While a number of online brokers are reporting record breaking top and bottom line figures (mostly for the start of 2026), some other brokers are seeing worse-in-years results amid revenue declines. In a very haves-vs-have-nots environment, which retail and institutional brokers are doing well? And, which are seemingly struggling?

Why was the license of Admiral Markets AS revoked in its home base of Estonia?

Who bought FCA regulated CFDs broker Capital Index – now rebranded as Vantos Markets – from longtime owner Greg Secker?

Where did longtime CMC Connect head Richard Elston find a new home?

Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:

Top FX and CFDs industry news stories this week

Admiral Markets AS has its Estonian investment firm license revoked following strategic restructuring. Admiral Markets AS (registry code 10932555) announced that the Estonian Financial Supervision and Resolution Authority (Finantsinspektsioon) on 27th April 2026 made a decision to revoke the company’s investment firm operating license, effective 28 April 2026. The revocation follows the company’s voluntary application submitted earlier this year as part of a broader strategic restructuring within the Admirals Group.

Exclusive: Capital Index ownership transferred to Sun Siyuan ahead of Vantos rebrand. FNG Exclusive… Further to our report from back in February that London based, FCA licensed CFDs broker Capital Index was sold by controlling shareholder Greg Secker, as the company was in process of rebranding to Vantos Markets, FNG has learned from regulatory filings that the identity of the acquiror is Sun Siyuan.

CFI secures Brazil Central Bank license. Leading UAE based online brokerage CFI Financial Group has announced that it has received regulatory authorization from the Banco Central do Brasil to operate as a securities brokerage firm (Corretora de Títulos e Valores Mobiliários) in Brazil. The new license enables CFI to function as a fully licensed, locally regulated brokerage firm, providing access to a diverse suite of instruments, including equities and fixed-income securities, in line with local requirements.

In listing the various broker financial and volume results seen this week on FNG, we’ll begin with the “good” – led by XTB’s absolutely blowout Q1 – as well as some more trillion-dollar trading volume reports, before getting to the “not so good” ones, headlined by Dukascopy’s near-50% revenue decline.

• XTB revenues soar 79% to $301M in record Q1 2026, profit tops $147M.
• CFI trading volumes hit record $2.3 trillion in Q1 2026.
• STARTRADER posts record $3.145 trillion in Q1 2026 trading volumes, up 340% YoY.
• Dukascopy revenues drop 49% in H2 2025 to $9M, net loss $3M.
• LCG revenues fall 18% in 2025 following move to standalone IB model.
• iFOREX revenues fall 2% to $49M in 2025, posts $3M loss as IPO costs hit.
• Robinhood shares drop 7% after revenues fall 17% to $1.07B in slow Q1 2026.
• GCEX UK revenues decline 26% in 2025, posts £510K loss.

Top FX industry executive moves this week

❑ Former CMC Connect head Richard Elston joins Edgewater.

❑ MAS Markets ups crypto capabilities hiring Billy Saunders from Fusion Capital.

❑ Equiti Group hires HelloBobby exec Al Lotter as Head of Creative.

❑ Crossover Markets hires Euronext FX exec Jay Patel as Head of Markets.

❑ Exclusive: Former Zodia CEO John Cronin launching new institutional crypto platform.

❑ TraditionData hires LSEG/Saxo alum Shynna Lee to head APAC Sales and Partnerships.