IG US expands its market share, retail FX deposits reach $49M

The Commodity Futures Trading Commission has published its October 2022 monthly report. It includes data for FCMs registered as Retail Foreign Exchange Dealers and broker dealers who hold retail Forex obligations in America.

Although the total assets of the U.S. retail forex traders increased slightly in October, this was limited by the overall static performance throughout 2022. The sector is expected to finish the year with no significant changes. However, Forex products remain difficult to sell in the United States despite the obvious advantages that highly regulated environments can provide traders.

The US has seen a large increase in retail forex deposits during October. In October 2022 the FX funds at US registered brokerages totalled $504 million, $14 million more than September’s $490 million.

The CFTC data shows that three FX firms saw increases in Retail Forex Obligations, including Oanda, GAIN Capital and IG US. This was the most successful FX firm for October 2022. It reported an overall increase of $5.5 million to $49million at the end of October 2022. That’s an 11 percent monthly increase.

Another highlight from the CFTC’s monthly reports is that GAIN Capital has racked-up $4.4 million in additional deposits to increase its monthly total to $178 millions in October. This represents an increase of 6 percent. In October 2022, retail deposits at OANDACorporation increased $10 million, an increase of 6 percent per month.

Trading.com Markets, the newest player in the US FX market, saw its customer deposits fall to $512,000, a drop of 9 percent from $562,000 one month prior.

Charles Schwab’s client funds fell $4.9 million or 7 percent from a month ago. Interactive Brokers metrics were also in red after losing $1.3 million in client deposits, to $26 millions in October.

The market share of brokers was slightly different in October than the previous month. GAIN Capital, with a 36.0% market share, remained the market leader. OANDA maintained its position as the second largest US company with 34.0% market share. Charles Schwab and IG US maintain a 13 percent and 11% share, respectively.

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