FXOpen has jumped into the zero-free bandwagon by launching commission-free trading services for its retail customers. Announced on Monday, the broker removed the commission fees for any index trades placed on an FXOpen ECN account.

FXOpen Launches Commission-Free Trading

“FXOpen’s ongoing commitment to ensure trading is as affordable as possible, continues into the new year of 2023,” said Gary Thomson, the Chief Operating Officer of FXOpen UK.

“We understand how important commission-free trading is for our clients, so we are delighted to announce that all clients can now trade commission-free on index CFDs, regardless of volume. This, coupled with our ongoing enhancements to the ECN liquidity , allows FXOpen to continue to offer our clients the best possible trading experience.”

Established in 2005, FXOpen offers counterparty trading services in over 600 markets, including FX, index CFDs, shares CFDs, commodities CFDs, and cryptocurrency CFDs. However, its latest move to introduce commission-free trading is limited to only one type of offered instrument.

FXOpen has a global presence as it operates through its licenses obtained in the United Kingdom, Cyprus, and Australia. The UK-registered parent of the FXOpen brands generated £611,705 in revenue in 2021, which is a yearly increase of almost 146 percent. However, the company ended the year with a net loss of £456,913.

Its revenue was pushed by the expanding client base in the UK and globally, which came as a part of its corporate strategy. It is also broadening its client base by onboarding both professional and retail traders. However, the company did not reveal any metrics around client figures.

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FXOpen Joins Other Brokers to Offer Zero-Free Trading

The American broker Robinhood popularized the trend of commission-free brokerage services. It even pushed legacy brokerage houses to restructure their business model for introducing zero-fee services. Counterparty brokers, which operate differently, also launched commission-free services for some of their offerings to lure retail customers.

Apart from FXOpen, some of the other forex and CFD brands offering commission-free trading are RoboMarkets, FXTM, CMC, ActivTrades, FXCM, eToro, and many more. However, their commission-free services are limited to stocks and index trading.