Publicly traded CFD brokers IG Group, Plus500, CMC Markets, and XTB have all posted robust top-line results, driven primarily by strong growth in active client numbers. However, beneath these headline-grabbing client acquisition figures, the revenue generated per trader highlights sharply contrasting business strategies.
When it comes to raw numbers, IG leads the pack because of its sheer size. The broker also stands out with the highest average revenue per user (ARPU) at $3.24k. Plus500 follows at a distant second with $2.31k, while CMC Markets and XTB lag further behind at $1.35k and $0.35k, respectively.
IG Leads Brokers with Sheer Numbers
IG generated £942.8 million ($1.18 billion) in revenue from trading alone in the last fiscal year. The number of organic active customers on the platform was 362.8k, while 83k executed their first trade during the period.
Although the broker added over 457k active users after its Freetrade acquisition, those figures were excluded to ensure a like-for-like ARPU comparison.
Additionally, interest earned on idle client cash continues to be a meaningful contributor, generating £133.1 million ($166 million), around 12 per cent of total revenues, providing a substantial cushion should trading volumes fluctuate.
Read more: Inside IG Group’s FY25 Results: Divestment, Marketing Costs and More
Israel-headquartered and London-listed Plus500 generated $415.1 million in revenue in the first half of 2025, spread over 179,931 active customers. However, the broker did not specify exactly how much was derived from trading versus interest income.
For context, in 2024, Plus500 earned $56.7 million from interest on client funds, up from $51.9 million the previous year, indicating growing reliance on interest earnings.
Related: Plus500’s H1 All-Time-High Deposits Pushes Q2 Revenue Higher
CMC Markets’ ARPU calculation presented some challenges due to reporting style. Although the broker generated £313.3 million ($391 million) from trading and investing revenue, its annual results did not specify the number of active clients. However, the broker’s website reported approximately 291k total active clients, placing its ARPU at around $1,350.
Interest income notably jumped 21 per cent year-on-year to £42.5 million ($53 million), aligning closely with IG at around 12 per cent of total revenue, indicating similar strategies around monetizing idle client funds.
Read more: CMC Markets Ends FY25 with 33% Annual Profit Jump
The Mass Market Strategy of XTB
Contrasting sharply with the high-value approach of IG and CMC, XTB exemplifies a mass-market strategy, boasting an industry-leading number of nearly 854k active clients but generating just about $350 per user.
While XTB’s client-acquisition costs remain relatively low (approximately $190 per client), the broker’s thin ARPU raises concerns around its long-term profitability, especially during periods of market downturns or spread compression.
Related: XTB Pushes Up Q2 Profit Despite Stagnant Revenue
This disparity in ARPU and client-acquisition strategies signals the varied paths brokers are pursuing in the face of potentially declining interest rate environments.
Brokers like IG and CMC, with higher ARPU and substantial interest income, appear better insulated from near-term volatility. Conversely, platforms like XTB, heavily reliant on volume-driven expansion, could find themselves increasingly vulnerable if trading conditions tighten.
Publicly traded CFD brokers IG Group, Plus500, CMC Markets, and XTB have all posted robust top-line results, driven primarily by strong growth in active client numbers. However, beneath these headline-grabbing client acquisition figures, the revenue generated per trader highlights sharply contrasting business strategies.
When it comes to raw numbers, IG leads the pack because of its sheer size. The broker also stands out with the highest average revenue per user (ARPU) at $3.24k. Plus500 follows at a distant second with $2.31k, while CMC Markets and XTB lag further behind at $1.35k and $0.35k, respectively.
IG Leads Brokers with Sheer Numbers
IG generated £942.8 million ($1.18 billion) in revenue from trading alone in the last fiscal year. The number of organic active customers on the platform was 362.8k, while 83k executed their first trade during the period.
Although the broker added over 457k active users after its Freetrade acquisition, those figures were excluded to ensure a like-for-like ARPU comparison.
Additionally, interest earned on idle client cash continues to be a meaningful contributor, generating £133.1 million ($166 million), around 12 per cent of total revenues, providing a substantial cushion should trading volumes fluctuate.
Read more: Inside IG Group’s FY25 Results: Divestment, Marketing Costs and More
Israel-headquartered and London-listed Plus500 generated $415.1 million in revenue in the first half of 2025, spread over 179,931 active customers. However, the broker did not specify exactly how much was derived from trading versus interest income.
For context, in 2024, Plus500 earned $56.7 million from interest on client funds, up from $51.9 million the previous year, indicating growing reliance on interest earnings.
Related: Plus500’s H1 All-Time-High Deposits Pushes Q2 Revenue Higher
CMC Markets’ ARPU calculation presented some challenges due to reporting style. Although the broker generated £313.3 million ($391 million) from trading and investing revenue, its annual results did not specify the number of active clients. However, the broker’s website reported approximately 291k total active clients, placing its ARPU at around $1,350.
Interest income notably jumped 21 per cent year-on-year to £42.5 million ($53 million), aligning closely with IG at around 12 per cent of total revenue, indicating similar strategies around monetizing idle client funds.
Read more: CMC Markets Ends FY25 with 33% Annual Profit Jump
The Mass Market Strategy of XTB
Contrasting sharply with the high-value approach of IG and CMC, XTB exemplifies a mass-market strategy, boasting an industry-leading number of nearly 854k active clients but generating just about $350 per user.
While XTB’s client-acquisition costs remain relatively low (approximately $190 per client), the broker’s thin ARPU raises concerns around its long-term profitability, especially during periods of market downturns or spread compression.
Related: XTB Pushes Up Q2 Profit Despite Stagnant Revenue
This disparity in ARPU and client-acquisition strategies signals the varied paths brokers are pursuing in the face of potentially declining interest rate environments.
Brokers like IG and CMC, with higher ARPU and substantial interest income, appear better insulated from near-term volatility. Conversely, platforms like XTB, heavily reliant on volume-driven expansion, could find themselves increasingly vulnerable if trading conditions tighten.
This post is originally published on FINANCEMAGNATES.
