OANDA and TD Ameritrade Register Substantial Increase in US Client Funds

Data from the CFTC in March shows that both firms increased their client base materially.

Retail foreign exchange clients of OANDA and TD Ameritrade increased their deposits with the brokers in March. According to the latest forex dealers and futures commissions merchants dataset released from the US Commodity Futures Trading Commission (CFTC), the companies registered material growth.

Client funds held at OANDA increased by 9.3 percent to a total of just over $161 million, while the deposits held by TD Ameritrade’s customers rose by 4.8 percent in March.

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US Retail Forex Funds
US retail forex funds, March 2017. Source: CFTC

In the aftermath of the exit of FXCM from the market, GAIN Capital benefited materially last month as the company reported that its market share reached about 53 percent. In March the gap decreased with OANDA gaining 2 percentage points to boost its stake in the US forex market from 29 to 31 percent.

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GAIN Capital marked a small decline to 52 percent, only one percentage point lower than in February as deposits remained more or less flat. The other company that lost market share was Interactive Brokers, where client funds declined about 2 percent to about $54.5 billion.

US Retail Forex Market Share
US retail forex market share, March 2017. Source: CFTC

The total amount of retail forex funds held at retail foreign exchange dealers and futures commission merchants amounted to almost $524 million, a figure which was higher by 3.2 percent year-on-year.

Back in March, OANDA introduced a new product in the US – a raw spreads offering that requires clients to deposit at least $10,000. The firm’s offering might have triggered a slew of deposits from clients that were previously holding money offshore or withholding from trading altogether.

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