Tradovate announces commission-free trading for futures on FairX
FairX launched the exchange to cater to active retail traders who may feel left out or swamped at the major futures exchanges that are dominated by the big players.
Tradovate will be one of the first brokers to offer futures trading on FairX as the exchange launches, the comission-free brokerage announced.
Following the new trends that first emerged in 2019 and are now on its way of becoming mainstream, Tradovate will provide commission-free trades with no market data fees, subscription fees, lifetime license fees, inactivity fees, or platform fees.
The broker intends to cover any exchange and clearing fees on FairX transactions for its clients until the end of 2021.
Rick Tomsic, Founder and CEO of Tradovate, commented: “From inception, Tradovate’s vision was to change the futures industry through technology and pricing innovation. Our team built a brokerage firm focused on powerful, yet easy-to-use technology to reduce costs while providing the features and tools that futures traders desire.
“We have worked tirelessly to make sure we meet the needs of active traders – whether they already trade futures or want to participate in the burgeoning futures market based on their stock, options or forex trading experience. Tradovate is excited to help level the playing field for active retail traders by bringing FairX contracts to our clients commission-free and with zero fees.”
FairX will launch futures that are designed for retail traders who aim to get exposure to the stock market. The offering includes indexes that are highly correlated to some of the most actively traded instruments. The exchange’s small, simple, and accessible products will be commission-free at Tradovate’s cloud-based platform.
Neal Brady, CEO of FairX, said: “Tradovate has a strong following among active traders, and we appreciate the firm’s enthusiasm for our product lineup and our shared commitment to a quality, low-cost offering.
“The Tradovate team has placed great emphasis on providing a robust platform which traders can easily use from anywhere, making it a great fit for our contracts that are designed to trade around the clock, with product specifications tailored to individual investors.”
FairX launched the exchange to cater to active retail traders who may feel left out or swamped at the major futures exchanges that are dominated by the big players.
Many financial services firms have agreed to offer FairX products at launch and that includes TD Ameritrade, E*Trade Financial, ABN AMRO Clearing Chicago LLC, and others. These partnerships are very important for generating the initial momentum that is needed for any exchange.
The exchange will start with a list of products that includes futures on the Bloomberg US Large Cap Index, an index that tracks the largest 500 companies by market cap, the Bloomberg US Dollar Spot Index, which tracks the value of the U.S. dollar against a basket of international currencies, as well as the SuperTech Index, tracking 15 of the largest and most actively traded companies engaged in technology, media, and manufacturing industries.
The exchange is regulated by the CFTC as a Designated Contract Market (DCM). The company had already closed a few rounds of investment led by Hyde Park Venture Partners and it would be looking to use these funds to build a strong and reliable exchange.
