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.

Spanish Leverage Trading Market Down Nearly 100% from 2021 Peak

The visible contraction from pandemic hish 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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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.