“The Higher the Traffic, the Higher the Trading Volume” Is Not a Given, FM Intelligence Finds
Website traffic and trading volumes can produce very
different rankings among retail brokers, according to research discussed at the
first Finance Magnates Intelligence Forum on September 30 at the Amara Hotel in
Limassol, Cyprus.
The presentation showed that the broker ranked first by
trading volume stood 57th by website traffic. The broker with the highest
website traffic ranked 14th by trading volume.
London’s trading industry is coming home!
The comparison highlights the limits of using website visits
alone to assess a broker’s position in the retail trading market. Traffic can
indicate how much attention a brand receives online, while trading volume
provides a different measure of activity.
“Having the traffic means that you have the ability, the
attention, let’s say, of prospective traders. Having the trading volume means
that you have the ability to convert, retain, so it doesn’t necessarily mean
the higher the traffic, the higher the trading volume,” Ramzi Ahmad, said.
The event brought together executives and specialists from
the retail trading and financial services industries to discuss market data,
regulation, growth and competitiveness.
Named speakers included Maciej Szeląg, CEE FinTech Lead at
AWS; and Philios Petrides, Forex and Fintech Data Executive and BI Consultant; Neophytos
Papageorgiou, CEO of Finance Magnates; Ahmad, Director of Intelligence at
Finance Magnates; Demetris Koutsomichalis, Data Analyst at Finance Magnates.
Separate data supplied by Finance Magnates Intelligence put
reported broker trading volume at $50.7 trillion in the second quarter of 2026,
up 94.2% from the first quarter.
The data also put the number of active trading accounts in
the first half of 2026 at 19.4 million. The reported quarter-on-quarter growth
rate for active accounts was 170%.
Finance Magnates Intelligence categorises its volume data as
verified, reported or estimated. The $50.7 trillion figure falls into the
reported category and should not be treated as a fully verified total for the
entire retail trading market.
FM Intelligence Forum 2026, Ramzi Ahmad
The data showed a change in the broker with the highest
average monthly reported volume. TMGM led in the first quarter, with $2.1
trillion, while EC Markets led in the second quarter, with $2.2 trillion.
The confidence score attached to TMGM’s first-quarter figure
was 95%, compared with 85% for EC Markets in the second quarter.
These figures cover trading volume and active accounts,
while the ranking comparison discussed at the Forum examined the relationship
between website traffic and trading volume. The measures provide different
perspectives on broker activity and should not be treated as interchangeable.
Website Traffic Declines Across Major Regions
Separate regional traffic data supplied by Finance Magnates
Intelligence showed declines across several major markets in the third quarter
of 2026.
Europe accounted for 42% of the global share of voice
tracked in the research, with 60.2 million organic users. The figure was down
32% from the previous quarter.
Asia-Pacific accounted for 30.5% of the tracked global
share, with 43.8 million in organic traffic, down 33% quarter on quarter.
North America recorded the largest reported quarterly
decline, at 59%. Latin America and Africa each accounted for 4.7% of the
tracked global share, with declines of 14% and 13%, respectively. The Middle
East and North Africa accounted for 4.1%, with 5.9 million organic users and a
30% quarterly decline.
Japan was the only market in the research to record
quarter-on-quarter growth of more than 18.5%.
These figures describe website traffic and share of voice,
rather than trading volume. The regional results show changes in online
activity but do not, by themselves, establish corresponding changes in client
deposits or trading activity.
Withdrawal Complaints Feature in Forum Discussion
Client withdrawals were another subject raised during the
Forum.
One observation during the discussion was that withdrawal
issues represented a large share of complaints tracked on social media.
“Two-thirds of all the complaints we’ve been tracking
throughout the social media it’s actually about withdrawals,” was noted during
the executive discussions.
The discussion also raised questions about how brokers
address withdrawal concerns in their public communications.
“But yet only two percent of the brokers that we’ve been
tracking on our list show in the report that something about the withdrawals
give some explanation.”
The two figures refer to different measures. The first
concerns the share of complaints tracked on social media that relate to
withdrawals. The second concerns the share of tracked brokers whose
communications address withdrawals. They should not be interpreted as two
measurements of the same thing.
The observations point to a difference between the issues
raised by traders online and the subjects brokers address in their
public-facing communications. The discussion did not establish whether these
patterns apply equally across all brokers or complaint channels.
Data Quality and Broker Market Claims
The Forum also examined the challenges of comparing market
data from different sources.
Data Analyst Demetris Koutsomichalis discussed the need to
validate figures and ensure that information is linked to the correct broker,
brand and legal entity.
“What’s hard is not finding data, is making sure it is
actually correct, relevant and verifiable, and making sure the pieces connect
and tell you a story.”
FM Intelligence Forum 2026, Dimitris Koutsomichalis
He also described how discrepancies between sources should
be handled.
“When two sources disagree and sometimes they do, we don’t
pick the more convenient number or take an average. We stop there and we go
back to source.”
The discussion highlighted the importance of supporting
market leadership claims with evidence.
“So be very careful when they say we are the biggest. That’s
a big question mark.”
Maciej Szelag, CEE FinTech Lead at AWS
Another comment challenged brokers to substantiate such
claims.
“Okay, you’re the biggest, show me the numbers.”
The traffic and volume comparison illustrates why the
measure used to support a market position matters. A broker can attract
substantial online attention without ranking first by trading volume, while a
broker with high trading volume may attract less direct website traffic.
Philios Petrides, Data & Business Intelligence Consultant
The role of introducing brokers and other partners in
generating trading activity was also discussed. Such channels can bring clients
to a broker without all of those clients first visiting its website. The
ranking comparison alone, however, does not establish the contribution of each
channel.
Finance Magnates Intelligence Forum
The Forum was designed as an executive discussion rather
than a traditional conference, with attendees invited to challenge ideas and
share experiences from their businesses.
Companies represented included Tickmill, VT Markets,
LMAX, Capital.com, JustMarkets, Complyport, Libertex Group, IC Markets, Trading
212, TMGM, Dealio, Truvian and HFM.
The agenda included an executive panel on regulation, growth
and competitiveness, followed by an Intelligence Leadership Circle roundtable
covering AI, regulation, trading volumes, liquidity, data infrastructure and
compliance . AWS also presented on financial data infrastructure.
The Forum discussion and the separate market data covered
several aspects of the retail brokerage market, including website traffic,
reported trading volumes, complaints and data validation. Each provides a
different view of broker activity, and comparisons depend on clear definitions,
appropriate attribution and an understanding of the underlying data.
Website traffic and trading volumes can produce very
different rankings among retail brokers, according to research discussed at the
first Finance Magnates Intelligence Forum on September 30 at the Amara Hotel in
Limassol, Cyprus.
The presentation showed that the broker ranked first by
trading volume stood 57th by website traffic. The broker with the highest
website traffic ranked 14th by trading volume.
London’s trading industry is coming home!
The comparison highlights the limits of using website visits
alone to assess a broker’s position in the retail trading market. Traffic can
indicate how much attention a brand receives online, while trading volume
provides a different measure of activity.
“Having the traffic means that you have the ability, the
attention, let’s say, of prospective traders. Having the trading volume means
that you have the ability to convert, retain, so it doesn’t necessarily mean
the higher the traffic, the higher the trading volume,” Ramzi Ahmad, said.
The event brought together executives and specialists from
the retail trading and financial services industries to discuss market data,
regulation, growth and competitiveness.
Named speakers included Maciej Szeląg, CEE FinTech Lead at
AWS; and Philios Petrides, Forex and Fintech Data Executive and BI Consultant; Neophytos
Papageorgiou, CEO of Finance Magnates; Ahmad, Director of Intelligence at
Finance Magnates; Demetris Koutsomichalis, Data Analyst at Finance Magnates.
Separate data supplied by Finance Magnates Intelligence put
reported broker trading volume at $50.7 trillion in the second quarter of 2026,
up 94.2% from the first quarter.
The data also put the number of active trading accounts in
the first half of 2026 at 19.4 million. The reported quarter-on-quarter growth
rate for active accounts was 170%.
Finance Magnates Intelligence categorises its volume data as
verified, reported or estimated. The $50.7 trillion figure falls into the
reported category and should not be treated as a fully verified total for the
entire retail trading market.
FM Intelligence Forum 2026, Ramzi Ahmad
The data showed a change in the broker with the highest
average monthly reported volume. TMGM led in the first quarter, with $2.1
trillion, while EC Markets led in the second quarter, with $2.2 trillion.
The confidence score attached to TMGM’s first-quarter figure
was 95%, compared with 85% for EC Markets in the second quarter.
These figures cover trading volume and active accounts,
while the ranking comparison discussed at the Forum examined the relationship
between website traffic and trading volume. The measures provide different
perspectives on broker activity and should not be treated as interchangeable.
Website Traffic Declines Across Major Regions
Separate regional traffic data supplied by Finance Magnates
Intelligence showed declines across several major markets in the third quarter
of 2026.
Europe accounted for 42% of the global share of voice
tracked in the research, with 60.2 million organic users. The figure was down
32% from the previous quarter.
Asia-Pacific accounted for 30.5% of the tracked global
share, with 43.8 million in organic traffic, down 33% quarter on quarter.
North America recorded the largest reported quarterly
decline, at 59%. Latin America and Africa each accounted for 4.7% of the
tracked global share, with declines of 14% and 13%, respectively. The Middle
East and North Africa accounted for 4.1%, with 5.9 million organic users and a
30% quarterly decline.
Japan was the only market in the research to record
quarter-on-quarter growth of more than 18.5%.
These figures describe website traffic and share of voice,
rather than trading volume. The regional results show changes in online
activity but do not, by themselves, establish corresponding changes in client
deposits or trading activity.
Withdrawal Complaints Feature in Forum Discussion
Client withdrawals were another subject raised during the
Forum.
One observation during the discussion was that withdrawal
issues represented a large share of complaints tracked on social media.
“Two-thirds of all the complaints we’ve been tracking
throughout the social media it’s actually about withdrawals,” was noted during
the executive discussions.
The discussion also raised questions about how brokers
address withdrawal concerns in their public communications.
“But yet only two percent of the brokers that we’ve been
tracking on our list show in the report that something about the withdrawals
give some explanation.”
The two figures refer to different measures. The first
concerns the share of complaints tracked on social media that relate to
withdrawals. The second concerns the share of tracked brokers whose
communications address withdrawals. They should not be interpreted as two
measurements of the same thing.
The observations point to a difference between the issues
raised by traders online and the subjects brokers address in their
public-facing communications. The discussion did not establish whether these
patterns apply equally across all brokers or complaint channels.
Data Quality and Broker Market Claims
The Forum also examined the challenges of comparing market
data from different sources.
Data Analyst Demetris Koutsomichalis discussed the need to
validate figures and ensure that information is linked to the correct broker,
brand and legal entity.
“What’s hard is not finding data, is making sure it is
actually correct, relevant and verifiable, and making sure the pieces connect
and tell you a story.”
FM Intelligence Forum 2026, Dimitris Koutsomichalis
He also described how discrepancies between sources should
be handled.
“When two sources disagree and sometimes they do, we don’t
pick the more convenient number or take an average. We stop there and we go
back to source.”
The discussion highlighted the importance of supporting
market leadership claims with evidence.
“So be very careful when they say we are the biggest. That’s
a big question mark.”
Maciej Szelag, CEE FinTech Lead at AWS
Another comment challenged brokers to substantiate such
claims.
“Okay, you’re the biggest, show me the numbers.”
The traffic and volume comparison illustrates why the
measure used to support a market position matters. A broker can attract
substantial online attention without ranking first by trading volume, while a
broker with high trading volume may attract less direct website traffic.
Philios Petrides, Data & Business Intelligence Consultant
The role of introducing brokers and other partners in
generating trading activity was also discussed. Such channels can bring clients
to a broker without all of those clients first visiting its website. The
ranking comparison alone, however, does not establish the contribution of each
channel.
Finance Magnates Intelligence Forum
The Forum was designed as an executive discussion rather
than a traditional conference, with attendees invited to challenge ideas and
share experiences from their businesses.
Companies represented included Tickmill, VT Markets,
LMAX, Capital.com, JustMarkets, Complyport, Libertex Group, IC Markets, Trading
212, TMGM, Dealio, Truvian and HFM.
The agenda included an executive panel on regulation, growth
and competitiveness, followed by an Intelligence Leadership Circle roundtable
covering AI, regulation, trading volumes, liquidity, data infrastructure and
compliance . AWS also presented on financial data infrastructure.
The Forum discussion and the separate market data covered
several aspects of the retail brokerage market, including website traffic,
reported trading volumes, complaints and data validation. Each provides a
different view of broker activity, and comparisons depend on clear definitions,
appropriate attribution and an understanding of the underlying data.
