The Forex Capital Markets (FXCM) Group, a provider of online forex and contracts for difference (CFD) trading services, on Monday announced a decrease in the spreads on major currency pairs and indices on its platform.
The Australian and US dollar (AUD/USD) currency pair got the biggest reduction; they are now down to 0.85, which is a 54% drop, the broker disclosed.
At the moment, the decreases in spread prices are applicable to only TS2 accounts, FXCM clarified.
“FXCM intends to apply similar changes to MT4 accounts in the future. MT4 is a 3rd party platform and, therefore, there are additional technical challenges when it comes to making pricing changes,” the broker said.
In addition, the company noted that the new spreads will be available for clients under Forex Capital Markets Limited, FXCM EU Limited, and FXCM Australia Pty. Limited.
Brendan Callan, the Chief Executive Officer (CEO) of FXCM, observed that the move is geared at making the broker’s pricing 'more competitive than ever before'.
“In recent months, big swings in global currencies such as the Euro’s decline against the dollar have created opportunities for retail investors, driving many towards the FX market,” Callan said.
FXCM's CEO added that the Jefferies Financial Group-owned broker remains committed to offering quality execution and 'the best possible experience' for the company’s clients.
FXCM's New Spreads
According to data shared by FXCM, the EUR/USD pair got the second largest spread decrease. This pair was adjusted to 0.78, differing from the old price by -0.6 or 43%.
EUR/GBP follows: It was reduced by 36% to 1.39.
Percentage-wise, USOil commodity trading follows in terms of percentage reduction. The new spread is 2.98 or an adjustment of -1.3 or 30%.
GBP/AUD and EUR/JPY got the smallest reductions. The spreads of these currency pairs were reduced by -0.3 or 7% and -0.2 or 8%, respectively.
‘Client First, Trader Driven’
According to a press statement by FXCM, the reduction in spread pricing is in line with the brokerage's "client first, trader driven" mantra.
FXCM further emphasized that it is dedicated to delivering quality execution.
Citing the June 2022 Slippage Statistics Report, the subsidiary firm noted that 84% of all orders on its platform got positive or zero slippage.
“This means those trades were executed at the rate the client clicked on or better with FXCM,” the broker explained.
Furthermore, FXCM said it recently doubled its share offerings in France, Germany and the United Kingdom.
On top of that, the broker said it recently launched its Australian single share CFD trading.
FXCM said it wants to “enhance the service provided to clients” with a zero data fee and commission.
Meanwhile, FXCM earlier this month hired Paul Gyles as its new Chief Marketing Officer. Gyles is focusing on the broker’s branding and marketing strategies.
In May, Finance Magnates reported exclusively that Ilies Larbi, a popular figure in the forex industry, departed FXCM to launch Ouinex, a crypto-exchange with headquarters in France.
Larbi, who started as a sales associate in 2007 at FXCM, spent almost 15 years of his career at the brokerage.
