FX Isn’t the Priority It Used to, Multi-Asset Apps Prove It

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In the past, FX pairs were the main focus for UK-based traders.

Back then, FX used to be all about daily volume, and platforms were shaped around this metric. Things have changed nowadays with the prevalence of multi-asset trading apps, which have relegated FX to the back seat.

Top trading apps have introduced traders to numerous assets such as crypto, commodities, equities, ETFs, and thematic baskets.

The interesting part of this development is that these products are all available on the same interface.

While this shift might look like FX is being ignored, the reality is that it is only being placed along newer, captivating instruments.

This article discusses in detail the trend that has shifted FX from being the main priority and how multi-asset apps are proving this.

FX Volume Is Being Diluted, But Not Displaced

With the current shift in trading strategy, it looks like retail traders are no longer interested in FX.

However, that’s not the case. Instead, what’s changing is how trading apps are presenting options to traders.

The assets that are being pushed to the forefront these days have strong short-term momentum, trending themes, and are often news catalysts.

So, it shouldn’t be surprising to see a surging crypto or an AI stock that has gained media coverage being given more screen time.

FX is still very much around, but not just at the top of the list as it used to be.

Now, IQCent and other top platforms integrate push notifications, trends lists, and smart feeds to direct user attention. As a result, these features subtly shape the decisions of traders.

For instance, when a trader logs in, he immediately sees a prompt to trade gold after a crypto pair
during a tech sell-off or a US inflation print.

Although FX is still available, these features change flow patterns. During macroeconomic events, FX volumes are still strong, but trading attention is more scattered outside such events.

So, this is simply a redistribution of focus and not the disappearance of interest in FX.

What This Means for Spread Dynamics

As FX continues to move away from the centre of trading flow, there is bound to be a shift in the liquidity profile of certain pairs.

These are the three effects on spread dynamics:

1. Wider spreads during low-attention cycles. Fewer FX focus leads to less consistent order flow to keep prices tight. As a response to this, market makers widen spreads to prevent price swings and risk being on the wrong side of a trade. In turn, during these quieter periods, it becomes expensive for retail traders to enter and exit positions.
2. Shifting volatility concentration. Activity increases nowadays due to scheduled events like economic data releases. When these windows are closed, the FX markets suffer flatter movement and lower engagement. The result is a pattern of sharp, isolated volatility bursts rather than steady price action.
3. Unpredictable short-term sentiment in GBP crosses. In the past, interest in pound-related pairs was relatively stable. Activity was primarily driven by UK-specific events and regular technical strategies. These days, sentiment is determined by the performance of other assets on the same platform. So, across the general market, there is an unpredictability that FX itself no longer controls.

It’s also important to mention that these effects are in line with institutional behaviour. FX is largely being treated as a supporting asset due to the movement of large funds into multi-asset strategies.

British Retail Traders Still Care About FX - Just Not Exclusively

Retail traders are still participating actively in FX, even though it’s not as dominant as before.

As a matter of fact, there is a spike in cable (GBP/USD) or euro/sterling volumes during macro events, like when the Bank of England's rate decision hit the headlines.

So, the market is still active; it’s just that the daily consistency it was once known for is no longer there UK-based traders no longer rely heavily on scalping strategies where they focus on narrow GBP ranges. This has been replaced by broader opportunity sets. App alerts and market direction
now make users switch between assets daily.

The bottom line is that traders who used to focus only on currency pairs now split their attention to other assets. This shift is attributed to platform access and changing habits.

Yet, FX still has its moments during important macro windows.

Platform Algorithms Now Influence Strategy

One of the benefits of using multi-asset apps is the freedom to trade across markets. The shocking part of this experience is that algorithms are deciding what traders see first, which has a massive impact on trading decisions.

Trading platforms prioritise what’s trendy and moving. So, traders’ decisions are being shaped by trending tickers, social feeds, and most-traded lists. When a meme stock spikes, platforms give it a banner. Sometimes, FX gets this sort of treatment, but it’s not always the priority.

As a result, the UK trading strategy is rapidly changing. Instead of having a plan and then executing it, modern traders wait for prompts (alerts, theme cards, or popular trade badges) to make decisions. Therefore, the interface now directs the strategy.

For instance, a trader plans to trade EUR/GBP. Suddenly, they get an alert that there is high Solana volatility. This can instantly change the decision of the trader. This same mind change happens to thousands of traders, and the focus is shifted towards Solana.

The Next UK FX Cycle Won’t Look Like the Last

When GBP volatility returns, probably driven by macro trends, global contagion, or politics, will British traders show up? Or will apps steer them elsewhere again?

The reality is, traders are going to continue chasing after the trendy asset even if the pound is weak.

With multi-asset platforms giving traders other asset opportunities and shaping decisions with features and algorithms, it’s clear that the next UK FX cycle won’t look like the last one.

The noise it will need to break and the distractions it will need to overcome are far too overwhelming. As it stands, it’s time to accept that FX is no longer king as far as trading is concerned.