U.S. retail forex trading volumes fell 3.6% in November 2024 compared to October, with IG US recording the sharpest monthly decline among major brokers, according to the latest report from the Commodity Futures Trading Commission (CFTC).

IG US Leads Market Downturn in Latest U.S. Forex Deposit Report

Total retail forex trading volume across six major U.S. brokers dropped to $509.7 billion in November from $527.8 billion in October. The decline was primarily driven by IG US, which saw volumes plunge 28.6% month-over-month to $42.8 billion.

Interactive Brokers also posted weaker numbers, with volumes falling 7.2% to $25.6 billion in November. OANDA, one of the largest retail forex providers, experienced a 2.2% decline to $170.4 billion.

Market Leaders Hold Steady

Charles Schwab and GAIN Capital, two of the biggest players in the retail forex space, showed resilience amid the broader market decline. GAIN Capital's volumes remained virtually unchanged at $204.6 billion, while Charles Schwab saw a minor 0.5% dip to $64.4 billion.

Trading.com emerged as the only broker posting growth, with volumes increasing 4.7% to $1.9 billion, though it remains the smallest player among the tracked brokers.

The November figures also highlight significant year-over-year changes in market dynamics. IG US and Interactive Brokers showed the most substantial annual declines, down 33% and 27% respectively from November 2023. Meanwhile, Trading.com demonstrated strong annual growth of 30%, albeit from a smaller base.

Financial Reporting Obligations for U.S. Forex Brokers

The CFTC regulates the financial reporting practices of Forex brokers operating in the United States. As part of its oversight, the agency requires Retail Foreign Exchange Dealers (RFEDs) and Futures Commission Merchants (FCMs) to submit detailed financial reports each month.

These reports must include key financial data such as adjusted net capital, customer assets, and retail forex obligations . Retail forex obligations represent the total client assets managed by RFEDs or FCMs, including any gains or losses realized by customers. This reporting mandate applies to all 62 registered RFEDs and FCMs in the U.S., which include major firms like Charles Schwab, Gain Capital, IG, Interactive Brokers, OANDA, and Trading.com.

The CFTC’s reporting requirements are designed to improve industry transparency and provide the public with a clearer understanding of the financial stability of these institutions.