The FinancialThe retail US Forex market saw mixed results when looking at retail client deposits – a metric provided by the US Commodity Futures Trading Commission. In November 2020 all registered US FX brokers gained only $1,810,875 in new retail client deposits. Newcomer IG US experienced a 3% rise, while veteran broker GAIN Capital Group slipped 2% or $5.2 million for the month.
The biggest gain was experienced by Interactive Brokers, which increased its retail FX deposits by a strong 20% with $11,857,929 added. Both OANDA and TD Ameritrade experienced slight dips of -2% and -1% respectively.
The lackluster growth in retail deposits during some expected market volatility around the US election and Covid-19 vaccine approvals suggests to us that US investors may have been more attracted to volatility in equity markets, which had gained immense popularity in 2020 with low-cost accounts offered by equity brokerages, including those with no trade commissions.