FXOpen, a globally licensed forex and CFD broker, announced on January 16th, 2023, that it had increased the scope of its product portfolio. The broker highlighted the introduction of its commission-free trading services for its retail clients. These services cover FX, shares CFDs, index CFDs, cryptocurrency CFDs and commodities CFDs. (The best CFD Trading Brokers)
Details of FXOpens Commission-Free Trading
The introduction of commission-free brokerage services was pioneered by the American broker Robinhood in 2019 and has become a major game changer ever since. Many brokers have changed their marketing approach to include zero-fee services to draw in more customers. It is no surprise that the FXOpen has also embraced this idea.
FXOpen launched commission-free index trading upon its partnership with TradingView, a professional charting and trading platform. This partnership, according to FXOpen, is to widen its repertoire of services and allow its clientele to communicate and exchange ideas on the industry-leading charting and trading platform.
Speculations about the launch suggest a likely removal of the commission fees for index trade on an FXOpen ECN account. FXOpen has been committed to increasing ECN liquidity to give traders low spreads. A good indication of this move is the FXOpen’s improved trading conditions in mid-2022 to offer its traders the lowest spreads possible.
In reacting to this development, the Chief Operating Officer of FXOpen UK, Gary Thomson, stated that the broker would maintain its commitment to affordable trading. In his words, “We understand how important commission-free trading is for clients, so we are delighted to announce that all clients can now trade commission-free on index CFDs, regardless of volume.”
FXOpen provides a wide range of trading services across over 600 markets. To maintain a decent profit margin, however, its most recent initiative to promote commission-free trading is restricted to only its index CFDs. (Check out the best ECN Forex Brokers in 2023)
FXOpen was established in 2005 and has evolved to become a global network of brokerages in Cyprus, Australia, and the United Kingdom. To conduct trades in currency pairs, CFDs, precious metals, and cryptocurrency pairs, FXOpen offers its clientele access to the electronic communication network (ECN).
FXOpen has been awarded numerous times as a leading broker for its services. Some of these awards include the Falcon Award for the Best Trading Platform, the Best ECN Broker of 2012 by the Masterforex-V International Trading Academy, the Best Forex Broker of 2009, and the Best Middle East and Asia Broker of 2009.
To increase the size of its clientele, FXOpen is currently open to both professional and retail traders. According to many speculators, this move is a step in the right direction for the industry leader.