Retail brokers handled $30.4 trillion in monthly FX and other trading volume in the second quarter of 2026, according to FM Intelligence. That is 9.3% below the first quarter's $33.5 trillion, yet it leaves activity within 1.4% of the same period a year earlier.

The quarter-on-quarter dip reads as a step back from a first-quarter high rather than a downturn, and the full Q2 2026 retail broker volumes analysis shows why the headline number hides more than it tells.

Underneath the flat annual total, the order of the ranking moved.

The Market Cooled While the Leaderboard Reshuffled

Of the 21 brokers in the ranking, 18 reported lower volume than in the first quarter. All of the top 10, by contrast, sat higher than a year earlier. The two facts point in opposite directions, and the space between them is what the analysis pulls apart.

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One name that ranked fourth by volume in the second quarter of 2025 now sits first, after more than doubling its monthly total over the year. The broker that led the table a year ago has slipped to third. The live movements are tracked in the broker volumes panel.

A Leader That Barely Trades Currencies

The ranking measures FX and other volume combined, and for the brokers now at the top, other does most of the work. The firm in first place booked 97% of its reported volume outside FX, in instruments such as equities, indices, commodities, and crypto CFDs. Two of its closest rivals reported 99%.

That raises a question the aggregate total cannot answer on its own: how much of the volume at the top of the retail table is currency trading at all, and how much is everything else.

Who moved, by how much, and which names now fill the top 21 are set out in the Q2 2026 retail broker volumes analysis on the FM Intelligence portal.