One of Europe’s largest online trading platforms’ retail FX business in the US, IG US, has recently increased its market share after it racked up an impressive $20.4 million in customer deposits for January 2020. When viewed month-over-month, the figure is more than 25% higher, with a six-fold increase when one looks at its relaunch that occurred back in mid-2019.

The UK-listed spread better is capable of allowing its US-based clients to trade in more than 80 different currency pairs. IG US takes zero commission on these trends and claims that the spreads on major currency pairs are as much as 20% lower in relation to the top two forex providers within the US.

Overall Retail Trader Boost

According to the CFTC’s last monthly report showing the balances of US retail traders, the numbers have started to skew themselves higher during the first month of 2020. According to the US regulating agency, the funds within FX that registered brokerages hold totaled an impressive $629 million in January 2020. This accounts for FCMs, registered as Retail Foreign Exchange Dealers (RFEDs), and those included in broker-dealers, as well. It stands as a mild increase of just 2% when viewed month-over-month, with December 2019 clocking in at $629 million.

Growths and Losses

IG US wasn’t the only one that enjoyed growth. Interactive Brokers had its client funds grow by %7.5 million, or almost 10% when viewed on a month-over-month basis. For the past few months, the Connecticut-based company had been the words performer in the industry, having lost a fifth of its FX trader depositions. The company only managed to break past the 1000 million mark for the first time, back in June of 2019

In other fronts, Oanda and TD Ameritrade had their retail deposits stay virtually unchanged when comparing it to a month prior. The two exchanges recorded $329 million and $62 million, respectively. Gain Capital had the unfortunate title of being the only loser for this month, having dropped $2.7 million in retail assets in January, or about 1% of its total.

The recent data that one of the US’s biggest retail FX brokers had published had shown that clients had transacted $161 billion in total within January. This stands as a 23% increase month-over-month when compared to Gain’s $131 billion that happened in December of 2019. When reviewed year-over-year, the number stands 12% lower than January 2019, with last year’s month clocking in at $184 billion.