Capital.com reported Q1 2026 client trading volumes totaling $1.27 trillion for January through March, up from $1.14 trillion in the prior quarter, according to its trading update. The platform also showed an 81% year-on-year rise in trades vs Q1 2025. January activity stood at about $502 billion in trading volume, the strongest month in the six-month window, supported by rising gold prices and central bank buying.
Average monthly active traders rose 10.9% quarter over quarter. The company cautioned that trading volumes depend on market conditions and may not reflect future activity levels, and that leveraged products carry risk and are not suitable for all investors. In full-year 2025, Capital.com reported $3.42 trillion in client trading volume, up 92.1% from $1.78 trillion in 2024.
Key takeaways
- Volume momentum: Q1 2026 client trading volumes reached $1.27 trillion; trades rose 81% year over year; January volume about $502 billion; average monthly active traders up 10.9% quarter over quarter.
- Catalysts and instrument mix: Gold dominated activity in January, while February brought crypto volatility and March featured heightened oil trading activity driven by Middle East tensions and supply concerns.
- Market structure and region: The Middle East contributed a meaningful share of quarterly volume, with the UAE among the top three markets alongside Germany and the United Kingdom; gold was the leading instrument in January, with notable oil and silver trading dynamics across the quarter.
- Risk management: Stop-loss adoption remained elevated at 22.4% of all positions; Sweden led with 37.0% stop-loss usage, followed by Germany at 32.3%; stop-losses generally reduced losses and performed as designed, though not guaranteed in all volatile conditions.
What drove the move
Capital.com’s quarterly update points to three distinct market episodes that shaped trading behavior in Q1 2026. In January, gold prices reached successive highs, supported by central bank buy‑ings at a 25‑year peak, a softer U.S. dollar and ongoing geopolitical tensions. Gold accounted for roughly 59% of January’s platform volume, underscoring its role as a primary driver of activity during the period.
February brought heightened volatility in cryptocurrency markets as regulators across several jurisdictions introduced changes that created uncertainty for participants. The shift amplified risk awareness and trading activity on the platform as traders reevaluated exposure to digital assets.
March featured renewed Middle East conflict pressures and supply concerns, complemented by an unexpected OPEC+ production cut. Oil volatility surged to the highest level seen in the six-month window, triggering the largest single-day volume increase of the quarter. On March 2, escalating tensions produced a 275% jump in active oil traders versus the previous Friday, with total oil trading volumes up 649% and trades executed up 414% in a single session, making oil the second-most traded instrument by volume that day. A second wave of activity emerged later in March as Iran‑related risks persisted; by March 24, oil volumes were up 134% versus the prior Monday, and first-time oil traders rose 420% on that Tuesday. Bullish positioning in oil stood at 56% long as of March 24, slightly below the week’s 59% level at the start. Overall oil volatility in March reached 36.1%, the highest in the six-month observation period.
Capital.com noted that these conditions tested traders’ decision-making under pressure, which the platform is designed to support through tools, context and structure intended to help clients manage their own behavior during demanding market phases.
Market dynamics and instrument focus
Gold Spot was the most actively traded instrument in Q1 2026, accounting for around 59% of January’s volume as prices rose. The US Tech 100 and Germany 40 were also among the most active, with Germany 40 volumes rising 40% in January before retreating in March as European equities repriced geopolitical risk. Silver Spot volumes surged fivefold in January as traders broadened commodity exposure beyond gold, before easing in February and March.
The oil market drew sustained attention from Middle East tensions. On March 2, escalating conflict led to a 275% rise in active oil traders versus the prior Friday, with oil volumes up 649% and trades executed up 414% in a single session—the day’s second-most-traded instrument by volume. A second surge occurred later in March as Iran-related risks and broader supply concerns kept energy markets volatile. By March 24, oil volumes were up 134% relative to the prior Monday, and first-time oil traders surged 420% on that Tuesday, signaling new participants entering the market. Bullish positioning in oil stood at 56% long at the end of the period, modestly below the 59% level at the start of the week. Oil volatility for March reached 36.1%, the peak within the six-month window.
Stop-loss adoption and risk management
Globally, 22.4% of all positions carried a stop-loss in Q1 2026, a slight increase from 22.1% in Q4 2025, with the strongest adoption among Millennial and Gen Z traders. Sweden posted the highest voluntary stop-loss rate at 37.0%, followed by Germany at 32.3%, suggesting a greater emphasis on structured risk controls in Northern and Central Europe.
Stop-loss orders generally performed as intended, with protected positions incurring smaller losses than those without stops in every month of the quarter. In January, average losses on unprotected positions were roughly double those with stop-losses, a gap that widened through February and March as volatility intensified. In March, oil-driven volatility produced intraday swings that exceeded many stop-loss thresholds, elevating trigger costs. Capital.com notes that not all stop-loss orders are guaranteed and, in highly volatile conditions, may not fully limit losses; guaranteed stops may involve additional costs.
Capital.com tracks stop-loss adoption as a key indicator of disciplined risk management and structured decision-making on its platform. The company notes that more than half of positions with stop-losses were closed after triggers, rather than through manual exits. The trigger rate averaged 54.7% in Q1, up from 53.7% in Q4 2025.
Investors will be watching for how these dynamics evolve into the next quarter, particularly given the mix of gold, crypto and oil activity and the role of risk controls in volatile markets. Market participants should balance the potential for continued volatility with the demand for structured trading tools and risk management capabilities that platforms like Capital.com provide.
What to watch next: Macro data and central bank policy signals, geopolitical developments affecting energy markets, and further regulatory updates in crypto markets could all influence trading activity and risk management behavior in the coming months.
