The opaque currency trading markets are getting a bit more clear, thanks to FXCM.
FXCM, a global online provider of foreign exchange trading and related services, announced that its U.S. subsidiary FXCM U.S. has introduced a new retail FX pricing model. FXCM U.S. platforms will now display raw spreads and mark-ups previously included in the spread will be separately displayed as a commission.
FXCM’s new pricing model allows retail traders to easily scalp the market, while providing increased execution benefits to stop and limit orders. Furthermore, FXCM clients will continue to benefit from no re-quotes, fast, efficient and transparent execution, with no restrictions, along with a comprehensive suite of educational services through DailyFX.com.
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“We are excited to offer raw spreads with no mark-ups on all currency pairs as it will provide clients with a superior and transparent Forex trading experience,” said Drew Niv, chief executive of FXCM. “As part of FXCM’s commitment to its clients, we are taking pricing and broker service transparency to a new level and bringing greater opportunities to clients.”
As part of this new service introduction, FXCM has also reduced client trading costs. According to its own data, usage of the new system reduces trading costs on average by 50 percent for the top 14 currency pairs.
The FXCM platforms will now display raw spreads from one of its 15 different liquidity providers streaming prices into the FXCM no dealing desk execution system.
The U.S. is the fifth region to begin migrating new and existing clients to this transparent pricing model. The U.S. entity has also raised the open retail account minimum from $50 to $2,000. Other select targeted jurisdictions began offering a similar commission structure and raised their account minimums as well.