CFDs accounted for 35% of retail transactions in complex products across the European Union between 2022 and 2025, according to an analysis from ESMA's Risk Monitor reported by Finance Magnates on 11 September 2026.
What was announced
The report says more than 10 million EU retail investors traded derivatives or structured products in the period. That is 2.6% of the adult population and 18% of active retail investors. The count includes anyone who bought or sold any derivative or structured product, not only CFD clients.
By number of transactions, the split was CFDs 35%, turbo certificates 18%, options 13% and structured products 8%. These shares count trades rather than traded value.
ESMA found turbo-certificate activity rising while CFD activity showed no comparable upward trend. It suggested some investors may be using turbos as CFD substitutes, because the two have similar leverage and risk features. The report notes that retail CFD leverage limits and risk warnings have applied across the EU since 2018, while retail leverage limits on turbos exist only in the Netherlands. ESMA also warned that perpetual futures could fall under national CFD product-intervention measures if their features match CFDs.
According to the article, the ESMA analysis itself gave no loss or cost figures. The only loss data it cites comes from a separate BaFin study of German turbo traders, which found 74.2% of those traders lost money between 2019 and 2023.
Why it matters for traders
The findings show that restrictions on one product can push activity towards a similar one that is less restricted. For retail traders, the product label matters less than the underlying features: leverage, the possibility of losing more than expected, and the total cost of holding a position.
What to check
- The stated leverage and loss limits on any product, whatever it is called.
- Whether national product restrictions apply to a similar instrument offered by your broker.
- The risk warning shown by the provider, including the share of retail accounts that lose money.
Sources
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