FXOpen cuts FX spreads by over 40%
The move has resulted in much tighter average spreads offered by FXOpen, namely in the EUR/USD which has reached parity today.
FXOpen has announced a major cut in FX spreads by over 40% as the FX and CFD broker continues to make enhancements to its ECN liquidity.
The move has resulted in much tighter average spreads offered by the broker, namely in FX pairs as exemplified below:
EURUSD average spread 0.2 (data taken on 6th June vs average spread data taken on 21st June)
AUDUSD average spread 0.3 (data taken on 21st June)
USDJPY average spread 0.4 (data taken on 21st June)
USDCAD average spread 0.5 (data taken on 21st June)
Ideal for high frequency and scalping trading strategies
Gary Thomson, FXOpen UK Chief Operating Officer, commented: “These tighter spreads have been introduced to save traders money and with 13% of price updates resulting in a choice price in EURUSD, FXOpen is the ideal venue to execute high frequency and scalping trading strategies.”
“FXOpen continues to bring our clients tight spreads and excellent execution, with more improvements to liquidity planned over the summer. We look forward to updating our clients about these exciting developments.”
Founded in 2005, FXOpen is a highly regarded forex and CFD brand with entities located in London, Cyprus and Australia, regulated by the FCA, CySEC, and ASIC respectively. FXOpen offers ECN, STP, Micro and Crypto trading accounts, depending on the jurisdiction.
The broker has recently its already vast CFD product offering with the launch of 33 exchange-traded funds (ETFs) as the product increasingly takes a critical role in the investment strategy of retail and professional traders.
As contracts for difference products (CFDs), these ETFs provide exposure to their market price and volatility, which can be maximized by raising the leverage ratio. FXOpen offers a ratio of up to 1:5, which is identical to that offered to its stock CFD products.
The product offering is available via FXOpen’s trading platform, TickTrader, which has been made available to all clients since mid-2021 after a successful one-year trial.
TickTrader was developed in partnership with Soft-FX and provides a higher level of customization, the true depth of market, quality liquidity, and trade execution. The platform features Algo-Studio, which allows advanced users to automate their trading routine with EAs. Its main functions include backtesting with algorithmic trading systems optimization function and customized technical indicators and trading systems development.