News · Analysis
US Retail Forex Deposits Fall to Lowest Level Since 2023
US retail forex broker customer deposits fell to $462.31 million in June 2026, the lowest total since at least September 2023, according to Commodity Futures Trading Commission filings reported by Finance Magnates on 11 August 2026. It is the third consecutive monthly decline, taking $26.29 million out of the industry since March and erasing the first-quarter recovery previously reported. The figures reflect both client fund movements and trading profit and loss, so the drop does not necessarily mean traders are withdrawing money outright. OANDA, Charles Schwab and Gain Capital all posted fresh series lows or multi-year lows in the same filings.
Customer deposits held at US retail forex brokers have fallen for a third straight month, according to Commodity Futures Trading Commission filings cited by Finance Magnates on 11 August 2026. The industry-wide total dropped to $462.31 million in June, the lowest figure in the series since at least September 2023, undercutting even the trough recorded in January that Finance Magnates had flagged as a two-year low.
What happened
Finance Magnates reported that the June total of $462.31 million represents a decline of $26.29 million, or 5.38%, since March 2026, when deposits had briefly recovered. That first-quarter rebound has now been fully erased. The outlet noted that June's figure closed $10.65 million below the January low of $472.96 million, which itself had been the weakest reading in more than two years at the time it was first reported.
Individual broker data filed with the CFTC showed similar patterns. OANDA ended June with $132.89 million, down 2.10% on the month and 3.62% lower than a year earlier, according to the filings — the smallest balance the firm has recorded in the dataset. Charles Schwab's forex unit fell for a third consecutive month to $54.09 million, also a series low and 12.91% below its June 2025 level, Finance Magnates reported. Gain Capital, the StoneX subsidiary, held $197.09 million, equivalent to 42.6% of total US retail forex deposits, the lowest balance the unit has held since October 2023.
Why it matters
The CFTC's monthly deposit figures are widely used within the industry as a proxy for the health of the US retail forex sector, though Finance Magnates was careful to note that the number reflects both net client fund flows and trading profit and loss, not new money alone. A falling total can therefore result from client withdrawals, trading losses that erode account equity, or a combination of both, rather than from traders simply leaving the market.
Even with that caveat, three consecutive months of decline — and a total now below the previously reported two-year low — points to a sector that has struggled to sustain momentum after its brief first-quarter recovery. The concentration of deposits among a small number of firms, with Gain Capital alone accounting for more than two-fifths of the industry total, also means that swings at individual brokers can move the headline figure meaningfully.
What it means for traders
For traders and industry observers, the data offers a snapshot of aggregate client balances rather than a verdict on any individual broker's stability or execution quality. Readers assessing broker performance more broadly may find it useful to consult independent comparisons; see our Best Execution Quality winners for related context, alongside our methodology for how such assessments are constructed. Neither this report nor the underlying CFTC filings make any claim about which firms perform best on execution, cost or reliability.
What to watch
Finance Magnates has tracked this data monthly since at least 2023, and the next CFTC filing will show whether the June low marks a bottom or the continuation of a longer slide. Given that OANDA, Charles Schwab and Gain Capital all posted fresh lows in the same reporting period, subsequent months will indicate whether the weakness is broad-based across the industry or concentrated among a handful of larger players whose balances disproportionately influence the aggregate figure.
FAQ
What caused the fall in US retail forex deposits? Finance Magnates, citing CFTC filings, reported the decline without attributing it to a single cause, noting that the figure reflects both client fund flows and trading profit and loss rather than withdrawals alone.
Which brokers saw the biggest declines? According to the CFTC filings reported by Finance Magnates, OANDA, Charles Schwab and Gain Capital all recorded their lowest balances in the available data series for June 2026.
Does this mean traders are leaving the US forex market? Not necessarily. Finance Magnates noted the CFTC figure captures net effects of deposits, withdrawals and trading results, so a lower total does not by itself confirm client attrition.