Key Takeaways
- • ESMA's latest annual report shows CFDs' share of reported cross-border product holdings in Europe fell from 11% to 6.7%, with CFD client numbers dipping to 1.3 million in 2025.
- • Cross-border retail clients in the EU/EEA rose from 10.5 million to 15.5 million in 2025, a gain of about five million, with CFDs capturing almost none of it.
- • Shares grew to 7.3 million cross-border clients (38.9% of reported holdings) from 4.6 million, while UCITS funds rose from 3.9 million to 6 million clients (32% share).
- • MiCA-regulated crypto-assets moved ahead of CFDs within ESMA's reporting scope, with nearly 1.6 million clients and an 8.4% share, though this excludes standalone crypto-asset service providers.
- • ESMA cautions that the totals do not count unique individuals and do not show whether customers actually moved from CFDs into other products.
Summary
Europe's cross-border retail investment market added about five million reported clients in 2025, according to ESMA's latest annual report as reported by Finance Magnates. The overall total rose from 10.5 million to 15.5 million, while CFD client numbers fell to 1.3 million. CFDs' share of reported product holdings dropped from 11% in the previous report to 6.7%. ESMA rounds its product figures, so the implied loss of roughly 100,000 CFD clients is an estimate.
Shares remain the most widely held product. Cross-border clients in shares rose to 7.3 million in 2025 from 4.6 million a year earlier, and their share of reported holdings increased from about 36% to 38.9%. UCITS funds were second, growing from 3.9 million to six million clients, and now account for 32% of reported holdings, up from 30% in 2024.
MiCA-regulated crypto-assets also moved ahead of CFDs within ESMA's reporting scope, with nearly 1.6 million clients and an 8.4% share. The figure covers only crypto products offered by traditional investment firms and credit institutions, and excludes standalone crypto-asset service providers, so it reflects only part of the European market. According to the report, execution services accounted for 87% of active cross-border clients, while portfolio management was offered to 11% and only 0.8% received investment advice.
The report covers services provided across EU and EEA borders under the freedom-to-provide-services regime, excluding domestic clients and business conducted through local branches. Firms were required to report only if they served more than 50 retail clients in a host country. Totals do not necessarily represent unique individuals, since one person may use several foreign firms or appear in multiple product categories. The data therefore shows where reported cross-border client numbers grew, but not whether individual customers moved from CFDs into other products.
Shares remain the most widely held product. Cross-border clients in shares rose to 7.3 million in 2025 from 4.6 million a year earlier, and their share of reported holdings increased from about 36% to 38.9%. UCITS funds were second, growing from 3.9 million to six million clients, and now account for 32% of reported holdings, up from 30% in 2024.
MiCA-regulated crypto-assets also moved ahead of CFDs within ESMA's reporting scope, with nearly 1.6 million clients and an 8.4% share. The figure covers only crypto products offered by traditional investment firms and credit institutions, and excludes standalone crypto-asset service providers, so it reflects only part of the European market. According to the report, execution services accounted for 87% of active cross-border clients, while portfolio management was offered to 11% and only 0.8% received investment advice.
The report covers services provided across EU and EEA borders under the freedom-to-provide-services regime, excluding domestic clients and business conducted through local branches. Firms were required to report only if they served more than 50 retail clients in a host country. Totals do not necessarily represent unique individuals, since one person may use several foreign firms or appear in multiple product categories. The data therefore shows where reported cross-border client numbers grew, but not whether individual customers moved from CFDs into other products.
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