US Retail FX Deposits Rise 4% in January as GAIN Capital Extends Market Lead

Wednesday, 12/03/2025 | 09:02 GMT by Damian Chmiel

The number jumped to $511.8 billion in January 2025, though still down 4% year-over-year.

GAIN Capital and Trading.com led growth with 6.5% and 7.4% monthly increases respectively, while Interactive Brokers suffered a 15% decline.

US retail foreign exchange (FX) brokers reported a collective increase in customer deposits for January 2025, with the sector showing signs of recovery after December's decline as several major brokers posted significant growth.

US Retail FX Deposits Rise 4% in January 2025

Total customer assets held by US forex brokers rose 4% to $511.8 million in January from $491.3 million in December. Despite this monthly improvement, the sector still faces challenges with deposits down 4% compared to January 2024 levels.

GAIN Capital solidified its position as the dominant US retail FX broker by customer deposits, with assets increasing 6.5% month-over-month to $211.5 million. This represents a modest 3% growth compared to the previous year, suggesting stable long-term performance despite market volatility .

Charles Schwab's forex division showed more modest growth with customer deposits rising 2.4% to $61.2 million. The broker maintained consistent year-over-year performance with deposits essentially unchanged from January 2024.

Interactive Brokers Faces Setback While Trading.com Continues Impressive Growth

Interactive Brokers experienced a significant reversal of fortune in January, with customer deposits declining 15% to $25.9 million. This represents also a substantial 24% year-over-year decrease.

OANDA reported a modest 2.3% increase in customer deposits to $165.6 million, though this still represents a 6% decline from January 2024 levels.

Trading.com continued its impressive performance trajectory with a 7.4% monthly increase to $2.3 million. The broker has demonstrated remarkable consistency throughout the past year, with deposits up 40% year-over-year, making it the standout performer in percentage growth terms.

IG US rebounded strongly in January with an 11.6% increase in customer deposits to $45.3 million. However, this still represents a 22% decline from January 2024.

Financial Disclosure Rules for US Forex Brokers

In the United States, forex brokers must follow strict financial transparency rules set by regulators. The Commodity Futures Trading Commission (CFTC) requires Futures Commission Merchants (FCMs) and Retail Foreign Exchange Dealers (RFEDs) to submit monthly financial reports detailing their financial health.

These reports must include:

Adjusted net capital – the broker’s available funds after meeting regulatory requirements.
Total customer funds held – the amount of client money held by the broker.
Retail forex obligations – the total assets managed for clients, including any profits or losses.

This rule applies to all 62 registered forex firms in the U.S., including well-known brokers like Charles Schwab, Gain Capital, IG, Interactive Brokers, OANDA, and Trading.com.