Two Brokers Cross $2 Trillion Monthly Volume Mark in Q2, FM Intelligence Says

EC Markets recorded the highest average monthly trading
volume of any broker in FM Intelligence’s Q2 2026 report, at
$2.11 trillion. The figure, based on data the broker reports to FM
Intelligence, placed EC Markets at the top of the quarterly ranking and marked
another step up from the $1.71 trillion monthly average it posted in the first
quarter.

EC Markets was not alone above the $2 trillion line. TMGM, the Sydney-based
broker, reported an average monthly volume of $2.03 trillion, and the two firms
became the first pair to clear that mark in the same quarter, according to FM
Intelligence.

Two Brokers Above $2 Trillion for the First Time

The data has been building toward the milestone for several
quarters. FM Intelligence’s Q1 2026 report recorded the
first time a single broker in the tracked group crossed $2 trillion in
average monthly volume. Three months later, two firms have done it at once.

EC Markets, a multi-asset broker set up in 2012, said its
total trading volume reached $6.34 trillion for the quarter, up 23.6% from the
previous three months, with active traders numbering about 322,000. Those
figures are the company’s own and have not been independently audited.

EC Markets Moves to the Front of a Reshuffling Top Tier

The order at the top has changed quickly. In the fourth
quarter of 2025, EC Markets and TMGM sat at $1.49 trillion and $1.39 trillion
in monthly volume, with JustMarkets close behind at $1.24 trillion, FM
Intelligence’s comparison of the sector found. IC Markets had long held the
leading position among the tracked brokers.

Two quarters on, EC Markets has moved ahead and TMGM has
followed it past $2 trillion. EC Markets’ own progression tracks the climb,
from a record
$5.13 trillion in Q1 quarterly volume to the current figure.

FM Intelligence widened its Broker
Volumes dataset to 265 firms this year, a cohort that logged $84.5 trillion
in trading volume and 17.7 million active accounts over the year through Q2.
The largest names have gained ground even as the number of tracked brokers has
grown.

Industry-Wide Volumes Slip From the Record

EC Markets’ climb ran against the wider trend. Volumes
across the tracked brokers fell to $30.45 trillion, down from the record $33.5
trillion in the previous quarter, the first pullback after a run
of record readings in early 2026.

The decline followed a stretch in which retail FX and CFD
activity had set fresh highs across volume and account totals, with several
brokers crossing the $1 trillion mark in a single quarter for the first
time last year.

Volume Data Moves From the Quarterly PDF to a Live Feed

The Q2 numbers appear in the final PDF edition of the Finance
Magnates Quarterly Intelligence Report, which the company is retiring in
favor of a rolling data service.

Broker volumes, rankings, market analysis and industry
insights are moving to the Finance
Magnates Data Lab, where the figures update on an ongoing basis rather than
once a quarter.

This article was written by Damian Chmiel at www.financemagnates.com.