By the time the CFTC banned FXCM from the U.S. market in January 2017, the once-robust U.S. forex brokerage industry had already been whittled down to just 5 brokers.
Just prior to FXCM’s departure from the U.S., FXCM was the largest retail forex broker in the U.S., with 34% of the market (as measured by customer funds on deposit). Oanda was in second place with 26% of the market, and Gain Capital (aka Forex .com) was in third place with 24%. The remaining 17% was split between TD Ameritrade (11%) and Interactive Brokers (6%).
During the dissolution of FXCM-US, Gain Capital bought FXCM’s retail client book, which immediately made Gain the new number-one broker in terms of market share. The new numbers were: Gain 51%, Oanda 32%, TDA 11%, and IB 6%.
Since then, Oanda, TDA, and IB have been growing their shares of the U.S. market, at the expense of Gain. In May 2019, the shares were Gain 39%, Oanda 36%, IB 15%, and TDA 10% – with Oanda challenging Gain for the top spot, and IB overtaking TDA by a substantial margin.
Here are the May 2019 CFTC figures, displayed in table-format by Finance Magnates –
Note that “retail forex obligation” refers to customer funds on deposit in USD, and the “change” figure and the “change %” figure refer to those retail forex obligations.
Note also that the total market share in the bottom right-hand corner should read 100%, not 0%.
Here is the Finance Magnates article accompanying the table –