US Retail Forex Deposits Snap Three-Month Slide, Then Stall Near $470 Million

Customer deposits at US retail forex brokers rose in July for the first time in four months, then edged lower in August. The six registered dealers owed retail clients $469.96 million at the end of August, according to Commodity Futures Trading Commission (CFTC) data.

July added $9.27 million, a 2.01% increase that lifted the total to $471.58 million. That followed June's $462.31 million, which FinanceMagnates.com reported in August as the lowest since at least September 2023. August took back $1.61 million, or 0.34%.

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The recovery has not closed the gap with last year. The August total is 7.23% below the $506.58 million held in August 2025, the widest annual shortfall since March, and still under the January level that FinanceMagnates.com described at the time as the lowest in more than two years.

Gain Capital Accounts for Most of July's Increase

Gain Capital, the StoneX subsidiary behind FOREX.com, held $204.12 million in July, up 3.57% on June. Its $7.03 million gain was about three-quarters of the industry's net increase for the month.

• US Retail Forex Deposits Fall to $462 Million, the Lowest Since at Least 2023
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Gain Capital barely moved in August, ending at $204.16 million. It holds 43.44% of all US retail forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term deposits, and together with OANDA it accounts for 71.40%.

Charles Schwab Futures and Forex rose 3.53% in July to $56.00 million, recovering from a June balance that was its lowest since at least September 2023. It slipped 0.18% to $55.90 million in August and remains 8.71% below a year earlier.

The same Schwab unit began offering CME single-stock futures in August, one of several US brokers to add the contracts after CME opened the market in July.

tastyfx, IG Group's US forex brand, gained 4.10% in July to $49.95 million and gave back 1.73% in August, ending at $49.09 million. That is 13.31% more than in August 2025, the largest annual increase among the six dealers.

Trading.com held $2.85 million in August, down 0.74% on the month but 11.53% above a year earlier.

OANDA Falls for a Third Straight Month

OANDA was one of three dealers to shrink in July, losing 0.34% to $132.45 million. August cut its balance a further 0.81% to $131.38 million, the lowest monthly figure since at least September 2023.

The FTMO-owned broker held $148.44 million a year earlier, so its US forex book has contracted 11.50% in twelve months.

Interactive Brokers moved the other way across the two months. Its balance fell 4.16% in July to $26.19 million, then rose 1.53% to $26.59 million in August, still 20.28% below August 2025 and the steepest annual decline of the six.

Its wider business kept growing. Interactive Brokers reported client equity of $962.8 billion in August, up 35% year over year, with 5.46 million client accounts.

Crypto Apps' Futures Brokers Hold More Client Money

The futures brokers owned by Coinbase and Robinhood held $581.4 million of segregated client money Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term in August, more than the six forex dealers combined, according to an FM Intelligence analysis of the same CFTC filings. Coinbase Financial Markets alone held $346.9 million.

The regulator's October 5 notice on a retail crypto framework contemplates leveraged retail crypto purchases only through futures commission merchants or banks they sponsor.

The two figures measure different things. Futures balances cover every futures client at those firms, including those who never trade crypto.

The forex number is a month-end snapshot of what dealers owe retail forex clients, adjusted for realized and unrealized trading profit and loss, so a monthly move can reflect client results as well as deposits and withdrawals.