The typical quarterly loss rate for U.S. retail forex traders is about 67%. The U.S. Commodity Futures Trading Commission (CFTC) says roughly two out of three retail foreign exchange traders end a quarter with a loss. The source page showed the latest Interactive Brokers data as of September 20, 2026.
There is no single worldwide percentage. Regulators and brokers measure different products, account types and time periods. Recent U.S. broker disclosures show quarterly loss rates closer to 54% to 56%, while European CFD research has reported rates between 74% and 89%.
Retail Forex Loss Rates at a Glance
| Data source | Percentage losing money | What the figure measures |
|---|---|---|
| CFTC U.S. retail forex summary | About 67% | Retail traders ending a quarter with a loss |
| Interactive Brokers, Q2 2026 | 54.47% | Unprofitable retail forex accounts during the quarter |
| Interactive Brokers, Q1 2026 | 53.91% | Unprofitable retail forex accounts during the quarter |
| ESMA European CFD analysis | 74% to 89% | Retail CFD accounts that typically lost money |
| FCA UK CFD analysis | 82% | Loss-making retail CFD client accounts |
Interactive Brokers reported that 54.47% of retail forex accounts were unprofitable in Q2 2026 after commissions were included. The figures appear on its official retail forex performance disclosure.
Is the Commonly Quoted "90% of Forex Traders Lose Money" Statistic Accurate?
The claim is not a universal, independently verified statistic. A more defensible summary is that most retail forex accounts lose money, with official U.S. figures commonly showing about 54% to 67% of accounts losing money over a quarter.
The 74% to 89% figures often quoted online come from European Securities and Markets Authority (ESMA) research into retail contracts for difference, or CFDs. CFDs can include leveraged currency products, but these figures do not cover every retail forex trader worldwide.
The UK Financial Conduct Authority (FCA) also reported that 82% of clients in a representative sample lost money trading CFDs. The sample included spread betting and rolling spot foreign exchange. That figure is useful context, but it should not be presented as a current global forex loss rate.
Why Do Most Retail Forex Accounts Lose Money?
Leverage Magnifies Small Market Movements
Forex trading uses margin and leverage. A small deposit can control a much larger currency position, so a relatively small adverse price movement can cause a large percentage loss in the account.
U.S. investor guidance warns that forex traders can lose their entire investment. Depending on the product and account terms, they may also lose more than their initial deposit.
Trading Costs Reduce Returns
Spreads, commissions, financing charges and other transaction costs create a performance hurdle. A strategy must produce enough gross profit to cover those costs before the account becomes profitable.
A broker that advertises "commission-free" forex trading may still earn revenue through the bid-ask spread or other charges. Investor.gov advises traders to compare spreads, commissions and account costs carefully.
Short-Term Trading Requires a Repeatable Edge
Many retail traders trade frequently without a tested strategy, consistent position sizing or a defined maximum loss. A few profitable trades do not establish long-term profitability.
A trading method needs to remain profitable after costs across a sufficiently large sample of trades. Without that evidence, a profitable short run may reflect normal market variation rather than a reliable edge.
Retail Forex Is Usually Over the Counter
Retail spot forex is generally traded over the counter rather than through a central exchange. The trader usually deals directly with a broker or dealer, which may act as the counterparty and provide the quoted prices and spreads.
What Exactly Does "Losing Money" Mean?
The statistic usually measures accounts, not unique people.
A trader may hold several accounts, close one account and open another, or lose money in one quarter and make money in another. A quarterly loss rate therefore does not show that the same percentage of individual traders permanently fail.
In the United States, retail forex dealers calculate whether eligible non-discretionary accounts were profitable or unprofitable during the quarter. The calculation includes realized and unrealized trading gains and losses, along with fees, commissions and other account charges.
European CFD providers usually publish a firm-specific percentage based on retail accounts that lost money during the previous 12 months. ESMA requires providers to update the percentage quarterly, so the figure can vary between reporting periods and brokers.
What Percentage Should a New Trader Use for Planning?
Use roughly two-thirds losing money per quarter as a realistic U.S. retail forex benchmark, not as a personal prediction. Check the broker's latest disclosure before opening an account because loss rates vary by broker, market conditions, customer base and reporting period.
The CFTC recommends using only risk capital, avoiding unregistered dealers and reviewing the broker's risk disclosures before trading. The loss rate does not predict the result for any one trader, but it does show that retail forex trading is a high-risk activity, not a dependable income source.