Key Moments
- U.S. retail forex deposits decreased 1.1% in October 2025 to $499.9 million, marking a second straight monthly decline.
- GAIN Capital remained the largest U.S. forex platform with $215.4 million in deposits, while Interactive Brokers saw the sharpest monthly drop at 10.5%.
- tastyfx recorded a 5.3% monthly increase in deposits, contrasting with broader industry weakness, even as many competitors faced double-digit year-over-year declines.
Industry Overview: Second Consecutive Monthly Pullback
Retail forex deposits held at major U.S. platforms fell again in October 2025, sliding 1.1% to $499.9 million from $505.6 million in September. The decline extended the sector’s downturn into a second month, underscoring the ongoing pressures on individual currency traders.
Despite the overall contraction, performance varied widely across brokers, with some firms registering notable inflows while others posted substantial outflows on both a monthly and annual basis.
Detailed Snapshot of U.S. Retail Forex Deposits
| Broker / Platform | October 2025 Deposits | September 2025 Deposits | Monthly Change | October 2024 Deposits | Year-over-Year Change |
|---|---|---|---|---|---|
| U.S. Retail Forex Industry (Total) | $499.9 million | $505.6 million | -1.1% | Not stated | Not stated |
| GAIN Capital | $215.4 million | $217.6 million | -1.0% (-$2.2 million) | $204.6 million | +5.0% |
| Interactive Brokers | $30.9 million | $34.2 million | -10.5% (-$3.2 million) | $25.6 million | +11.4% |
| tastyfx | $46.2 million | $43.7 million | +5.3% (+$2.4 million) | $42.8 million | -19.2% |
| Trading.com | $2.5 million | $2.5 million | +3.1% (+$78,720) | $1.9 million | +28.0% |
| Charles Schwab | $59.9 million | $60.3 million | -0.7% (-$395,164) | $64.4 million | -8.1% |
| OANDA | $144.9 million | $147.3 million | -1.7% (-$2.4 million) | $170.4 million | -20.2% |
GAIN Capital Holds Top Spot Despite Monthly Outflows
GAIN Capital retained its position as the leading U.S. retail forex platform by deposit size, with client balances totaling $215.4 million in October. This represented a 1.0% decline from September’s $217.6 million, as the broker saw $2.2 million in withdrawals during the month amid reduced currency trading activity.
On a year-over-year basis, however, GAIN Capital demonstrated relative strength. Deposits were 5.0% higher than the $204.6 million recorded in October 2024, placing the firm among the few that reported annual growth in client funds.
Interactive Brokers Sees Steepest Monthly Drop
Interactive Brokers posted the largest monthly contraction among the major platforms tracked. Client forex deposits fell 10.5% in October to $30.9 million, down from $34.2 million in September. The $3.2 million reduction marked the broker’s most pronounced single-month decline in recent periods.
Despite the October setback, Interactive Brokers still showed an 11.4% increase from October 2024, when deposits stood at $25.6 million. This indicates that, over a longer horizon, the firm has continued to add forex clients and balances even as near-term conditions turned weaker.
tastyfx and Trading.com Stand Out on Monthly Gains
tastyfx was a notable outlier in October, delivering one of the strongest monthly performances in the sector. Deposits climbed 5.3% to $46.2 million, up from $43.7 million in September, as the platform attracted $2.4 million in additional client funds. This increase ran counter to the broader market trend of declining retail forex balances.
However, the short-term momentum at tastyfx has not yet reversed longer-running pressures. Compared with October 2024, when deposits totaled $42.8 million, balances were down 19.2% on a yearly basis.
Trading.com also advanced in October, posting a 3.1% monthly rise in deposits. Client balances edged up to $2.5 million from $2.5 million, with $78,720 in net new funds added during the month. The broker recorded the strongest year-over-year growth rate among the platforms discussed, with deposits increasing 28.0% from $1.9 million in October 2024.
Schwab and OANDA Confront Ongoing Headwinds
Charles Schwab’s forex obligations were marginally lower in October, totaling $59.9 million compared with $60.3 million in September, a decrease of 0.7%. The firm saw $395,164 in net outflows as retail currency trading remained muted. On a year-over-year basis, Schwab’s forex deposits fell 8.1% from $64.4 million in October 2024, underscoring persistent challenges in drawing and retaining retail forex customers.
OANDA experienced a sharper pullback. Client deposits slipped 1.7% to $144.9 million in October, down from $147.3 million in September, reflecting a $2.4 million reduction in balances. The broker’s year-over-year comparison was even weaker, with deposits down 20.2% from $170.4 million in October 2024, one of the steepest annual declines among major U.S. forex platforms.
Corporate Developments Around OANDA
FTMO has just completed its acquisition of OANDA after ten months. At the same time, Paweł Łatocha, a former IG Group risk executive, has joined the broker’s management board in Poland.
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