Capital.com has published its Q2 2026 platform update, reporting $1.13 trillion in client trading volumes for April through June. That figure marks a decline from the $1.27 trillion the broker recorded in Q1 2026, a quarter that itself had risen 11.2% from Q4 2025 on the back of record gold prices, central bank buying and an 81% year-on-year jump in trade count.
Gold remained the dominant instrument on the platform, accounting for 42.4% of Q2 volume, the largest share of any market. That is down from the 59% share gold commanded in January 2026 alone, when the metal hit successive record highs.
Total trades executed in Q2 fell 23.2% quarter on quarter to 34.9 million, while average trade size rose 16.0% to $32,418, up from $27,950 in Q1, suggesting clients placed fewer but larger positions.
Three Months, Three Different Markets
The broker described Q2 as split into three distinct phases. April was dominated by the closure of the Strait of Hormuz, which concentrated activity in energy and precious metals. May saw easing Middle East tensions and a broad equity rally pull volume toward technology and index markets, with the month recording the quarter's lowest total at $369.4 billion. June brought a gold pullback toward $4,000 per ounce alongside rising expectations of further US rate hikes, while equity trading picked up.
That pullback lines up with independent market commentary tracked separately.
Read more: Capital.com Rebuilds Its Trading App Around Slower Decisions
The World Gold Council's mid-year outlook, published July 1, pegs gold's fair value at roughly $4,100 per ounce under current conditions, with a band of $3,895 to $4,305, and warns that a sustained break below $4,000 could invite further selling. Gold tested that threshold on June 24, 2026, touching $3,959.33 intraday before recovering, a move the WGC attributes to structural buying from central banks rather than retail momentum.
The US Tech 100 was Capital.com's second most active instrument at 25.9% of Q2 volume, followed by WTI Crude Oil at 7%, the Dow Jones 30 at 4.8%, and the DAX 40 at 4%.
Regionally, the Middle East accounted for 57.2% of total platform volume, with gold representing 49.9% of activity there, above the platform-wide average. Europe made up 21.7% of volume, led within the region by Germany, Italy, the Netherlands, France and Poland. UK activity skewed toward equities, with the US Tech 100 taking 40.0% of UK volume against a platform-wide share of 25.9%, while gold accounted for just 13.8% of UK trading.
"The concentration of commodity market trading in the Middle East reflects the region's strong demand for Gold and energy instruments, and the platform's regulatory and operational framework is designed to support responsible market access in the region," said Tarik Chebib, the company's Middle East CEO,
By comparison, Capital.com's Q1 2026 update had shown total trading volumes reaching $1.27 trillion, up 11.2% from $1.14 trillion in Q4 2025, with trade count up 81% year on year. That quarter was shaped by gold's run to successive record highs in January, cryptocurrency volatility in February, and an Iran-linked oil volatility spike in March.
- Capital.com Enters South Africa with Dual Local Licences; Ex-IG Exec to Head Operations
- Capital.com Launches MCP Server for MENA Clients
- Capital.com Rebuilds Its Trading App Around Slower Decisions
Risk Management Habits Are Catching On, Unevenly
Stop-loss adoption rose to 26.6% of positions in Q2 2026, up from 22.4% in Q1. Sweden recorded the highest adoption among major European markets at 32.0%, followed by the Netherlands at 31.2%, Germany at 29.3% and Italy at 29.1%, all above the platform-wide average. Capital.com said adoption in the UAE remained below the platform-wide figure.
"Europe is a mature, diverse market and the Q2 data reflects that. Clients across the region are using the platform across a broad range of instruments and applying more structured approaches to how they manage their positions," Christoforos Soutzis, Capital.com's Europe CEO. "Growing stop-loss adoption tells us that clients are making deliberate decisions about risk before they enter a trade, not after."
