FXOpen Cuts Forex Spreads By 40%
FXOpen has enhanced its ECN trading capabilities to reduce spreads on its selection of forex assets. As a result, the popular FX and CFD broker is now offering some of the lowest trading costs in the industry.
The reduction in fees is particularly good news for active traders employing scalping strategies and high-frequency trading systems. Improved profit margins across a large volume of trades will add to returns over the long term.
Average spreads on popular forex pairs now come in at:
- EUR/USD – 0.2 pips
- AUD/USD – 0.3 pips
- USD/JPY – 0.4 pips
- USD/CAD – 0.5 pips
FXOpen UK Chief Operating Officer, Gary Thomson, commented: “These tighter spreads have been introduced to save traders money with 13% of price updates resulting in a choice price in EUR/USD.”
Thomson added: “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.”
The technology underpinning ECN trading enables brokers to offer tighter spreads and faster executions alongside higher leverage.
Electronic Communication Network (ECN) brokers essentially allow traders to enter competing bids against each other. Instead of orders being passed to market makers who take the opposite side of a trade, ECN platforms match buyers directly with sellers.
Importantly, ECN brokers are major sources of liquidity for retail investors vs big market makers like hedge funds and large banks. ECN trading solutions are particularly popular with forex investors, providing greater transparency.
FXOpen is an award-winning online broker regulated by the Australian Securities & Investments Commission (ASIC) and the UK Financial Conduct Authority (FCA). The firm started as an education centre before transitioning into a global brokerage in 2005.
The brand offers trading opportunities on over 50 currency pairs, a handful of indices, plus commodities and cryptos. FXOpen supports both the MetaTrader 4 and MetaTrader 5 platforms, plus TickTrader, an ECN trading terminal suitable for beginners and seasoned investors.
Use the sign-up link below to open an account and capitalize on the broker’s ultra-tight forex spreads.