US forex deposits climbed across major retail platforms in August 2025, with the industry recording a combined 1.86% monthly increase to $506.6 million as the dollar stabilized after months of sharp declines. The rebound follows a period of weak deposit flows that had pushed industry totals to multi-year lows.
US Forex Deposits Rebound in August as Dollar Stabilizes
GAIN Capital held onto its position as the largest platform with $217.7 million in August, up 0.59% from July's $216.4 million. The modest gain represented a departure from the volatility seen in previous months, when the platform experienced wider swings in client deposits.
Charles Schwab posted $61.2 million in retail forex obligations , barely budging with a 0.08% increase from the prior month. The institutional broker's steady performance reflected a client base less reactive to short-term currency moves compared to smaller retail-focused competitors.
Recovery Picks Up Steam
Interactive Brokers delivered the strongest performance among major platforms, jumping 9.61% to $33.4 million from July's $30.4 million. The surge suggested renewed interest from the broker's client base as currency markets showed signs of settling into a more predictable pattern.
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OANDA recorded a 3.09% gain to $148.4 million, marking a turnaround after months of steady outflows. The platform had previously struggled as prolonged dollar weakness kept retail traders on the sidelines, but August brought some relief as volatility created new trading opportunities.
tastyfx climbed 0.80% to $43.3 million, while Trading.com jumped 9.89% to $2.6 million. The varied performance across platforms showed how different client segments responded to changing market conditions in the currency markets.
Dollar Finds Footing After Tumultuous Period
August marked a shift in dollar dynamics after a punishing first half of the year. The US Dollar Index traded near 98.2 by late August, down slightly on the month but showing more stability than earlier in 2025. The greenback had shed nearly 9% year-to-date through August, reflecting a broader structural shift as markets priced in Federal Reserve rate cuts.
The dollar's volatile August performance created a more complex trading environment than the one-way decline seen in previous months. The index swung between 97.6 support and 98.5 resistance throughout the month, as traders digested mixed economic signals and Fed commentary about potential September rate cuts.
Currency pairs showed significant movement during August. EUR/USD traded around 1.17 by late month, with the euro having gained more than 12% against the dollar year-to-date. GBP/USD hovered near 1.38, reflecting pound strength as UK inflation remained sticky and reduced expectations for Bank of England easing.
Year-Over-Year Pressures Remain
Despite the monthly rebound, the industry faced headwinds in annual comparisons. Total deposits of $506.6 million represented a 4.44% decline from August 2024 levels of $530.1 million. The yearly drop reflected broader challenges as retail forex platforms adapted to a changing currency landscape dominated by dollar depreciation.
OANDA's annual struggles continued, with August deposits down significantly from year-ago levels. The platform faced the steepest yearly decline among major brokers, highlighting how some client bases remained hesitant despite improving monthly trends.
Charles Schwab deposits in August were down from the prior year, while Interactive Brokers showed resilience with deposits well above August 2024 levels. The mixed annual performance underscored how platform-specific factors influenced client retention during turbulent currency markets.
Federal Reserve policy remained the dominant driver for dollar movements. Markets had priced in a September rate cut at 97% probability by mid-August, following weak jobs data and signs of cooling economic activity. The combination of easing inflation and slowing growth gave the Fed room to begin trimming rates after holding them elevated throughout 2024.
Regulatory Framework Holds Steady
All examined brokers continued meeting CFTC capital requirements despite market volatility. The monthly reporting framework provided transparency into how retail forex platforms performed as currency markets navigated a year of significant dollar weakness.
Futures Commission Merchants and Retail Foreign Exchange Dealers must submit detailed monthly reports to the Commodity Futures Trading Commission under federal law. These filings track customer fund segregation, capital adequacy, and forex obligations, giving regulators early visibility into potential industry risks.
