After a series of drops in market performance in the forex market, it seems the market has picked up again for many. But top on the list of performers is Interactive Brokers with an overall rise to $71.4 million from $11.8 million, which is approximately 20% month-over-month gain.
With this feat, the company has overtaken TD Ameritrade in the rankings as the third-largest holder of FX retail funds. This is not the first time such is happening. Both firms have been in a serious battle for supremacy over several months as they try to outpace each other. OANDA still maintained its second position as the second-largest in the United States.
Gain Capital tops losers chart
Surprisingly, Gain Capital was the worst loser after losing about $5 million in retail traders’ funds to close at $217 million.
Data from the Commodity Futures Trading Commission (CFTC) showed that retail FX deposits at US brokerages rose by $1.8 million in November.
To put things in specific terms, the FX funds held by US brokerage firms stood at $582.3 million in November, which is slightly above the $580.5 million reported the previous month.
However, it’s interesting to note that the retail FX deposits in the US have dipped by 10% year over year. This has allowed only a few brokers to improve their metrics when it comes to fundamentals.
Among the brokerage firms, three of them reported a reduction in clients’ assets in November, with GAIM Capital the worst hit.
When compared with the figures last year, there was a decline of about $29 million for Gain Capital. Other firms that recorded a drop in retail FX include TD Ameritrade and OANDA.
Earnings conference coming on Jan. 19
Meanwhile, Interactive Brokers plans to announce its fourth-quarter financial result on Tuesday, January 19, 2021.
The broker has also informed members of the public what to do if they want to listen to the conference. They can also access the conference as an audio webcast via the investor relations section of the company’s website.
Interactive Brokers offers custody and automatic trade execution of foreign exchanges, commodities, and securities in more than 15 markets across different currencies and regions.
The company serves financial advisors, proprietary trading groups, hedge funds, as well as individual investors.
The company says it focuses on technology and automation, which has equipped its clients to participate in the FX market with ease and take advantage of smooth execution prices.