Spain's active FX/CFD trader population dropped 10% amid record-low new sign-ups.
With traders now bypassing traditional investment entry points, retention and visible platform innovations have become critical.
Spain's
leverage trading market has collapsed to a fraction of its 2021 peak, with the
number of active FX/CFD traders falling another 10% to just 35,000 in the 12
months through February, according to a new report from Investment Trends.
Spanish Leverage Trading
Market Down Nearly 100% from 2021 Peak
Lorenzo Vignati, Associate Research Director at Investment Trends
The visible
contraction from pandemic highs continues amid record-low new trader sign-ups,
partly attributed to digital marketing restrictions and increasingly
challenging acquisition conditions, the research firm said in its 2025 Spain
Leverage Trading Report released this week.
“With
fewer Spanish traders entering the market, the imperative has shifted-retaining
the existing client base is now the strongest growth lever,” said Lorenzo
Vignati, Associate Research Director at Investment Trends.
“Retention is no longer a defensive play; it's a primary business
strategy.”
The report,
based on a survey of 622 traders conducted between January and February,
reveals a significant shift in how investors approach the market. While
most traditionally begin with shares or ETFs, a growing number of traders
are entering directly through cryptocurrency and leveraged products, bypassing
conventional investment pathways.
“Brokers Must Break Away
from Legacy Onboarding Assumptions”
Spanish
traders now recognize an average of 6.8 trading platforms but typically use
only 1.7 providers. Key factors in platform selection include peer
recommendations, low commissions (48%), and ease of use (47%).
“Brokers
must break away from legacy onboarding assumptions,” Vignati noted.
“Today's first-time Spanish trader could be entering straight into crypto
or CFDs-and they expect fast, intuitive support from the first click.”
The
research also found that approximately one-third of traders recall
recent innovations from their providers, most commonly improved charting
tools, copy trading enhancements, and user interface updates. These traders
consistently report higher satisfaction levels and are more likely to recommend
their platform to others.
“Innovation
has become the clearest pathway to advocacy in Spain's leverage trading
market,” Vignati added. “It's not just about making improvements-it's
about making them visible.”
The report
suggests that in an environment where new user acquisition has become
increasingly difficult and the market has contracted to nearly a half of its
size at the 2021 peak, trading platforms must focus on retention strategies and
ensuring that existing clients notice and value platform improvements.
Germany, France, and
Singapore Face the Same Challenge
Previous
reports from Investment Trends indicate that the issue extends beyond the
Spanish market, appearing in other mature and well-developed trading
environments.
In France,
the number of FX/CFD traders has
dropped below 30,000—its lowest level in four years. In Singapore, interest
in contracts for difference has
fallen to its lowest point since 2019, with retail traders showing a
growing preference for proprietary trading instead.
An
interesting exception is Poland, where
the CFD trading population has grown by 40%. Over the past five years, the
market has tripled in size, making it one of the largest in Europe—second only
to the UK.
Spain's
leverage trading market has collapsed to a fraction of its 2021 peak, with the
number of active FX/CFD traders falling another 10% to just 35,000 in the 12
months through February, according to a new report from Investment Trends.
Spanish Leverage Trading
Market Down Nearly 100% from 2021 Peak
Lorenzo Vignati, Associate Research Director at Investment Trends
The visible
contraction from pandemic highs continues amid record-low new trader sign-ups,
partly attributed to digital marketing restrictions and increasingly
challenging acquisition conditions, the research firm said in its 2025 Spain
Leverage Trading Report released this week.
“With
fewer Spanish traders entering the market, the imperative has shifted-retaining
the existing client base is now the strongest growth lever,” said Lorenzo
Vignati, Associate Research Director at Investment Trends.
“Retention is no longer a defensive play; it's a primary business
strategy.”
The report,
based on a survey of 622 traders conducted between January and February,
reveals a significant shift in how investors approach the market. While
most traditionally begin with shares or ETFs, a growing number of traders
are entering directly through cryptocurrency and leveraged products, bypassing
conventional investment pathways.
“Brokers Must Break Away
from Legacy Onboarding Assumptions”
Spanish
traders now recognize an average of 6.8 trading platforms but typically use
only 1.7 providers. Key factors in platform selection include peer
recommendations, low commissions (48%), and ease of use (47%).
“Brokers
must break away from legacy onboarding assumptions,” Vignati noted.
“Today's first-time Spanish trader could be entering straight into crypto
or CFDs-and they expect fast, intuitive support from the first click.”
The
research also found that approximately one-third of traders recall
recent innovations from their providers, most commonly improved charting
tools, copy trading enhancements, and user interface updates. These traders
consistently report higher satisfaction levels and are more likely to recommend
their platform to others.
“Innovation
has become the clearest pathway to advocacy in Spain's leverage trading
market,” Vignati added. “It's not just about making improvements-it's
about making them visible.”
The report
suggests that in an environment where new user acquisition has become
increasingly difficult and the market has contracted to nearly a half of its
size at the 2021 peak, trading platforms must focus on retention strategies and
ensuring that existing clients notice and value platform improvements.
Germany, France, and
Singapore Face the Same Challenge
Previous
reports from Investment Trends indicate that the issue extends beyond the
Spanish market, appearing in other mature and well-developed trading
environments.
In France,
the number of FX/CFD traders has
dropped below 30,000—its lowest level in four years. In Singapore, interest
in contracts for difference has
fallen to its lowest point since 2019, with retail traders showing a
growing preference for proprietary trading instead.
An
interesting exception is Poland, where
the CFD trading population has grown by 40%. Over the past five years, the
market has tripled in size, making it one of the largest in Europe—second only
to the UK.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
