India is surprisingly back at the top of our Heat Map rankings, according to FM Intelligence’s Q3 data, even as its share of interest declined slightly.
Its return is one of several notable changes in the geographic distribution of attention across the FX and CFD industry this quarter. These developments could offer brokers valuable insights into where potential customers may be, while raising questions about how closely online viewership reflects customer acquisition.
Europe and APAC Still Lead
Europe accounted for 42% of global interest in Q3, up from 39.7% in Q2. The 2.3-percentage-point increase reinforced its position as the industry’s largest regional audience.
London's trading industry is coming home!
APAC also gained, lifting its share to 30.5% from 29.3%. Its recovery, however, was smaller than Europe’s advance. The gap between the two regions consequently widened to 11.5 percentage points from 10.4 points.
The largest shift occurred in North America, where the share fell to 14% from 19.9%. That 5.9-point decline left the region accounting for roughly one-seventh of global interest, compared with almost one-fifth in the previous quarter. Europe’s share was exactly three times North America’s in Q3.
Together, Europe and APAC represented 72.5% of interest, up from 69%. The regional balance therefore moved further toward the industry’s two largest audience centers, with North America losing relative weight.
| Region | Share of global interest, Q2 → Q3 |
|---|---|
| Europe | 39.7% → 42% |
| APAC | 29.3% → 30.5% |
| North America | 19.9% → 14% |
| Europe and APAC combined | 69% → 72.5% |
What About Other Regions?
The redistribution extended beyond Europe and APAC. Latin America increased its share to 4.7% from 3.6%, while Africa rose to 4.7% from 3.8%. MENA advanced more moderately, reaching 4.1% from 3.7%.
- CFD Market Share Slumps to 6.7% in Europe, Overtaken by Crypto and Equities: ESMA
- From Lisbon to Warsaw: Trade Nation’s European Passport Gets Its Next Stamp in Poland
- What institutional brokers need from APAC’s next trading cycle
Combined, these three regions accounted for 13.5% of interest, compared with 11.1% in Q2. Their gains suggest a more geographically dispersed audience outside the leading markets, although each remains substantially smaller than Europe or APAC.
North America was the only region to lose share. Its decline was matched by gains across all five other regions, making the quarter’s clearest geographic development a redistribution away from North America. The figures establish that change in audience composition, but do not identify its underlying economic or market causes.
To read the full analysis, please visit FM Intelligence portal.
