Over 50 percent of European retail brokers would offer futures and options instead of CFDs due to restrictions.
Many futures prop trading platforms were launched recently amid an alleged crackdown by MetaQuotes.
Regulations around the contracts for differences (CFDs) push traders and brokers towards alternative instruments, like futures and options. As much as over 50 percent of European retail brokers would look to offer futures and options instead of retail over-the-counter (OTC) instruments, such as CFDs, a survey by Acuiti revealed. Furthermore, the recent disruption in the prop trading industry has led to the launch of futures prop trading platforms.
Among the respondents of the survey, 77 percent of the European retail brokers would like to expand into other regions amid widespread restrictions to come into force across the continent, while 69 percent would seek to expand into the institutional markets.
Meanwhile, many local regulators in Europe already have their own set of rules when it comes to the retail offering of OTC instruments. France already has heavy restrictions in place for the promotion of FX and CFDs, while Spain became the latest to introduce restrictions last year on instruments aimed at retail investors. It banned the promotion and distribution of CFDs and restricted leverage on other instruments.
Mahesh Sethuraman, Saxo’s Asia Pacific Head of Trading and Investing
“Those who have preferred to trade CFDs have continued to trade CFDs - the regulatory push in some jurisdictions has not pushed clients trading CFDs into trading futures instead,” Saxo’s Asia Pacific Head of Trading and Investing, Mahesh Sethuraman, told Finance Magnates. He added: “In terms of number of clients, there's no sign at the moment that Saxo clients around the world are leaving CFD trading to trade futures.”
“But these are still early days, and we expect futures exchanges to create more micro futures contracts without a compromise on liquidity, which will facilitate a greater adoption of futures by retail investors.”
However, CFDs brokers have struggled to penetrate the United States market.
Prop Trading - A Loophole to trade CFDs in the US
CFDs are banned in the US. Although retail FX is allowed, it's heavily regulated, and only a handful of players operate there.
That does not mean US traders are not trading CFDs, enter prop trading. Although the offerings of prop trading firms cannot be compared with retail brokers, they still provide a simulated environment to traders in the US to get their hands on CFDs instruments. And, if a trader passes the evaluation checks and gets a funded account (with simulated money in most cases), they will receive a profit share.
However, the prop trading companies operating in the US received a massive blow recently as MetaQuotes, the developer of MetaTrader, allegedly cracked down on the industry. Brokers grey-labeling their MetaTrader licenses to prop trading firms were allegedly told to stop their offerings or risk losing their MetaTrader license.
Prop trading firms are now migrating to MetaTrader alternatives.
We recognize that US based traders need a viable alternative in futures
The team has begun working on a new futures plan similar to FX evals
We hope those trading FX use this as a bridge into what we are trying to accomplish at MyFundedFutures
“This tendency is probably true for the US market and maybe Europe as European traders love CFDs and are also likely to consider futures, but overall, I don't think the shift is that significant,” Anya Aratovskaya, an FX Consultant, explained to Finance Magnates.
Meanwhile, many futures prop trading firms are promoting their services amid the recent disruption in the US prop trading industry. When it comes to futures, the model is different from other OTC instruments. Futures trading is very centralized.
“Futures 'props' get price feeds from exchanges, making it close to impossible to manipulate them, unlike MT4/MT5 price feeds. This results in less abuse of spreads for sure,” Aratovskaya said.
While Futures trading brings many advantages over FX and CFDs, there are many challenges too for traders, brokers, and prop trading alike.
Since a lot of US traders are moving to Futures from FX, I would like to make this thread educating how trailing drawdown isn't as bad as you may think IF DONE CORRECTLY
DISCLAIMER - I am not sponsored, affiliated, or endorsing any singular prop firm and get $0 sharing this. I… pic.twitter.com/yth0F5jb2n
“Trading futures is more challenging compared to FX, and 'prop firms' ensure that the drawdown structure (intraday trailing drawdown based on open positions rules at some firms - head shaking - just makes me smirk) makes it even harder. Not to mention, futures offer less flexibility in position sizing,” added Aratovskaya.
“Regarding price feeds/data feeds: futures 'prop' often include level 1 data in the price, and traders often have to pay for level 2 data (another way of making money by marking it up). A subscription to Level 2 data is necessary for heatmaps, for example, which are a must-have for sophisticated traders.”
Regulations around the contracts for differences (CFDs) push traders and brokers towards alternative instruments, like futures and options. As much as over 50 percent of European retail brokers would look to offer futures and options instead of retail over-the-counter (OTC) instruments, such as CFDs, a survey by Acuiti revealed. Furthermore, the recent disruption in the prop trading industry has led to the launch of futures prop trading platforms.
Among the respondents of the survey, 77 percent of the European retail brokers would like to expand into other regions amid widespread restrictions to come into force across the continent, while 69 percent would seek to expand into the institutional markets.
Meanwhile, many local regulators in Europe already have their own set of rules when it comes to the retail offering of OTC instruments. France already has heavy restrictions in place for the promotion of FX and CFDs, while Spain became the latest to introduce restrictions last year on instruments aimed at retail investors. It banned the promotion and distribution of CFDs and restricted leverage on other instruments.
Mahesh Sethuraman, Saxo’s Asia Pacific Head of Trading and Investing
“Those who have preferred to trade CFDs have continued to trade CFDs - the regulatory push in some jurisdictions has not pushed clients trading CFDs into trading futures instead,” Saxo’s Asia Pacific Head of Trading and Investing, Mahesh Sethuraman, told Finance Magnates. He added: “In terms of number of clients, there's no sign at the moment that Saxo clients around the world are leaving CFD trading to trade futures.”
“But these are still early days, and we expect futures exchanges to create more micro futures contracts without a compromise on liquidity, which will facilitate a greater adoption of futures by retail investors.”
However, CFDs brokers have struggled to penetrate the United States market.
Prop Trading - A Loophole to trade CFDs in the US
CFDs are banned in the US. Although retail FX is allowed, it's heavily regulated, and only a handful of players operate there.
That does not mean US traders are not trading CFDs, enter prop trading. Although the offerings of prop trading firms cannot be compared with retail brokers, they still provide a simulated environment to traders in the US to get their hands on CFDs instruments. And, if a trader passes the evaluation checks and gets a funded account (with simulated money in most cases), they will receive a profit share.
However, the prop trading companies operating in the US received a massive blow recently as MetaQuotes, the developer of MetaTrader, allegedly cracked down on the industry. Brokers grey-labeling their MetaTrader licenses to prop trading firms were allegedly told to stop their offerings or risk losing their MetaTrader license.
Prop trading firms are now migrating to MetaTrader alternatives.
We recognize that US based traders need a viable alternative in futures
The team has begun working on a new futures plan similar to FX evals
We hope those trading FX use this as a bridge into what we are trying to accomplish at MyFundedFutures
“This tendency is probably true for the US market and maybe Europe as European traders love CFDs and are also likely to consider futures, but overall, I don't think the shift is that significant,” Anya Aratovskaya, an FX Consultant, explained to Finance Magnates.
Meanwhile, many futures prop trading firms are promoting their services amid the recent disruption in the US prop trading industry. When it comes to futures, the model is different from other OTC instruments. Futures trading is very centralized.
“Futures 'props' get price feeds from exchanges, making it close to impossible to manipulate them, unlike MT4/MT5 price feeds. This results in less abuse of spreads for sure,” Aratovskaya said.
While Futures trading brings many advantages over FX and CFDs, there are many challenges too for traders, brokers, and prop trading alike.
Since a lot of US traders are moving to Futures from FX, I would like to make this thread educating how trailing drawdown isn't as bad as you may think IF DONE CORRECTLY
DISCLAIMER - I am not sponsored, affiliated, or endorsing any singular prop firm and get $0 sharing this. I… pic.twitter.com/yth0F5jb2n
“Trading futures is more challenging compared to FX, and 'prop firms' ensure that the drawdown structure (intraday trailing drawdown based on open positions rules at some firms - head shaking - just makes me smirk) makes it even harder. Not to mention, futures offer less flexibility in position sizing,” added Aratovskaya.
“Regarding price feeds/data feeds: futures 'prop' often include level 1 data in the price, and traders often have to pay for level 2 data (another way of making money by marking it up). A subscription to Level 2 data is necessary for heatmaps, for example, which are a must-have for sophisticated traders.”
Arnab Shome is an electronics engineer-turned-financial editor. He holds a Bachelor of Technology from the National Institute of Technology, Agartala. He entered the retail trading industry about a decade ago, covering the cryptocurrency market for Finance Magnates, and later expanded his coverage to include forex and CFDs as well.
His work at Finance Magnates includes C-level interviews, data-driven analysis, opinion pieces, and scoops of industry exclusives. He also contributes to Finance Magnates’ quarterly industry report.
Area of coverage:
1. CFD broker-related news
2. Industry-related Regulatory updates and developments
3. New retail trading trends
4. Prop trading industry updates
5. Executive interviews
Education:
Bachelor of Technology - National Institute of Technology, Agartala (India)
FXBO Adds IDWise KYC And AML Tools To Broker CRM Stack
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APAC accounts for two-thirds of global retail trading traffic, but with differences of language, regulation, and trader profile, the region's growth is ag great as complexity.
This session gathers CMOs, heads of acquisition, and IB relationship managers to examine what actually works, channel by channel, market by market.
Attendees will walk away with:
A clear view of which channels deliver funded, retained traders across Singapore, Japan, and Southeast Asia
Understanding of how to structure IB partnerships for LTV, not first deposit
Insight into what localization actually costs beyond the translation budget
Perspective on how ad restrictions, crypto promotion limits, and bundling rules differ across APAC jurisdictions
A read on whether the super-app model changes acquisition economics for retail investing platforms
APAC accounts for two-thirds of global retail trading traffic, but with differences of language, regulation, and trader profile, the region's growth is ag great as complexity.
This session gathers CMOs, heads of acquisition, and IB relationship managers to examine what actually works, channel by channel, market by market.
Attendees will walk away with:
A clear view of which channels deliver funded, retained traders across Singapore, Japan, and Southeast Asia
Understanding of how to structure IB partnerships for LTV, not first deposit
Insight into what localization actually costs beyond the translation budget
Perspective on how ad restrictions, crypto promotion limits, and bundling rules differ across APAC jurisdictions
A read on whether the super-app model changes acquisition economics for retail investing platforms
APAC accounts for two-thirds of global retail trading traffic, but with differences of language, regulation, and trader profile, the region's growth is ag great as complexity.
This session gathers CMOs, heads of acquisition, and IB relationship managers to examine what actually works, channel by channel, market by market.
Attendees will walk away with:
A clear view of which channels deliver funded, retained traders across Singapore, Japan, and Southeast Asia
Understanding of how to structure IB partnerships for LTV, not first deposit
Insight into what localization actually costs beyond the translation budget
Perspective on how ad restrictions, crypto promotion limits, and bundling rules differ across APAC jurisdictions
A read on whether the super-app model changes acquisition economics for retail investing platforms
APAC accounts for two-thirds of global retail trading traffic, but with differences of language, regulation, and trader profile, the region's growth is ag great as complexity.
This session gathers CMOs, heads of acquisition, and IB relationship managers to examine what actually works, channel by channel, market by market.
Attendees will walk away with:
A clear view of which channels deliver funded, retained traders across Singapore, Japan, and Southeast Asia
Understanding of how to structure IB partnerships for LTV, not first deposit
Insight into what localization actually costs beyond the translation budget
Perspective on how ad restrictions, crypto promotion limits, and bundling rules differ across APAC jurisdictions
A read on whether the super-app model changes acquisition economics for retail investing platforms
APAC accounts for two-thirds of global retail trading traffic, but with differences of language, regulation, and trader profile, the region's growth is ag great as complexity.
This session gathers CMOs, heads of acquisition, and IB relationship managers to examine what actually works, channel by channel, market by market.
Attendees will walk away with:
A clear view of which channels deliver funded, retained traders across Singapore, Japan, and Southeast Asia
Understanding of how to structure IB partnerships for LTV, not first deposit
Insight into what localization actually costs beyond the translation budget
Perspective on how ad restrictions, crypto promotion limits, and bundling rules differ across APAC jurisdictions
A read on whether the super-app model changes acquisition economics for retail investing platforms
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Understanding pain points and benefits of working with 3rd party integrations at scale.
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First-hand view of how client feedback informs decision-making across different market participants.
Understanding pain points and benefits of working with 3rd party integrations at scale.
Insight into products and innovation banks’ retail and trading heads will look for in 2026.
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This session gathers heads of technology and e-trading to compare how client demand and cost structures shape their choices, and how long it actually takes to ship in each.
Attendees will walk away with:
First-hand view of how client feedback informs decision-making across different market participants.
Understanding pain points and benefits of working with 3rd party integrations at scale.
Insight into products and innovation banks’ retail and trading heads will look for in 2026.
For every feature and product, someone has to decide: build it in-house or buy from a vendor. In Singapore and across APAC, local banks and global players face the same question with very different constraints.
This session gathers heads of technology and e-trading to compare how client demand and cost structures shape their choices, and how long it actually takes to ship in each.
Attendees will walk away with:
First-hand view of how client feedback informs decision-making across different market participants.
Understanding pain points and benefits of working with 3rd party integrations at scale.
Insight into products and innovation banks’ retail and trading heads will look for in 2026.
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This session gathers heads of technology and e-trading to compare how client demand and cost structures shape their choices, and how long it actually takes to ship in each.
Attendees will walk away with:
First-hand view of how client feedback informs decision-making across different market participants.
Understanding pain points and benefits of working with 3rd party integrations at scale.
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Attendees will walk away with:
Survey of capital thresholds and other requirements across regions in APAC
Nuanced understanding of Singapore's role in the retail trading space
Glimpse into parallel developments in digital assets and RWA
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This session gathers regulators, advisors, and operators who have set up across multiple APAC jurisdictions to break down figures, what's working, what's breaking, and what's next.
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Glimpse into parallel developments in digital assets and RWA
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A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
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Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
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Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
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Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
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This session brings together builders from across the payment ecosystem to examine how new rails are altering the way capital moves in APAC and beyond.
Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
