The U.S. Commodity Futures Trading Commission (CFTC) has released its monthly report for December 2022, which covers data on FCMS registered as retail foreign exchange dealers (RFED) as well as broker-dealers with retail foreign exchange obligations in the United States.

Starting in December, there was a collective negative month-on-month change in customer deposits at retail forex brokers in the United States, but the differences between brokers were more pronounced.

Specifically, foreign exchange funds held by registered brokers operating in the United States in December 2022 were $482 million, a 1% decrease from the $486 million reported in November.

Trading.com Markets continues to take a larger share of overall retail funds, but on a very limited scale. The broker accumulated $701,000 in client deposits in December, up 19 percent from $590,000 a month earlier. Trading.com first applied for a Forex broker license in the United States in January 2019. However, with the likes of Gain and Oanda accounting for nearly 70% of the US retail market, Trading.com has a long way to go to challenge these two established brokers.

Other highlights from the CFTC's monthly report show that total deposits at Interactive Brokers LLC have reached $24.6 million. That's down 4 percent from $25.8 million the previous month.

IG US reported a slight increase of $39,000 to $44.55 million as of the end of December 2022. Following successive market share gains, Oanda also saw a decline in retail deposits in December 2022. Specifically, the Canadian-based forex broker's net balance declined by $3.96 million, or 2 percent, to $160 million.

Meanwhile, in December, Gain's revenue increased by nearly $646,000, or 1% per month, to $184.4 million.

The chart listed below Outlines a complete list of all FCMS that held retail FX obligations during the month ended December 31, 2022. For comparison purposes, these figures have been compared with the corresponding figures for November 2022 to account for the differences.

Interactive Brokers' retail foreign exchange deposits fell for the third straight month

Two of the six listed forex companies saw their retail forex obligations fall, this time from Interactive Brokers and OANDA. Interactive Brokers' retail foreign exchange deposits have fallen for the third consecutive month.

Interactive Brokers' retail foreign exchange deposits fell 4.35% to $24.7 million. OANDA also decreased by $3.7 million to $160.5 million, compared to $164.2 million in the previous month, a decline of 2.25 percent.

Gain increased by $646,421 to $184.4 million in December compared to $183.8 million at the end of November 2022, an increase of 0.35% sequentially. IG US also reported an increase of $39,081 to $44.6 million, up 0.09% sequentially.

CHARLES SCHWAB also rose 0.2 percent to $67.4 million, compared with $67.2 million the previous month. In addition, Trading.com Markets also reported an increase of $110,040 to $701,031, up 18.7% month-over-month.

OANDA market share declined 1 percentage point from the previous month

Looking at the market share of these brokers, the distribution in December changed slightly compared to the previous month.

Of the six brokers, only OANDA lost market share. OANDA gained 33 percent share this month, down 1 percentage point from last month.

The market share of the remaining brokerages remained unchanged. Gain continues to lead in terms of market share, with a current share of 38 per cent. Trading.com Markets kept the last place at less than 1%. IG US, Interactive Brokers and CHARLESSCHWAB gained 9%, 5% and 14%, respectively, for the month, unchanged from last month.