The Japanese brokerage firm averaged $1.463 trillion in monthly volume throughout 2025. During the first half of the year, the broker saw particularly strong activity, with average monthly volumes reaching nearly $1.69 trillion.
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Once again, Finance Magnates analysed the global retail FX trading industry, reviewing the annual performance of brokers offering FX trading . While market volatility shifted compared to the previous year, the sector continued to see strong engagement. Within this environment, the annual volume rankings have once again highlighted a clear industry leader.
DMM Maintains the Lead
The findings from the study conducted by Finance Magnates Intelligence clearly show the broker with the highest average monthly volumes for the full year of 2025. This analysis focused strictly on foreign exchange (FX) trading, excluding all other asset classes. For another consecutive year, DMM Securities secured the top position in the global rankings.
The Japanese firm concluded 2025 with an average monthly trading volume of $1.463 trillion, a figure broadly consistent with its 2024 result of $1.488 trillion. To put this long-term performance into perspective, the broker has followed a strong upward trajectory over recent years, rising from an average of $0.87 trillion in 2021 to its current sustained trillion-dollar level.
A closer look at the 2025 data shows that performance was particularly strong in the first half of the year, with average monthly volumes reaching $1.688 trillion. The second quarter marked the peak, with monthly averages climbing to $1.715 trillion. Notably, the broker exceeded $1.8 trillion in January and came close to $2 trillion in April, maintaining its position as the most active FX desk globally for most of the year.
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Japan Dominates the Rankings
The 2025 data confirms Japan’s position as the global centre of retail FX trading. While the gap between leading Japanese firms is narrowing, with the second-ranked broker averaging $1.367 trillion, the concentration of trading volume within Japanese brokers remains a defining feature of the industry.
In the second quarter of 2025, the combined activity of top Japanese firms reached record levels. Even the third- and fourth-largest players contributed significantly, with monthly averages of approximately $989 billion and $718 billion, respectively. On an annual basis, the first non-Japanese broker ranked only in ninth position.
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The FX Market in Japan is Special
Earlier this month, Finance Magnates reported that, according to research from LMAX Group and Macro Hive, London leads global FX price discovery by milliseconds, while Tokyo provides deeper and more cost-efficient liquidity during Japan-focused events.
Prices in London tend to move first, even when the underlying news originates in Japan. For both USD/JPY and EUR/USD, prices on London venues reacted approximately 20 to 100 milliseconds ahead of Tokyo during key events.
However, in the largest trades, Tokyo dominates. In the top 1% of trade sizes, Tokyo handled 100% of activity, while London saw no large block trades. A similar pattern was observed during the Japan CPI release, with Tokyo again executing all of the largest orders.
For the FX and CFD industry, this suggests that brokers, liquidity providers, and larger traders should treat London as the primary source of price signals, while routing more flow to Tokyo during Japan-specific events to reduce execution costs and access deeper liquidity.
