Axi, CFI, and Taurex are some of the big names in the retail trading space that recently launched institutional offerings.
“Insti clients understand the markets far better than retail clients, so they cause fewer issues,” said Gold-i CEO.
A screenshot of CFI Prime website
Axi, CFI, and Taurex are three big names in the retail trading industry that have launched institutional services in recent months. But their entry into this market is not new for contracts for differences (CFDs) brokers.
Whether it is publicly traded IG Group and CMC Markets or privately held Exness, Saxo Bank, Pepperstone, Tickmill, and others, they all have institutional offerings along with their retail services. But the question remains: why are retail brokers moving into the institutional business?
“Like many companies, they aim to diversify their revenue, reducing reliance on retail clients, especially during market swings,” Stanislav Bunimovich, Managing Director of APAC and Strategic Adviser at GCEX, pointed to as one reason why retail brokers are entering the institutional space.
Stanislav Bunimovich, Managing Director of APAC and Strategic Adviser at GCEX
“For some retail brokers, the move into the institutional space is seen as a natural step,” he added. “As they grow and their knowledge increases, they look for more steady sources of income. Institutional services attract clients with larger capital and regular trading activity. Broadening income helps reduce risks and meets shareholder demands for stable growth.”
Gold-i’s Tom Higgins also called the move a “natural progression,” noting that “most of the functions needed by a large retail broker are also needed for smaller institutional services.”
Tom Higgins, CEO of Gold-i
There are many parts to institutional services. The most common among retail brokers is offering prime-of-prime liquidity pools—bringing together bank and non-bank quotes, then giving funds to banks or brokers through a single account with deep pricing and high leverage.
Other services include multi-asset prime brokerage, direct market access, white-label brokerage platforms, and data feeds.
Axi, the latest to launch institutional services under the Axi Prime brand, is offering only liquidity services. In contrast, CFI Prime, the institutional arm of CFI Financial Group, has broader offerings. These include liquidity and access to seven asset classes. CFI Prime clients can also trade through its own platform or third-party platforms such as MetaTrader.
Taurex Prime has also added services for prop trading platforms, alongside liquidity and API-based trading. For prop firms, it offers “turnkey solutions, institutional liquidity, advanced platforms, and full back-office control.”
B2B Brings Solid Revenue
Although many brokers offer institutional services alongside retail, the financial details of their operations are not always clear. However, the few public brokers do give some insight into how much revenue comes from retail and institutional streams.
In the financial year ending 31 March 2025, London-listed CMC Markets made a total trading revenue of £248.9 million. Of that, the direct-to-consumer stream (retail services) brought in £149.1 million, while the rest—£99.8 million—came from platform-as-a-service (B2B and B2B2C).
Under this model, CMC offers trading platform technology and execution services through open APIs and also white-label solutions.
IG Group, meanwhile, publishes combined figures for institutional and emerging markets. Its trading revenue from that stream for the first half of fiscal 2025 was £41.6 million, compared to total trading revenue of £451.7 million.
These figures show the potential of institutional business for retail-focused brokers, but the final success depends on each broker’s ability to grow their institutional services.
CMC Markets
£99.8 million in revenue came from platform-as-a-service (B2B and B2B2C).
IG Group
£41.6 million generated from institutional and emerging markets.
“Insti Clients Know How the Markets Work”
Besides income, institutional services offer other benefits to retail brokers. An institutional (or “insti”) broker only takes on businesses or professional traders, meaning larger sums of money.
“It can actually be easier as insti clients understand the markets far better than retail, so they cause fewer issues,” Higgins added. “Liquidity will need to be more customised for each insti client as their needs are very specific, while retail traders generally get the same type of liquidity.”
Also, rules are much more relaxed when it comes to protecting institutional clients. “Insti clients have little protection from the FCA as they are seen as ‘grown-up’, which lowers the operational risk for the broker,” Higgins said.
Retail brokers can also use their current tech systems to serve institutional clients, and doing both boosts their reputation.
Interestingly, multiple brokers launched their institutional business after the pandemic. Although revenue stream diversification is a strong justification for extending institutional services, it might also be to cope with the declining retail trading volumes after the pandemic.
Expanding into B2B enables brokers to target more sophisticated clients while gaining tighter control over pricing and execution. The aim is to strengthen their position in a market that’s always changing.
However, not all brokers who enter the “insti” succeed. FXPro, a big name in the retail space, entered the institutional side with prime-of-prime services in 2014 but quietly shuttered them around late 2019 or the beginning of 2020.
Other names that pulled out of institutional services are Boston Technologies, GCM Prime (now EC Markets), and London Capital Group, which is now an introducing broker. ADSS is another big name that walked away from the institutional offerings. Even Axi, which recently entered the institutional scene with liquidity services, first launched prime brokerage business in 2014, but wind it down around late 2020-2021.
These exits demonstrate that slapping a Prime logo is easy, but its difficult to sustainably offer those services.
There are many challenges in offering institutional services. “One of the challenges is that the sales cycles are much longer, as insti clients will KYC the broker as well as the broker KYCing them,” the Gold-i CEO explained.
According to GCEX’s Bunimovich, supporting institutional work, especially prime brokerage, needs strong starting capital and good reserves to manage risk and provide liquidity. “It also needs advanced risk systems and know-how to monitor exposure and swings in value due to bigger and more complex trades,” he added.
Axi, CFI, and Taurex are three big names in the retail trading industry that have launched institutional services in recent months. But their entry into this market is not new for contracts for differences (CFDs) brokers.
Whether it is publicly traded IG Group and CMC Markets or privately held Exness, Saxo Bank, Pepperstone, Tickmill, and others, they all have institutional offerings along with their retail services. But the question remains: why are retail brokers moving into the institutional business?
“Like many companies, they aim to diversify their revenue, reducing reliance on retail clients, especially during market swings,” Stanislav Bunimovich, Managing Director of APAC and Strategic Adviser at GCEX, pointed to as one reason why retail brokers are entering the institutional space.
Stanislav Bunimovich, Managing Director of APAC and Strategic Adviser at GCEX
“For some retail brokers, the move into the institutional space is seen as a natural step,” he added. “As they grow and their knowledge increases, they look for more steady sources of income. Institutional services attract clients with larger capital and regular trading activity. Broadening income helps reduce risks and meets shareholder demands for stable growth.”
Gold-i’s Tom Higgins also called the move a “natural progression,” noting that “most of the functions needed by a large retail broker are also needed for smaller institutional services.”
Tom Higgins, CEO of Gold-i
There are many parts to institutional services. The most common among retail brokers is offering prime-of-prime liquidity pools—bringing together bank and non-bank quotes, then giving funds to banks or brokers through a single account with deep pricing and high leverage.
Other services include multi-asset prime brokerage, direct market access, white-label brokerage platforms, and data feeds.
Axi, the latest to launch institutional services under the Axi Prime brand, is offering only liquidity services. In contrast, CFI Prime, the institutional arm of CFI Financial Group, has broader offerings. These include liquidity and access to seven asset classes. CFI Prime clients can also trade through its own platform or third-party platforms such as MetaTrader.
Taurex Prime has also added services for prop trading platforms, alongside liquidity and API-based trading. For prop firms, it offers “turnkey solutions, institutional liquidity, advanced platforms, and full back-office control.”
B2B Brings Solid Revenue
Although many brokers offer institutional services alongside retail, the financial details of their operations are not always clear. However, the few public brokers do give some insight into how much revenue comes from retail and institutional streams.
In the financial year ending 31 March 2025, London-listed CMC Markets made a total trading revenue of £248.9 million. Of that, the direct-to-consumer stream (retail services) brought in £149.1 million, while the rest—£99.8 million—came from platform-as-a-service (B2B and B2B2C).
Under this model, CMC offers trading platform technology and execution services through open APIs and also white-label solutions.
IG Group, meanwhile, publishes combined figures for institutional and emerging markets. Its trading revenue from that stream for the first half of fiscal 2025 was £41.6 million, compared to total trading revenue of £451.7 million.
These figures show the potential of institutional business for retail-focused brokers, but the final success depends on each broker’s ability to grow their institutional services.
CMC Markets
£99.8 million in revenue came from platform-as-a-service (B2B and B2B2C).
IG Group
£41.6 million generated from institutional and emerging markets.
“Insti Clients Know How the Markets Work”
Besides income, institutional services offer other benefits to retail brokers. An institutional (or “insti”) broker only takes on businesses or professional traders, meaning larger sums of money.
“It can actually be easier as insti clients understand the markets far better than retail, so they cause fewer issues,” Higgins added. “Liquidity will need to be more customised for each insti client as their needs are very specific, while retail traders generally get the same type of liquidity.”
Also, rules are much more relaxed when it comes to protecting institutional clients. “Insti clients have little protection from the FCA as they are seen as ‘grown-up’, which lowers the operational risk for the broker,” Higgins said.
Retail brokers can also use their current tech systems to serve institutional clients, and doing both boosts their reputation.
Interestingly, multiple brokers launched their institutional business after the pandemic. Although revenue stream diversification is a strong justification for extending institutional services, it might also be to cope with the declining retail trading volumes after the pandemic.
Expanding into B2B enables brokers to target more sophisticated clients while gaining tighter control over pricing and execution. The aim is to strengthen their position in a market that’s always changing.
However, not all brokers who enter the “insti” succeed. FXPro, a big name in the retail space, entered the institutional side with prime-of-prime services in 2014 but quietly shuttered them around late 2019 or the beginning of 2020.
Other names that pulled out of institutional services are Boston Technologies, GCM Prime (now EC Markets), and London Capital Group, which is now an introducing broker. ADSS is another big name that walked away from the institutional offerings. Even Axi, which recently entered the institutional scene with liquidity services, first launched prime brokerage business in 2014, but wind it down around late 2020-2021.
These exits demonstrate that slapping a Prime logo is easy, but its difficult to sustainably offer those services.
There are many challenges in offering institutional services. “One of the challenges is that the sales cycles are much longer, as insti clients will KYC the broker as well as the broker KYCing them,” the Gold-i CEO explained.
According to GCEX’s Bunimovich, supporting institutional work, especially prime brokerage, needs strong starting capital and good reserves to manage risk and provide liquidity. “It also needs advanced risk systems and know-how to monitor exposure and swings in value due to bigger and more complex trades,” he added.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
From Volumes to Regulation: Patterns Shaping the Online Trading Industry
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
