What the “% of retail accounts lose money” warning actually means

If you have visited a regulated CFD broker's website in Europe or the UK, you have seen a warning along the lines of "72% of retail investor accounts lose money when trading CFDs with this provider". The number is not marketing; regulators require it.

Where the warning comes from

In 2018 the European Securities and Markets Authority introduced measures to protect retail clients trading CFDs. Alongside leverage limits and negative balance protection, they included a standard risk warning that each provider must show with its own percentage of retail accounts that lose money. The UK's Financial Conduct Authority adopted equivalent rules.

How the figure is calculated

The percentage refers to the broker's own retail clients, not to the market as a whole. It is based on accounts that traded CFDs over the previous twelve months, and it is refreshed every quarter.

It is also company-specific. A brand's UK company, its EU company and its offshore company each have different clients, and only some of them are required to publish a figure at all.

Examples from FTC's broker profiles

On their websites in September 2026, providers published figures including:

• Pepperstone Limited (UK): 72.9%
• IG (UK): 69%
• Saxo Capital Markets UK: 60%
• eToro: 51%

What the number tells you

• Most retail CFD accounts lose money, at every large regulated provider. That is the main message, and it is consistent across the industry.
• The warning is a reminder that leverage magnifies losses; see leverage and margin.

What it doesn't tell you

• It isn't a quality score. A lower figure can reflect a different mix of clients or products, such as more long-term investors or lower-risk instruments, rather than better conditions.
• It doesn't predict your result. Your outcome depends on your own trading, costs and risk management.
• Offshore companies usually don't publish it, so a missing figure isn't a good sign.

Using it sensibly

Treat the percentage as a baseline reality check. If you plan to trade CFDs, assume you start among the majority who lose, and build your plan around position sizing and costs you understand.