“The Higher the Traffic, the Higher the Trading Volume” Is Not a Given, FM Intelligence Finds
A broker ranked first by trading volume stood 57th by website traffic, while the broker with the highest traffic ranked only 14th by trading volume, according to research presented at the Finance Magnates Intelligence Forum.
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.
Record Trading Volumes
Separate data from 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 showed 19.4 million active trading accounts in the first half of 2026, with a quarter-on-quarter growth rate of 170%.
The research revealed 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 took the lead in the second quarter with $2.2 trillion.
Regional Traffic Declines
Regional traffic data showed declines across several major markets in the third quarter of 2026. Europe accounted for 42% of the global share with 60.2 million organic users, down 32% from the previous quarter. Asia-Pacific followed with 30.5% share and 43.8 million users, down 33% quarter-on-quarter.
North America recorded the largest 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. Japan was the only market to record growth of more than 18.5%.
Withdrawal Complaints
Client withdrawals featured prominently in forum discussions, with one observation noting that withdrawal issues represented two-thirds of all complaints tracked on social media. However, only 2% of tracked brokers show in their reports that they provide explanations about withdrawals.
The discussion highlighted a disconnect between the issues raised by traders online and the subjects brokers address in their public communications. The observations didn't establish whether these patterns apply equally across all brokers or complaint channels.
Data Quality Challenges
The Forum examined challenges in comparing market data from different sources. Data Analyst Demetris Koutsomichalis emphasized the need to validate figures and ensure information is correctly linked to brokers, brands and legal entities.
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.
Maciej Szeląg challenged brokers to substantiate market leadership claims, saying: 'Okay, you're the biggest, show me the numbers.' The discussion emphasized that different measures can produce different rankings, as illustrated by the traffic-volume comparison.
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