EC Markets recorded the highest average monthly trading volume of any broker in FM Intelligence's Q2 2026 report, at $2.11 trillion. The figure, based on data the broker reports to FM Intelligence, placed EC Markets at the top of the quarterly ranking and marked another step up from the $1.71 trillion monthly average it posted in the first quarter.

EC Markets was not alone above the $2 trillion line. TMGM, the Sydney-based broker, reported an average monthly volume of $2.03 trillion, and the two firms became the first pair to clear that mark in the same quarter, according to FM Intelligence.

Two Brokers Above $2 Trillion for the First Time

The data has been building toward the milestone for several quarters. FM Intelligence's Q1 2026 report recorded the first time a single broker in the tracked group crossed $2 trillion in average monthly volume. Three months later, two firms have done it at once.

EC Markets, a multi-asset broker set up in 2012, said its total trading volume reached $6.34 trillion for the quarter, up 23.6% from the previous three months, with active traders numbering about 322,000. Those figures are the company's own and have not been independently audited.

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EC Markets Moves to the Front of a Reshuffling Top Tier

The order at the top has changed quickly. In the fourth quarter of 2025, EC Markets and TMGM sat at $1.49 trillion and $1.39 trillion in monthly volume, with JustMarkets close behind at $1.24 trillion, FM Intelligence's comparison of the sector found. IC Markets had long held the leading position among the tracked brokers.

Two quarters on, EC Markets has moved ahead and TMGM has followed it past $2 trillion. EC Markets' own progression tracks the climb, from a record $5.13 trillion in Q1 quarterly volume to the current figure.

FM Intelligence widened its Broker Volumes dataset to 265 firms this year, a cohort that logged $84.5 trillion in trading volume and 17.7 million active accounts over the year through Q2. The largest names have gained ground even as the number of tracked brokers has grown.

Industry-Wide Volumes Slip From the Record

EC Markets' climb ran against the wider trend. Volumes across the tracked brokers fell to $30.45 trillion, down from the record $33.5 trillion in the previous quarter, the first pullback after a run of record readings in early 2026.

The decline followed a stretch in which retail FX and CFD activity had set fresh highs across volume and account totals, with several brokers crossing the $1 trillion mark in a single quarter for the first time last year.

Volume Data Moves From the Quarterly PDF to a Live Feed

The Q2 numbers appear in the final PDF edition of the Finance Magnates Quarterly Intelligence Report, which the company is retiring in favor of a rolling data service.

Broker volumes, rankings, market analysis and industry insights are moving to the Finance Magnates Data Lab, where the figures update on an ongoing basis rather than once a quarter.