FXOpen Clients Yielding Big From Commission-Free Offer
FXOpen retail traders have a reason to smile after receiving a commission-free trading service. The introduction of the service is intended to increase trading in the broker’s database. The commission fee will not apply to any index trades set on the FXOpen ECN account.
“FXOpen’s ongoing commitment to ensure trading is as affordable as possible continues into the new year of 2023,” the Chief Operating Officer of FXOpen UK, Gary Thomson said.
“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.”
For 18 years, FXOpen has been providing comprehensive trading services in over 600 markets. The services include FX, CFDs, shares CFDs, cryptocurrency CFDs, and index CFDs.
Besides gaining credit for launching the commission-free trading services, the program will be restricted to one type of instrument offered.
FXOpen has deepened its grassroots in different jurisdictions globally. The broker presence has prevailed greatly in Cyprus, Australia, and the United Kingdom. In 2021, the brokerage generated revenue of £611,705, a yearly increase of 146 percent. However, the company earnings for the year, 2022 sank to £456,913, a 26% decrease.
Despite the loss, FXOpen has gained more clients in the UK, which has been regarded as the main boost in revenue generation. The company has also focussed on bringing on board both experienced and learning traders. However, the brokerage declined to disclose its client base numbers.
Commission-Free Strategy Taking Heat
The commission-free strategy has been a chase initialized by a popular American broker, Robinhood. The program forced brokerage firms to deviate their operation strategies to cope with the new zero-free services. The trend was conveyed to more financial firms that offer different services from trading.
However, most of the companies offering commission-free services are limited to stocks and index trading. These companies include FXTM, CMC, eToro, RoboMarkets, ActivTrades, and many more.