Interactive Brokers Loses $17 Million in Retail FX Deposits

Overall, US retail traders’ deposits came in at $604 million in August 2019, down from $628 million reported in July.

Data from the US securities regulator for August shows that Interactive Brokers has lost nearly $17 million, or 18 percent on a monthly basis, in retail forex deposits. Overall, the CFTC’s monthly report shows that the balances of US retail traders have been largely skewed lower during August 2019.

According to the agency, the FX funds held at registered brokerages operating in the United States, including FCMs that are registered as Retail Foreign Exchange Dealers (RFEDs) and those included as broker-dealers, came in at $604 million in August 2019, which is four percent lower month-over-month compared with the $628 million reported in July 2019.

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Meanwhile, GAIN Capital’s clients’ funds also dropped by $7.2 million, or nearly three percent from a month earlier. However, the largest FX broker in the United States remained the leader in terms of market share, commanding a 39 percent share, unchanged from the July ranking.

Market share distribution unchanged

Further, retail deposits at OANDA Corporation fell $3.1 million in August 2019. The leader in corporate FX solutions also maintained its stance as the second largest in the US with 37.0 percent market share, up one percent over last month.

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Two of the five FX firms listed notched increases in Retail Forex Obligations, including TD Ameritrade and the newest comer to the US Retail FX industry, IG US. The US subsidiary of the London-based spread better has boosted its client’s assets to $10.5 million in August, up from $8.1 million in the month prior and compared to only $3.8 in June.

Looking at the market share of other brokers, Interactive Brokers and TD Ameritrade retained a 13 and 10 percent share, respectively, while IG US acquired one percent share.

The chart listed below outlines the full list of all FCMs that held Retail Forex Obligations in the month ending on August 31, 2019 – for purposes of comparison, the figures have been included against their July 2019 counterparts to illustrate disparities.

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