US Retail Forex Deposits Snap Three-Month Slide, Then Stall Near $470 Million
US retail forex deposits rose 2.01% in July to $471.58M, then fell 0.34% in August to $469.96M, still 7.23% below August 2025. Gain Capital (StoneX) contributed most to July's increase, holding 43.44% of total deposits. OANDA saw a third straight monthly decline. Interactive Brokers' forex balance fell 4.16% in July but rose 1.53% in August. Coinbase and Robinhood's futures brokers held $581.4M in client money, exceeding combined forex dealer holdings.
How this was made
The 30-second read
Why it matters
The modest deposit fluctuations suggest limited near‑term trading opportunities, but highlight concentration of client funds in crypto‑futures platforms.
Market read
The article provides the latest CFTC deposit figures, a first‑report of sector‑wide client‑money levels, but the numbers are modest and unlikely to drive immediate price moves.
What to watch
Regulatory changes to crypto‑futures and retail leverage could shift future deposit dynamics.
Background
CFTC monthly filings disclose client money held by registered retail forex dealers. The data is used to gauge health of the U.S. retail forex sector.
Ticker impact
Charles Schwab Futures and Forex rose 3.53% in July to $56.00M, then slipped 0.18% in August, still below prior-year levels.
potential slight downside pressure
Deposits remain below year‑ago levels; no new growth catalyst.
Interactive Brokers' forex balance fell 4.16% in July then rose 1.53% in August, still 20% below August 2025.
likely pressure as deposits remain well below prior‑year
Deposit trend is negative despite a small rebound.
Coinbase Financial Markets held $346.9M of client money in August, the largest share of total retail forex client funds.
minimal impact; market already priced large exposure
No change in amount; just a snapshot.
Robinhood's crypto‑futures arm held $581.4M of client money in August, exceeding the six forex dealers combined.
little immediate effect
Static figure; no new catalyst.
Market effects
Retail forex deposit trends signal modest sector contraction, may affect broker valuations.
U.S. retail forex market shows slight decline, limited broader market effect.
Low; forex deposits are niche data with minimal macro impact.
Counterpoint
Despite deposit declines, brokers could benefit from higher trading volumes or fee adjustments.
Key entities
- companyStoneX Group Inc.
Parent of Gain Capital, a major U.S. retail forex broker.
- companyCharles Schwab Corp.
Provides futures and forex services to retail clients.
- companyInteractive Brokers Group
Broker with a small retail forex client base.
- companyCoinbase Global Inc.
Operates a crypto‑futures platform holding large client money.
- companyRobinhood Markets Inc.
Crypto‑futures broker with significant client cash holdings.
