Japanese Forex broker SBI FXTRADE cuts AUD/USD spread

Maria Nikolova

Effective today, the Forex broker is reducing the spread on AUD/USD from 0.80 to 0.59 pips.

SBI FXTRADE Co., Ltd., a Forex trading subsidiary of Japanese financial services provider SBI Holdings Inc (TYO:8473), today announces further enhancements to its trading conditions, as the spread on the Australian dollar / US dollar trades will be reduced.

Effective this morning, the brokerage cuts the spread on AUD/USD trades from 0.80 to 0.59 pips. The spread, however, is not fixed, and may fluctuate due to major market events and news announcements.

The spread reduction for AUD/USD comes about a month after the company axed the spread on USD/JPY. Other Japanese Forex brokers have also cut USD/JPY spreads. Rakuten Securities, a subsidiary of Rakuten Inc (TYO:4755), has announced a reduction to the spread on USD/JPY trades, effective November 25, 2019. The spread was cut from 0.3 sen to 0.2 sen (one sen equals one hundredth of a yen). Monex Inc, a part of Monex Group, Inc. (TYO:8698), tightened the spread of USD/JPY trading in its “FX Plus” service from 0.3 sen to 0.2 sen, with the change effective October 17, 2019.

Speaking of trading conditions at SBI FXTRADE, let’s note that the company is expanding its Forex instruments lineup. In response to traders’ requests, the company is adding eight currency pairs to its offering, including RUB/JPY; BRL/JPY; PLN/JPY; SEK/JPY; NOK/JPY; MXN/JPY; SGD/JPY; and USD/CNY. The additions take the FX currency pairs lineup available to clients of SBI FXTRADE to 34 currency pairs.

In October 2018, the company launched Forex options.

Read this next

Executive Moves

Christine Kiener joins Saxo Markets UK as Head of Institutional Sales

“I have been very impressed by the strong track record, clear strategic pathway and ambition of the Saxo business. I am excited to start working with the team to further grow the institutional footprint which has been established in the UK.”

Industry News

CFTC charges Rathnakishore Giri with $12m Bitcoin ponzi scheme

“Identifying and policing fraud in these emerging markets may be difficult or delayed in light of the agency’s limited visibility in these markets”, said CFTC Commissioner Kristin Johnson.

Institutional FX

AbbeyCross raises $2.47m to develop FX market infrastructure for EM currencies

Many EM currencies are currently traded without full-price discovery, creating an unlimited compliance and regulatory risk.

Digital Assets

YouHodler enhances Multi HODL: faster rates and execution, lower fees

“We know some traders mentioned freezing issues when opening or closing a Multi HODL deal. Now, those problems are completely gone”.

Industry News

ASIC bans Funds United Pty director for six years

The six-year ban will prevent Ms. Hutchinson from controlling an entity that carries on a financial services business, and performing any function within the industry.

Inside View

Brave new world: Recruitment of fintech talent in the new UK immigration environment

In this article, solicitor Denise Osterwald outlines what UK businesses should do to attract top talent from abroad.

Digital Assets, Interviews

FX goes Crypto: Exclusive interview with BVNK’s Jonathan Cumberlidge

BVNK is the new name in the City of London. Co-founded by ex-TradFi Chris Harmse, Balfour Group founder Jesse Hamson-Struthers, and ex-TrueLayer George Davis, the firm provides a single platform to bridge fiat and crypto together. 

Digital Assets

AAX ranked world’s second largest spot exchange, only behind Binance

Crypto trading volumes experienced their first surge in activity since March as the majority of digital assets began their recovery from the recent grim price action, according to a new report by Cryptocompare.

Digital Assets

Bitpay teams up with Cardlytics to provide 15% cashback rewards

Crypto payment service provider Bitpay announced a partnership with Cardlytics Inc (NASDAQ:CDLX), which it says will offer more rewards for BitPay cardholders on its platform.