EC Markets trading volume reached $2.11 trillion per month on average in Q2 2026, placing the multi-asset broker at the top of FM Intelligence’s quarterly ranking and making it the first time two firms have cleared that mark in the same quarter. FX News Group confirmed the figures alongside FM Intelligence’s report.
Sydney-based TMGM posted the second figure above the line, reporting an average monthly volume of $2.03 trillion over the quarter. Together, according to FM Intelligence, the two firms achieved something the tracked dataset had never seen before.
How Fast the Top of the Table Has Shifted
The pace of change matters here. In Q4 2025, EC Markets was averaging $1.49 trillion a month and TMGM $1.39 trillion. JustMarkets sat just behind at $1.24 trillion, and IC Markets had long held the leading position in the tracked group. Within two quarters, EC Markets has moved to the front and TMGM has followed it past $2 trillion.
EC Markets reported a quarterly trading total of $6.34 trillion for Q2 2026, up 23.6% from the previous three months, with roughly 322,000 active traders on the platform. Those figures come from the company itself and have not been independently audited. The Q1 quarterly total had already stood at a then-record $5.13 trillion, so the progression across both quarters has been steep.
EC Markets was set up in 2012. TMGM, founded in 2013 and regulated by the Australian Securities and Investments Commission (ASIC) among other authorities, has its own momentum story. EQS News reported that TMGM processed roughly $3 trillion in trading volume in March 2026 alone, at that point the highest single month in the firm’s history. Gold CFDs (contracts for difference, a derivative that tracks an underlying price without requiring ownership of the asset) accounted for approximately 80% of TMGM’s client activity during that period, according to FX News Group.
That gold-driven surge reflects a broader pattern across retail FX and CFD brokers: volatility in precious metals has pulled in trading activity across the sector, with several firms logging their largest months on record during the gold rally of early 2026.
TMGM is the Official Regional Partner of Chelsea Football Club and the Official Partner of the Brooklyn Nets NBA franchise, a sponsorship footprint that signals the firm’s push into wider brand recognition beyond its home market.
EC Markets Trading Volume Against a Softening Industry Backdrop
The two firms’ climb did not happen against a rising tide. Industry-wide volumes across FM Intelligence’s tracked brokers fell to $30.45 trillion in Q2 2026, down from a record $33.5 trillion in the previous quarter. That was the first pullback after a run of consecutive record readings in early 2026.
The context sharpens the picture for investors watching this sector. EC Markets and TMGM grew their monthly averages substantially at a time when the wider cohort contracted. FM Intelligence’s dataset now covers 265 brokers, a group that collectively recorded $84.5 trillion in trading volume and 17.7 million active accounts over the year through Q2. Within that expanding field, the largest names have been pulling further ahead.
For retail investors with exposure to listed FX brokers or spread-betting firms, the volume figures matter because trading revenue is largely transaction-driven: more volume, at consistent spreads, generally means more revenue. A broker gaining market share within a softening industry total is doing something structurally different from one simply riding a sector-wide wave.
The End of the Quarterly PDF Report
The Q2 data also marks a format change. Finance Magnates has published what it describes as the final PDF edition of its Quarterly Intelligence Report, moving broker volumes, rankings and market analysis to a rolling data service called the Finance Magnates Data Lab. Figures will update continuously rather than quarterly.
The practical effect for anyone tracking broker rankings is that the snapshot comparison will be replaced by a live feed, which could make it easier to spot shifts in momentum as they develop rather than in arrears. Whether a third broker joins EC Markets and TMGM above the $2 trillion monthly average in Q3 2026 is now the number to watch.
