The CFTC’s monthly data on deposits held at forex brokers in the USA shows that the total increased by $15 million in March. The bump was spread equally among all brokers operating in the local market – GAIN Capital, Interactive Brokers, OANDA and TD Ameritrade.
OANDA led the way with almost $6 million more in client funds held at the brokers. GAIN Capital’s customers added about $5 million, followed by Interactive Brokers’ retail forex deposits rising by about $3.6 million. The remainder was added by customers of TD Ameritrade.
The month of March is the third consecutive month of increasing client funds with USA-operating retail forex brokers. The total amount parked at brokers rose by seven percent since the start of the year to $605 million.
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US Market Getting More Interesting
With opportunities for regional diversification shrinking, some brokers have been looking more aggressively towards the US market. In February, IG Group announced that it is preparing to start its operations across the Atlantic.
The new entrant’s data didn’t make it into the CFTC’s report for March. In the meantime, the UK-listed broker has been hard at work, signing an IB partnership with Forest Park FX.
The introducer’s CEO Justin Hertzberg shared that the average expected client value in the US is close to $11,000. In the meantime, the company has also bolstered its UK team with the hire of Ed Anderson as UK Director.