Spain’s
leverage trading market has collapsed to a fraction of its 2021 peak, with the
number of active FX/CFD traders falling another 10% to just 35,000 in the 12
months through February, according to a new report from Investment Trends.
Lorenzo Vignati, Associate Research Director at Investment Trends
The visible
contraction from pandemic highs continues amid record-low new trader sign-ups,
partly attributed to digital marketing restrictions and increasingly
challenging acquisition conditions, the research firm said in its 2025 Spain
Leverage Trading Report released this week.
“With
fewer Spanish traders entering the market, the imperative has shifted-retaining
the existing client base is now the strongest growth lever,” said Lorenzo
Vignati, Associate Research Director at Investment Trends.
“Retention is no longer a defensive play; it’s a primary business
strategy.”
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Want to Combat CFD Client Churn and Boost Deposits by 40%? Check Out This Tool
The report,
based on a survey of 622 traders conducted between January and February,
reveals a significant shift in how investors approach the market. While
most traditionally begin with shares or ETFs, a growing number of traders
are entering directly through cryptocurrency and leveraged products, bypassing
conventional investment pathways.
“Brokers Must Break Away
from Legacy Onboarding Assumptions”
Spanish
traders now recognize an average of 6.8 trading platforms but typically use
only 1.7 providers. Key factors in platform selection include peer
recommendations, low commissions (48%), and ease of use (47%).
“Brokers
must break away from legacy onboarding assumptions,” Vignati noted.
“Today’s first-time Spanish trader could be entering straight into crypto
or CFDs-and they expect fast, intuitive support from the first click.”
The
research also found that approximately one-third of traders recall
recent innovations from their providers, most commonly improved charting
tools, copy trading enhancements, and user interface updates. These traders
consistently report higher satisfaction levels and are more likely to recommend
their platform to others.
“Innovation
has become the clearest pathway to advocacy in Spain’s leverage trading
market,” Vignati added. “It’s not just about making improvements-it’s
about making them visible.”
The report
suggests that in an environment where new user acquisition has become
increasingly difficult and the market has contracted to nearly a half of its
size at the 2021 peak, trading platforms must focus on retention strategies and
ensuring that existing clients notice and value platform improvements.
Germany, France, and
Singapore Face the Same Challenge
Previous
reports from Investment Trends indicate that the issue extends beyond the
Spanish market, appearing in other mature and well-developed trading
environments.
In France,
the number of FX/CFD traders has
dropped below 30,000—its lowest level in four years. In Singapore, interest
in contracts for difference has
fallen to its lowest point since 2019, with retail traders showing a
growing preference for proprietary trading instead.
In Germany,
although there has been a slight rebound compared to 2024, CFD trading remains
well below pre-pandemic levels. The
number of active traders has declined from 84,000 to 63,000.
An
interesting exception is Poland, where
the CFD trading population has grown by 40%. Over the past five years, the
market has tripled in size, making it one of the largest in Europe—second only
to the UK.
Spain’s
leverage trading market has collapsed to a fraction of its 2021 peak, with the
number of active FX/CFD traders falling another 10% to just 35,000 in the 12
months through February, according to a new report from Investment Trends.
Lorenzo Vignati, Associate Research Director at Investment Trends
The visible
contraction from pandemic highs continues amid record-low new trader sign-ups,
partly attributed to digital marketing restrictions and increasingly
challenging acquisition conditions, the research firm said in its 2025 Spain
Leverage Trading Report released this week.
“With
fewer Spanish traders entering the market, the imperative has shifted-retaining
the existing client base is now the strongest growth lever,” said Lorenzo
Vignati, Associate Research Director at Investment Trends.
“Retention is no longer a defensive play; it’s a primary business
strategy.”
You may
also like this: You
Want to Combat CFD Client Churn and Boost Deposits by 40%? Check Out This Tool
The report,
based on a survey of 622 traders conducted between January and February,
reveals a significant shift in how investors approach the market. While
most traditionally begin with shares or ETFs, a growing number of traders
are entering directly through cryptocurrency and leveraged products, bypassing
conventional investment pathways.
“Brokers Must Break Away
from Legacy Onboarding Assumptions”
Spanish
traders now recognize an average of 6.8 trading platforms but typically use
only 1.7 providers. Key factors in platform selection include peer
recommendations, low commissions (48%), and ease of use (47%).
“Brokers
must break away from legacy onboarding assumptions,” Vignati noted.
“Today’s first-time Spanish trader could be entering straight into crypto
or CFDs-and they expect fast, intuitive support from the first click.”
The
research also found that approximately one-third of traders recall
recent innovations from their providers, most commonly improved charting
tools, copy trading enhancements, and user interface updates. These traders
consistently report higher satisfaction levels and are more likely to recommend
their platform to others.
“Innovation
has become the clearest pathway to advocacy in Spain’s leverage trading
market,” Vignati added. “It’s not just about making improvements-it’s
about making them visible.”
The report
suggests that in an environment where new user acquisition has become
increasingly difficult and the market has contracted to nearly a half of its
size at the 2021 peak, trading platforms must focus on retention strategies and
ensuring that existing clients notice and value platform improvements.
Germany, France, and
Singapore Face the Same Challenge
Previous
reports from Investment Trends indicate that the issue extends beyond the
Spanish market, appearing in other mature and well-developed trading
environments.
In France,
the number of FX/CFD traders has
dropped below 30,000—its lowest level in four years. In Singapore, interest
in contracts for difference has
fallen to its lowest point since 2019, with retail traders showing a
growing preference for proprietary trading instead.
In Germany,
although there has been a slight rebound compared to 2024, CFD trading remains
well below pre-pandemic levels. The
number of active traders has declined from 84,000 to 63,000.
An
interesting exception is Poland, where
the CFD trading population has grown by 40%. Over the past five years, the
market has tripled in size, making it one of the largest in Europe—second only
to the UK.
