Weekly Wrap: Kalshi Pulls Prediction Markets Toward Derivatives; Why Staying Invested Wins
DMM Securities led global FX in 2025 Global retail FX remained highly concentrated in 2025, with Japan’s DMM Securities once again emerging as the clear volume leader. DMM Securities was the top retail FX broker globally , based on Finance Magnates Intelligence data focused solely on FX trading volumes. Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!) . The Japanese firm recorded an average monthly volume of $1.463 trillion for the year, with activity peaking in the first half of 2025, when monthly volumes were close to $1.69 trillion. This marks yet another year in which DMM Securities has held the number one spot in the global FX rankings. While the gap between leading Japanese firms is narrowing, the second-ranked broker averaged $1.367 trillion in monthly FX volume in 2025. Poland’s FX/CFD traders surge 50% Elsewhere, Poland’s retail FX and CFD market grew rapidly last year , with the number of active traders rising by about 50% to roughly 370,000, according to data from the Polish Financial Supervision Authority (KNF). Over the same period, clients collectively lost a record 2.68 billion zlotys, underscoring the high risk attached to leveraged OTC derivatives. The KNF report, which covers the full spectrum of OTC products offered by Polish-licensed brokers, found that total losses were nearly four times larger than total profits generated by winning clients. Around 102,919 active clients ended the year in profit, while 266,818 recorded a net loss, meaning more than 72% of traders lost
In 2025, the global retail foreign exchange (FX) market continued to be highly concentrated, with Japan's DMM Securities once again securing the top spot as the leading retail FX broker globally. According to Finance Magnates Intelligence data, which focuses solely on FX trading volumes, DMM Securities maintained its dominance in the market. The Japanese firm recorded an average monthly volume of $1.463 trillion for the year, with activity peaking in the first half of 2025, when monthly volumes reached nearly $1.69 trillion. This marked another year of consistent performance for DMM Securities, which has held the number one spot in the global FX rankings for consecutive years.
While the gap between leading Japanese firms is gradually narrowing, the second-ranked broker averaged $1.367 trillion in monthly FX volume in 2025. This demonstrates the strength and competitiveness of the Japanese FX industry, which continues to dominate the global market.
In contrast, Poland's retail FX and contract for difference (CFD) market experienced significant growth last year, with the number of active traders rising by about 50% to approximately 370,000, according to data from the Polish Financial Supervision Authority (KNF). This surge in traders highlights the growing interest in leveraged over-the-counter (OTC) derivatives in Poland. However, the high-risk nature of these financial instruments was underscored by the fact that clients collectively lost a record 2.68 billion zlotys over the same period.
The KNF report, which covers the full spectrum of OTC products offered by Polish-licensed brokers, revealed that total losses were nearly four times larger than total profits generated by winning clients. Out of the active traders, around 102,919 ended the year in profit, while 266,818 recorded a net loss. This means that more than 72% of traders incurred losses overall, highlighting the challenges and risks associated with trading leveraged OTC derivatives.
Meanwhile, XTB, a well-known broker in the industry, is estimated to have up to 12,000 CFD accounts in France, where the national regulator is considered one of the most active in the European Union. The broker recently signed a high-profile sponsorship deal with Paris La Défense Arena, Europe's largest indoor venue, signaling that France is a key strategic market for XTB in 2026. France remains the EU's second-largest economy, with a GDP per capita projected to exceed 51,000 dollars, indicating a promising environment for growth in the retail FX market.
In conclusion, the global retail FX market in 2025 was dominated by Japanese firms, with DMM Securities maintaining its position as the leading broker. Meanwhile, Poland's retail FX and CFD market saw rapid growth, but also faced challenges due to the high risk of losses. XTB's presence in France highlights the potential for growth in key European markets. As investors and traders navigate the complexities of the derivatives landscape, staying invested and informed remains crucial for success in this dynamic market.
