FXCM Made Spreads Adjustments on Major Currency Pairs Down By 54%  

The new pricing is designed to make FXCM “more competitive than ever before.”

The lowest decreases were seen in the GBP/AUD and EUR/JPY pairings.

The Forex Capital Markets (FXCM) Group, a provider of online forex and contracts for difference (CFD) trading services, announced spread reductions on key currency pairs and indices on its platform on Monday.

The Australian and US dollar (AUD/USD) currency pair saw the worst decrease, falling 54 percent to 0.85, according to the broker.

However, FXCM confirmed that the spread pricing reductions now apply solely to TS2 accounts.

“In the future, FXCM wants to make similar modifications to MT4 accounts.” “Because MT4 is a third-party platform, there are extra technological obstacles when it comes to implementing price modifications,” the broker said.

The new spreads will also be offered to customers of Forex Capital Markets Limited, FXCM EU Limited, and FXCM Australia Pty. Limited, according to the business.

FXCM's Chief Executive Officer (CEO), Brendan Callan, said that the change is intended to make the broker's price “more competitive than ever before.”

“In recent months, large fluctuations in world currencies, such as the Euro's collapse versus the dollar, have offered opportunities for ordinary investors, propelling many to the FX market,” said Callan.

The FXCM CEO went on to say that the Jefferies Financial Group-owned broker is still dedicated to providing great execution and “the best possible experience” for its customers.

FXCM Introduces New Spreads

According to FXCM statistics, the EUR/USD pair had the second greatest spread drop. This pair was modified to 0.78, a -0.6 or 43 percent difference from the previous price.

The EUR/GBP rate has been cut by 36% to 1.39.

In terms of percentage decrease, USOil commodity trading comes in second. The revised spread is 2.98, representing a -1.3 or 30% adjustment.

GBP/AUD and EUR/JPY had the lowest decreases. These currency pairings' spreads were lowered by -0.3, or 7%, and -0.2, or 8%, respectively.

'Client First, Trader Second'

According to a press release from FXCM, the spread price decrease is in accordance with the brokerage company's “customer first, the trader is driven” credo.

FXCM further said that it is committed to providing great execution.

According to the subsidiary firm's June 2022 Slippage Statistics Report, 84 percent of all orders on its platform had positive or zero slippage.

“This indicates that transactions were completed at or above the rate the customer clicked on with FXCM,” the broker added.

FXCM also announced that it has just quadrupled its share offers in France, Germany, and the United Kingdom.

The firm also said that it has lately begun offering Australian single share CFD trading.

FXCM said that it intends to “improve the service given to customers” by eliminating the data charge and commission.

Meanwhile, FXCM appointed Paul Gyles as its new Chief Marketing Officer earlier this month. Gyles will be responsible for the broker's branding and marketing efforts.

Source of WikiFX exclusively revealed in May that Ilies Larbi, a well-known personality in the forex sector, has left FXCM to create Ouinex, a crypto exchange based in France.

Larbi, who began his career as a sales associate at FXCM in 2007, spent over 15 years there.

FXCM on WikiFX

WikiFX rates forex brokers based on their validity and how they handle their investors. FXCM has a high WikiFX rating, which essentially implies that it is regulated and permitted to operate. According to WikiFX's field study, FXCM has a physical office where they operate at 20 Gresham Street, Fourth Floor, London EC2 7JE, United Kingdom. WikiFX evaluated FXCM as excellent when it came to investor management since they only had a few complaints from their traders all around the world.

Licenses

You may visit FXCM dealer page on WikiFX to know more.

How does WikiFX rate a certain forex broker？

WikiFX has a set of scoring standards that are based on the following:

License Index: The WikiFX legal team conducts a full review of the legitimacy and worth of the broker's license via different methods, such as queries on the regulatory authority's website and telephone and mail correspondence with the regulatory authorities.

Business Index: The WikiFX Corporate Consultant and the Global Eye System use the Operation Compliance Verification Model, the Business Sustainability Assessment Model, and the Business Lifecycle Verification Model to conduct a systematic examination of the complete level of the broker's business.

Risk Management Index: A systematic review of real-time monitoring of over 40 criteria by the WikiFX risk management team and the WikiFX cloud system, including the broker's command execution index, client capital static index, worldwide public opinion index, liquidity index, and credit index.

Software Index: WikiFX data engineers and test engineers conducted a thorough review of the dynamic tracking test and technology of more than 20 indicators, including the authenticity of the software and software security, stability, and order execution speed.

Regulatory Index: The WikiFX compliance and audit team uses regulatory grading standards, regulatory actual values, regulatory utility models, and regulatory abnormality prediction algorithms to provide a quantitative evaluation of the degree of broker regulation.

What exactly is FXCM？

FXCM continues to be one of the most competitive options for traders, particularly those seeking algorithmic trading solutions. FXCM provides MT4, NinjaTrader, and ZuluTrade in addition to its proprietary Trading Station. Capitalise AI, its most recent innovation, enables traders to automate tactics in an easy-to-use, code-free environment. In addition, FXCM offers six specialty platforms for algorithmic traders and fully supports API trading. FXCM Plus offers excellent research to customers, while new traders benefit from great training resources. I investigated FXCM to see whether it lives up to its goal statement of putting clients first and traders first. Is FXCM committed to providing traders with favorable trading conditions？

Pros

• A fantastic selection of trading platforms with specific support for algorithmic trading.

• Deep liquidity, order execution transparency, and monthly slippage figures

• Low-cost commission-based pricing with a volume-based rebate scheme

• FXCM Plus provides high-quality research and instruction.

Cons

• Slightly restricted asset selection

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