The Commodity Futures Trading Commission’s (CFTC) latest monthly report for retail FX deposits shows that balances of US retail traders have skewed slightly higher during the reported period of November 2019.
According to the agency, the FX funds held at registered brokers operating in the United States, including FCMs that are registered as Retail Foreign Exchange Dealers (RFEDs) and those included as broker-dealers, came in at $648 million in November 2019, which is a mild increase of two percent month-over-month compared with the $634 million reported in October.
Along with this IG US, the US arm of the UK spread better, and the newest comer to the retail FX industry continues to take a bigger chunk of deposits made by the foreign exchange traders. The company, which operates as a registered RFED and IB with the Commodities Futures Trading Commission, has racked up $16.26 in customer funds by the end of November 2019, up 23 percent from the previous month. This figure was also five times bigger than the $3.5 million it collected when the company re-launched its operations back in June.
While OANDA and GAIN Capital continue to be the retail powerhouses in the US, controlling roughly 60% of the retail industry, the latter broker was the only one reporting a fall in deposits for the time period.