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Abstract：Forex brokers around the globe are starting to offer commission-free trading services, and FXOpen is the newest broker to join in this bandwagon.
With the introduction of commission-free trading services for its retail clients, FXOpen has joined the zero-free bandwagon. The broker said on Monday that it would no longer charge commission for any index trades executed using an FXOpen ECN account.
According to Gary Thomson, the Chief Operating Officer of FXOpen UK, FXOpen will be showing continuous commitment to ensure trading is as economical as possible in 2023. In conjunction with that, FXOpen now offers commission-free index CFDs trades, regardless of volume. The broker company will strive to constantly improve the ECN liquidity to keep providing the greatest trading experience to their clients.
FXOpen, which was founded in 2005, provides counterparty trading services in more than 600 markets, including foreign exchange, index CFDs, equities CFDs, commodities CFDs, and cryptocurrency CFDs. However, their most recent initiative to offer commission-free trading is only applicable to one kind of provided instrument.
As a result of its operations and the licences it holds in the UK, Cyprus, and Australia, FXOpen has a footprint worldwide. The parent company of the FXOpen brands, which is based in the UK, generated £611,705 in revenue in 2021, an increase of about 146 per cent year over year. But the business finished the year with a net loss of £456,913.
The growing clientele in the UK and worldwide, which resulted from its business strategy, drove up its income. Additionally, it is expanding its clientele by bringing on both professional and retail traders. However, the business withheld any metrics regarding client numbers.
The development of commission-free brokerage services was pioneered by the American broker Robinhood. In order to implement zero-fee services, it even forced established brokerage companies to modify their business models. To entice retail customers, counterparty brokers, who operate differently, also introduced commission-free services for some of their products.
Other forex and CFD companies offering commission-free trading besides FXOpen include RoboMarkets, FXTM, CMC, ActivTrades, FXCM, eToro, and numerous others. However, they only offer commission-free services for trading in equities and indexes.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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