eToro and Exness Lead on Social Media: 5.1 Million Followers Push Trading Dominance

In the world of retail trading, brokers are increasingly leveraging social media platforms like Facebook and X (formerly known as Twitter) to enhance their visibility and engage with potential clients. A robust social media presence drives engagement, fosters brand loyalty, and ultimately contributes to business growth. By participating in social media, brokers can connect with a broader audience, showcase their expertise, and provide real-time updates essential in today's fast-paced financial markets.

Who is Winning in Social Media?

The Finance Magnates social media presence benchmark was created to measure the growing popularity of brokers on social media. It was established by tallying the total number of followers on the main Facebook and X accounts of each of the top 10 brokers as ranked by Finance Magnates based on trading volume. As can be seen, the benchmark grew last year, topping the 8.5 million followers mark.

In our Quarterly Intelligence Reports, we also track individual brokers. Our data points to the dominance on social media of two brokers – eToro and Exness. Last year, the total number of followers on Facebook and X for eToro stood around the 2.7 million mark, which is an impressive result for this fintech giant.

Second in the ranks is Exness, considered the biggest retail CFD broker in the world. Last year, it had 2 million Facebook and X followers and was able to increase this number to almost 2.4 million in Q2 2024. At this pace, Exness could have the same number of followers as eToro by the end of 2024.

Should CFD Brokers Engage More in Social Media?

The fact that Exness is the biggest CFD broker in the world, measured by monthly volumes, and it has one of the largest numbers of followers on social media may suggest that both factors are positively related to each other. When comparing data for the top brokers in social media with data on the monthly volume, we observe a positive correlation.

Six of the top 10 brokers with the largest social media presence are also present in the top 10 of our volume ranking. There is only a small difference in order among 3 brokers. For the rest of the brokers, the order in both rankings is similar.

Summary

The obvious question follows: Is social media popularity following the growth of the broker, or is the growth of the broker fueled by increased popularity, measured by the social presence? A proper answer to this question would require much deeper analysis on many levels (including the marketing spending of each broker). However, the correlation is so obvious that none of the brokers should neglect their social media presence. All of the changes in this space can be tracked in our Quarterly Intelligence Reports (QIR).