by volume held a near-identical 38% combined share in both periods, masking a complete reshuffling of names at the top.

The retail FX and CFD brokerage industry doubled its client base and nearly tripled its trading volume between Q4 2021 and Q4 2025, but the degree of market concentration remained flat. Finance Magnates Intelligence data covering 52 brokers shows total monthly trading volume rose from $7,128 billion to $19,470 billion (+173%), while active accounts increased from 2.35 million to 4.69 million (+100%). The five largest brokers by volume held 38.4% of combined volume in Q4 2021 and 38.2% in Q4 2025, a difference of just 0.2 percentage points. However, three of the five names changed: EC Markets, TMGM, and JustMarkets replaced Plus500, Saxo Bank, and GAIN Capital. On the accounts side, concentration increased by 5.2 percentage points, driven almost entirely by XTB, which grew from 127,000 to 850,000 active accounts.