Trader survivorship: What makes traders stay with a broker

Active trader numbers are a common way to measure a broker’s growth. They’re a useful and important metric, but they show only part of the puzzle. They tell us how many traders are active now, but not how many of them stick around.

A broker could start and finish the year with 100,000 active traders, while losing a large share of its original clients and replacing them with new ones. The total number of active traders hasn’t changed, but the entire client base has. 

This is where trader survivorship gives us a clearer view. Instead of asking how many people are trading today, we follow the same groups and how they perform over time. 

As Alexander Medvedev, Head of Research at Exness, explained to FinanceFeeds:

Active accounts and trading volumes tell you what’s happening today, not whether the client base is durable. A broker can report strong active numbers while newly acquired clients are simply replacing ones that have already gone quiet.”

The experience starts after sign-up

Attracting new traders is important for any broker. Retention, however, raises the question: “What makes a trader want to stay with a broker?” 

Spreads are a good example. A competitive spread may help someone when comparing brokers and what’s on offer, but its real value becomes clearer after hundreds of trades and under different market conditions. 

This is an area where we’ve put a lot of work in: Exness’ pricing technology. Based on our latest comparative data, our XAUUSD spreads are 49% lower than the industry average,1 USOIL spreads are 71% lower,2 and forex spreads across 28 major and minor pairs are 50% lower.3

Lower trading costs leave less of each trade to be absorbed by the spread, but over time this becomes part of the experience traders associate with their broker. So consistency matters too. 

Good pricing needs consistency

Access during market news or data releases is another important part of the experience. Conditions can change quickly around major economic releases, so we continue investing in our technology to improve trading conditions during these periods.

Volatility can also increase the chance of slippage, which is why execution matters together with spreads. 

Exness’ pricing technology is developed in-house and continuously refined, with the aim of keeping spreads as tight and stable as possible. Larger orders also receive the same spreads as small orders, so our pricing doesn’t widen as order size increases. 

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69.4% USOIL claim based on comparison of the average pricing in the last week of 05.2024 vs last week of 08.2025.

Transparency is what keeps a broker accountable 

Transparency becomes especially important when something doesn’t go as expected. Traders must be able to investigate and find out what happened.

At Exness, we’ve made our tick history publicly available directly on our website. This lets our traders and partners check where the market was trading at a particular time and review historical tick data rather than relying only on an explanation from the broker. 

Traders should be able to understand the conditions they receive, ask questions when necessary, and see that their concerns are taken seriously. 

Active doesn’t always mean more active

A trader can continue using a broker while changing how often or how much they trade, so retention needs to be read carefully as well. 

As Medvedev points out:

The metrics most often ignored are the speed of attrition, where clients disengage after registration, first deposit, or first trade, and volume retention, because a client can technically stay active while quietly trading less.”

Of course, lower activity is not automatically a sign of dissatisfaction. Traders adjust their exposure, change strategy, wait for opportunities, and take breaks. Sustainable trading doesn’t mean trading as often as possible.

This is why the quality of the relationship matters more than simply maximizing activity. The broker’s role is to provide good trading conditions and a reliable service when the client chooses to trade. 

The real test comes with time

This brings us back to trader survivorship. Looking at retention over 12 months tells us more than registrations or short-term activity because traders have had time to experience the service under different conditions.

When asked which metric he would most like to improve, Medvedev chose 12-month cohort retention based on meaningful trading activity: "It’s hard to move with promotions alone, so progress reflects genuine gains in the product.”

That is also a useful way to think about retention more broadly. Promotions and marketing can influence the decision to join a broker, but over the longer term, the trading experience itself becomes the deciding factor. 

For Exness, that means continuing to improve the areas our traders experience directly, including trading conditions, reliability, transparency, and how we respond when something needs attention.

Trader survivorship helps us understand what happens after a trader becomes a client, and whether the experience we provide continues to meet their needs over time. 

Frequently asked questions

What is trader survivorship?

Trader survivorship looks at how many traders from the same group remain active with a broker over time. This gives a clearer view of how client relationships develop over time rather than looking at total active trader numbers alone. 

How is trader survivorship different from trader retention?

Trader retention generally describes how well a broker can keep clients over a given period. Trader survivorship looks at retention within the same group of traders, making it easier to see how much of the original group remains active over time.

What does trader survivorship tell us about broker reliability?

Trader survivorship can show whether a group of traders continue using a broker after experiencing its service over time. While it doesn’t prove broker reliability on its own, it adds useful context alongside trading conditions, execution, transparency, and client feedback.

Does lower trading activity mean a trader is dissatisfied?

Not necessarily. Traders may reduce their exposure, change strategy, wait for different market conditions, or take a break. This is why trading activity needs to be considered in context. 

Why is transparency important for long-term trader relationships?

Transparency helps traders understand how their broker operates and what to expect when they trade. Clear information about pricing, trading conditions, and how orders are handled makes it easier to make informed decisions. 

How does Exness support long-term trader relationships?

Exness focuses on areas traders experience regularly, including competitive spreads, reliable trading conditions, and transparent pricing. We also make our historical tick data publicly available so traders can review past prices.