US Retail Forex Deposits Hit 18-Month Low as Capital Exodus Continues

June closed at $462.31 million in client deposits — a figure that matters less for its absolute size than for what it signals about capital behavior at the broker level.

Where the Money Actually Went

GAIN Capital, the StoneX unit behind Forex.com, still anchors the market at $197.09 million, or 42.6% of all US retail forex deposits — but that's its lowest reading since October 2023. OANDA finished June at $132.89 million, down 2.10% on the month and the smallest balance in its reporting history. Charles Schwab's forex book fell to $54.09 million, also a series low and 12.91% below where it sat a year earlier.

The top three now control 83.08% of the market, down 1.11 percentage points year-on-year. Every single one of the six registered dealers ended June with less client money than it held in March. The three-month bleed has pulled $26.29 million out of the industry and erased the first-quarter bounce FinanceMagnates flagged back in May.

The Outliers Tell the Real Story

tastyfx and Trading.com are the only names moving in the right direction. tastyfx sits at $47.98 million, down 1.92% on the month but 23.86% above June 2025. Trading.com, the Trading Point subsidiary and the smallest of the six at 0.6% of deposits, was the lone riser in June — $2.92 million, up 2.08% on May. IG's US brand added $9.24 million year-on-year after rolling out Prime accounts paying up to 6% on idle cash last September.

That spread matters. Two of six firms are pulling deposits in while the other four bleed out, and Interactive Brokers posted the steepest annual decline of the bunch at 21.31% below June 2025 — even after a 0.55% monthly uptick. Meanwhile IB's wider brokerage reported 5.26 million DARTs, 5.18 million client accounts, and $930.3 billion in equity. The forex book is, by its own math, a rounding error.

What to Watch on Your Own Account

Three months of red is no longer a wobble. When every broker in a six-firm universe finishes below its March level, capital is rotating, not just shrinking. The questions worth asking before your next deposit:

• Concentration risk. Three brokers hold 83% of US retail forex deposits. If you're with one of the smaller four, execution liquidity and prime-of-prime terms may be the first to get squeezed.
• Idle cash economics. IG's Prime-account model pulled in nine figures of net new money in nine months by paying on uninvested balances. If your broker isn't offering anything similar, you're paying for the privilege of parking capital.
• Ownership changes and silence. OANDA transitioned from CVC to FTMO ownership in March, moved prop clients off its own platform, and has published no explanation for the fall in its US balances. Brokers don't stay quiet about outflows unless they're managing the narrative.

Only six firms can legally take your retail forex deposit in the US. The CFTC adjusts each month's figure for realized and unrealized P&L, so part of this drop is traders losing money, not just leaving. But when the headline number is the lowest in over two years and five of six brokers are net-negative year-on-year, the cost of staying put starts to compound — through wider spreads, thinner books, and whatever the next quarterly filing decides to disclose.