US Retail Forex Deposits Snap Losing Streak; Interactive Brokers Grabs Market Share

Retail forex flows in the United States showed tentative signs of stabilization in December 2025, with total customer deposits inching up 0.8% to $499.9 million. The data marks the end of a three-month contraction that began in September, though the industry remains well below the March 2025 peak of $530.1 million.

Market Data Snapshot

• Total Customer Deposits: $499.9 million (+0.8% MoM)
• Interactive Brokers (Best Performer): $32.5 million (+20.8%)
• GAIN Capital (Market Leader): $211.8 million (-1.9%)
• OANDA: $144.6 million (-0.4%)

Interactive Brokers Leads the Charge

The standout performer for the month was Interactive Brokers (IBKR), which saw forex deposits vault 20.8% to $32.5 million. This $6.8 million monthly inflow effectively reversed the broker's November slump and aligns with its broader robust performance.

In Q4 2025, IBKR reported a 32% year-over-year jump in total customer accounts to 4.4 million, alongside revenue of $1.64 billion. The brokers ability to attract fresh capital may be linked to the rollout of new features, including stablecoin funding for US clients. Its 8% year-over-year deposit growth indicates it is aggressively capturing active trader market share.

Incumbents Face Outflows

In contrast to IBKR's surge, GAIN Capital, which retains the top spot with nearly 43% of the US market, saw obligations drop 1.9% to $211.8 million. This marks the fourth consecutive month of declines, although it remains 7% up compared to December 2024.

Similarly, OANDA recorded its sixth straight month of declines, slipping 0.4% to $144.6 million. The dip occurred as prop trading firm FTMO finalized its acquisition of OANDA.

Sector Outlook

Charles Schwab also contributed to the month's positive momentum, rising 5.4% to $61.8 million. However, the US retail forex sector growth stands at a tepid 2% from $491.3 million in December 2024.

The shifting dynamics imply that highly active traders may be migrating toward platforms offering broader multi-asset access, favoring brokers like IBKR and Schwab over some pure-play stats.