Retail forex (FX) deposits for six brokers operating in the US recorded an almost imperceptible decline in November, continuing to recover from September lows.
However, November’s value of $518.2 billion is one of the lower figures. The most significant nominal change was observed with Gain Capital where deposited capital grew 2.8% monthly to $199.4 million.
US FX Deposits Flat in November 2023
Under the rules set by the Commodity Futures Trading Commission (CFTC), every Retail Foreign Exchange Dealer (RFED) and Futures Commission Merchant (FCM) is required to submit monthly reports on their financial status. These reports to the CFTC include details such as adjusted net capital, customer assets, and the total of retail forex obligations.
Retail forex obligations are the aggregate of funds that an FCM or RFED holds. This includes all cash, securities, and other assets deposited by retail forex customers in one or more accounts, adjusted for both realized and unrealized gains or losses. These data are reported with a delay, and in January, the results for November were disclosed.
Among the 62 registered RFEDs and FCMs, only six engage in activities that require them to publish data on obligations. These are Charles Schwab, Gain Capital, IG, Interactive Brokers, OANDA, and Trading.com.
The total value of deposits in November was $518.2 million, a slight decrease of just $222,029 (0.04%) compared to October. However, this is still a few percentage points better than in September when deposits fell to a mid-term low of $516 million.
Gain Capital and OANDA Remain Top Players
As in previous months, Gain Capital accumulated the most FX deposits, totaling $199.43 million, growing 2.8% compared to October. OANDA is second with $165.4 million, which increased $1.4 million (0.9%) on a monthly basis.
Charles Schwab holds third place with $62.4 million, followed by IG with $56.7 million. IG experienced one of the largest nominal monthly outflows, amounting to $3.8 million. The fifth position is held by Interactive Brokers, which saw a drop of nearly 12% to $32.5 million.
The last entity, Trading.com, holds the smallest pool of deposits at $1.3 million, which is an increase of 13.9% compared to October.
Finance Magnates independently examines trends among retail investors. Using insights from CPattern, we present our indicators, tracking historical changes in average deposits, withdrawals, and initial deposits. The latest study highlighted another month of growth. The average monthly deposit grew from $13,504 to $15,248.
