Customerdeposits held by US retail forex brokers fell sharply in January, with theindustry's combined total dropping to $472.96 million, the lowest figurerecorded in more than two years and well below a high-water mark of $557.5million set back in June 2024.Everybroker tracked in the monthly CFTC financial disclosure data posted a declinefrom December's levels, and four of the six platforms are sitting below wherethey were twelve months ago. The data, drawn from the Commodity Futures TradingCommission's (CFTC) mandatory Futures Commission Merchant (FCM) filings,capture total retail forex obligations, effectively, the pool of customerassets each regulated dealer holds on behalf of its US clients.OANDA's Decline DeepensUnder New OwnershipNo brokerhas lost more ground than OANDA. January's figure of $133.7 million representsan 8% drop from December and a 19% collapse year-on-year, when OANDA was stillmanaging $165.6 million in US retail forex deposits. The slideis hard to disentangle from the ownership change that reshaped the broker'sprofile last year. Prop trading giant FTMO acquired OANDAin early 2025, andby March 2026 OANDA hadformally transitioned its prop trading clients to the FTMO brand, narrowing the scope of its USretail operation in the process.OANDA'sshare of total US retail forex deposits now stands at roughly 28%, down from aposition that once put it firmly in second place with greater distance behindGain Capital.Gain Capital Holds Firm,Though Its Lead NarrowsGainCapital, which operates the Forex.com platform in the United States, remainsthe dominant player with $203.1 million in January, still commanding 42.9% ofthe total market. But the number itself has pulled back from the $211.8 millionit held at year-end, and it is running 4% below the $211.5million reported in January 2025, when the broker was benefiting from strong monthly inflows.Join the inaugural Finance Magnates Singapore Summit 2026, which will bring together brokers, fintechs, banks, EMIs, wealth managers, and hedge funds across APAC.The brokerhas not posted a meaningful breakout since touching $226.6 million in March2025. That plateau, combined with a post-summer cooling across the market,suggests demand in US retail forex is under genuine pressure. GainCapital's market share above 44% in the second half of 2024 has graduallyeroded, and the December2025 data nowlooks more like a temporary stabilization.Charles Schwab and tastyfxLose GroundCharlesSchwab's forex unit shed just over 5% in January, falling to $58.6 million from$61.8 million in December. That marks a roughly $2.6 million shortfall againstthe same month last year, though Schwab's year-on-year decline of 4.3% isrelatively contained compared to broader industry weakness.tastyfx, theUS retail forex brand of London-listed IG Group, which rebranded fromIG US in 2024, dropped3.7% on the month to $44.6 million. Of the four brokers showing annualdeclines, tastyfx is the most modest, down just 1.7% year-on-year. The brokerlaunched Prime accounts in September 2025 targeting professional traders witha 6% promotionalannual yield on cash deposits, a product designed to attract larger clients and retain high-valuebalances.Interactive Brokers andTrading.com Swim Against the TideAgainst anotherwise uniform picture of decline, Interactive Brokers and Trading.com standout as the only two brokers showing positive deposits compared to January 2025.Interactive Brokers held $30.1 million in retail forex assets at end-January,down 7.3% from December but up 16.4% year-on-year - a contrast that reflectshow badly the broker had underperformed a year ago when deposits had alreadyfallen to a low base. In November2025, InteractiveBrokers' deposits plunged 20% in a single month, making the subsequent recovery, includinga 21% surge inDecember, look morelike oscillation than a trend.Trading.com,the smallest platform by absolute deposit size at $2.86 million, posted theshallowest monthly decline of any broker, shedding just 1.4% from December.More notable is the year-on-year comparison: Trading.com's deposits areup 25.4% from a year ago, continuing a growth trajectory that,while small in absolute dollar terms, is consistent and directionally distinctfrom the rest of the market.US retailforex brokers operating as Futures Commission Merchants or Retail ForeignExchange Dealers are required to report monthly financial disclosures to theCFTC, including adjusted net capital figures and total retail forexobligations. All six brokers covered here remain in compliance with NFAmembership and CFTC registration requirements as of the January reporting date.This article was written by Damian Chmiel at www.financemagnates.com.