Capital.com reported $1.13 trillion in client trading volume during the second quarter, with Gold accounting for 42.4% of all platform activity as geopolitical tensions, volatile commodity markets and shifting U.S. interest rate expectations drove retail traders toward precious metals. The online trading platform recorded 34.9 million trades between April and June, with clients increasing average position sizes by 16% to approximately $32,418 despite a 23.2% decline in total trade count. Trading activity evolved through three distinct phases: April's Strait of Hormuz disruption concentrated flows into energy and gold markets, May saw rotation toward equities following strong U.S. technology earnings, and June brought renewed precious metals interest as Federal Reserve rate expectations pushed Gold toward $4,000 per ounce while equity volatility increased.
Three Market Phases Shaped Q2 Trading Activity
April was dominated by geopolitical risk after the temporary disruption of shipping through the Strait of Hormuz sent traders into energy and precious metals markets. Gold attracted particularly strong interest as investors sought exposure to one of the market's traditional safe-haven assets during heightened uncertainty.
As tensions eased during May, attention shifted toward equities following strong U.S. technology earnings and improving market sentiment. Trading volumes declined to $369.4 billion, making May the quietest month of the quarter.
By June, expectations that the Federal Reserve could maintain higher interest rates pushed Gold back toward the $4,000 per ounce level, while renewed volatility across equity markets encouraged traders to increase exposure to stock indices.
Kyle Rodda, Senior Market Analyst at Capital.com, said: "Q2 2026 presented retail traders with a succession of distinct market conditions, with the dominant theme shifting throughout the quarter. The Strait of Hormuz disruption in April concentrated activity in energy and Gold markets, and the data shows that clearly: volume traded in Gold markets reached 42.4% of total platform volume for the quarter. As the situation eased in May, we saw activity shift toward equity indices, with the US Tech 100 becoming a proportionally larger share of platform volume following strong US tech earnings. June continued that rotation, with Gold market prices pulling back and equity market activity increasing."
Gold Captured 42.4% Of Platform Volume
Gold comfortably retained its position as the platform's most actively traded market during the second quarter.
The US Tech 100 ranked second, accounting for 25.9% of total trading volume, followed by WTI Crude Oil at 7.0%, the Dow Jones 30 at 4.8% and the DAX 40 at 4.0%.
Silver also attracted increasing interest throughout the quarter, with its share of overall platform activity rising steadily between April and June as precious metals remained one of the market's dominant themes.
Trade Count Fell 23.2% While Average Size Rose 16%
Although the number of trades executed fell by 23.2%, from 45.4 million during the first quarter to 34.9 million in the second quarter, average trade size increased by 16%, rising from approximately $27,950 to $32,418.
The combination suggests that traders placed fewer but larger positions as macroeconomic themes became clearer throughout the quarter.
European Clients Generated 21.7% Of Total Volume
European clients generated 21.7% of total platform volume during the quarter. Within Europe, Germany represented the largest market, accounting for 22.8% of regional trading activity, followed by Italy, the Netherlands, France and Poland.
Gold remained Europe's preferred market, representing 35.3% of trading volume across the region, while the US Tech 100 accounted for 26.8%.
Trading behaviour differed significantly in the United Kingdom. There, the US Tech 100 became the dominant instrument, representing 40% of total UK trading volume. Gold accounted for only 13.8%, reflecting stronger demand for equity exposure during the quarter's final weeks.
Australia displayed a more balanced trading profile, with Gold accounting for 24% of activity compared with 23.2% for the US Tech 100.
Stop-Loss Adoption Increased To 26.6%
Capital.com also reported increased use of stop-loss orders during the quarter. Across the platform, 26.6% of positions included a stop-loss instruction, up from 22.4% during the first quarter.
The broker said the increase suggests retail traders are increasingly defining exit levels before entering positions rather than making decisions during periods of heightened volatility.
Adoption varied considerably across jurisdictions. Sweden recorded the highest usage among major European markets at 32%, followed by the Netherlands at 31.2%, Germany at 29.3% and Italy at 29.1%. By contrast, stop-loss usage in the United Arab Emirates remained below the platform average.
Christoforos Soutzis, Chief Executive Officer for Europe at Capital.com, said: "Europe is a mature, diverse market and the Q2 data reflects that. Clients across the region are using the platform across a broad range of instruments and applying more structured approaches to how they manage their positions. Growing stop-loss adoption tells us that clients are making deliberate decisions about risk before they enter a trade, not after."
FAQ
What was Capital.com's total trading volume in Q2?
Capital.com reported $1.13 trillion in client trading volume between April and June, with Gold representing 42.4% of all platform activity.
How did average trade sizes change during Q2?
Average trade size increased by 16%, rising from approximately $27,950 in the first quarter to $32,418 in the second quarter, while the total number of trades fell by 23.2% to 34.9 million.
Which regions generated the most trading volume on Capital.com?
European clients generated 21.7% of total platform volume during the quarter, with Germany accounting for 22.8% of regional trading activity, followed by Italy, the Netherlands, France and Poland.
