- Global FX turnover hit a record USD 9.6T per day in April 2025 (+28% vs 2022), reflecting policy and geopolitical volatility.
- The U.S. dollar remains on one side of 89% of trades while the yuan gains share (~8.5%) and activity shifts slightly from swaps toward spot, forwards and options for hedging.
- Brokers like FOREX.com are expanding access with longer hours and 24/7 crypto CFDs while adding more automation and AI-driven tooling.
- Regulators are tightening rules on capital, execution transparency, cross-border licensing and stablecoin/crypto oversight, raising compliance costs and operational demands.
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The forex market in 2025 is characterized by expansion, adaptation, and regulatory realignment. A cornerstone event is the release of the latest BIS triennial survey in April 2025, which advanced the global average daily FX turnover to USD 9.6 trillion—an increase of 28% since 2022. London retains primacy as the world’s FX hub (approximately 38% market share of trades), with New York, Singapore and Hong Kong also central nodes.
Despite its relative decline in some currencies, the U.S. dollar remains the anchor of global FX, featuring on one side of nearly nine in ten trades. However, China’s yuan rose to about 8.5% of FX turnover, while the euro and sterling saw slips, reflecting evolving sentiment amid inflation, policy divergence, and geopolitical headwinds.
Product mix is shifting: FX swaps—though still dominant—have lost share to spot and outright forwards, while usage of forwards and options has risen as hedging demand grows under volatile conditions. Retail trading remains a small portion (<5%) but is increasingly visible in niche segments, especially via CFDs and crypto offerings.
Brokers such as FOREX.com are responding to this landscape by broadening market access—offering 24/7 crypto CFD trading, advanced technology for identity verification, and extended hours for various CFD instruments. These moves cater to evolving investor behavior, particularly in regions like the Middle East.
The regulatory environment is tightening in parallel. Authorities globally are pushing for stronger capital buffers (capital adequacy), clearer disclosures on execution quality, conflict of interest, and pricing mechanics. Cross-border licensing is under pressure to synchronize standards to limit regulatory arbitrage. U.S. lawmakers are advancing legislation to regulate stablecoins (e.g., GENIUS Act), clarify crypto-asset taxonomy, and define oversight roles between CFTC and SEC.
Strategic implications for market participants include: adaptation to cost pressures from regulatory compliance; competitive differentiation via technology (AI, extended access, customer transparency); heightened attention to risk controls in crypto and perpetual markets; and opportunities for brokers and banks that can balance innovation with compliance. Open questions include how regulatory reforms will be implemented in practice, what impact they will have on margins and leverage, and how stablecoin regulation will shape digital finance’s role in FX markets.
Supporting Notes
- Daily FX turnover in April 2025: USD 9.6 trillion, up 28% since 2022.
- Dollar appears in 89% of all FX trades; yuan’s share at ~8.5%, euro and sterling slipping.
- FOREX.com launched 24/7 crypto CFDs opening markets Saturday-Sunday to Friday, paired with extended hours for stock CFDs.
- Technavio projects FX market growth of USD 582 billion from 2025-2029, about 10.6% CAGR, driven by digitalization and urbanization.
- Regulatory trends in 2025: capital adequacy, execution and order-routing transparency, cross-border licensing collaboration, stablecoin oversight via GENIUS Act, plus classification of digital assets under CLARITY Act considerations.