FXOpen offers a spread cut of up to 40% for its ECN clients to fulfill every trader's dream of trading with a low spread.
FXOpen enhanced its service of ECN liquidity by cutting the forex spread by over 40%. The program automatically tightened average spreads, which should be interesting for traders. The average spread in this London-based broker is now as below:
- EURUSD 0.2 (data taken on 6th June vs. average spread data taken on 21st June)
- AUDUSD 0.3 (data taken on 21st June)
- USDJPY 0.4 (data taken on 21st June)
- USDCAD 0.5 (data taken on 21st June)
Spread is the ratio between the bid and ask, or sell and buy quotes. The brokers obtained their revenue from it. However, if they make it lower, they could attract more customers as a lower spread means a low budget for the traders.
"These tighter spreads have been introduced to save traders money, and with 13% of price updates resulting in a choice price in EURUSD, FXOpen is the ideal venue to execute high frequency and scalping trading strategies."
"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," Gary Thomson, FXOpen UK Chief Operating Officer, commented.
FXOpen is an experienced broker established in 2005 and legalized in London, Cyprus, and Australia, regulated by the FCA, CySEC, and ASIC, respectively. Depending on the jurisdiction, it offers ECN, STP, Micro, and Crypto trading accounts.