FXCM Group, LLC, a provider of online trading, has announced this Thursday that it has expanded its product offering to now include commission-free equity trading, in collaboration with Interactive Brokers.
The new service is named FXCM Stocks, and the foreign exchange (Forex ) trading provider will create a dedicated online and mobile trading portal where it will offer the new service.
According to the statement released by the broker this Thursday, it will white-label technology from Interactive Brokers to provide the new service. It is worth pointing out that the commission-free service only applies to certain products up to a certain volume.
FXCM joins the commission-fee race
Commission-free stock trading, or commission-free trading in general, has become a growing trend in the trading industry, with Charles Schwab, JFD Brokers, Robinhood, and many others offering some form of zero-fee service.
The competition has really been heating up in the United States. In fact, within the span of just a few weeks, nearly all US online brokers eliminated commissions, which has caused brokers and trading providers to become increasingly creative with their offering.
Robert Lande, President of FXCM
Source: LinkedIn
Commenting on the new offering, Robert Lande, President of FXCM, said in the statement: "FXCM's expansion into commission-free* equity trading marks an important milestone for the company."
"Since our launch, we have been resolute in our mission to provide the best trading experience, execution and educational tools, while lowering costs for customers. Our collaboration with Interactive Brokers, a world-renowned broker-dealer which connects to exchanges in more than 125 markets in 31 countries, is a continuation of this mission."
"FXCM Stocks offers a unique potential opportunity for retail traders to benefit from commission-free trading, along with access to cutting-edge trading technology from two global market leaders. With this new service, I expect our clients to be able to benefit from competitive pricing, efficient execution speeds and lower transaction costs when trading with us."
