<p>FXOpen has jumped into the zero-free bandwagon by launching commission-free trading services for its retail customers. Announced on Monday, the broker removed the commission fees for any index trades placed on an FXOpen ECN account.</p><p>FXOpen Launches Commission-Free Trading</p><p>“FXOpen’s ongoing commitment to ensure trading is as affordable as possible, continues into the new year of 2023,” said Gary Thomson, the Chief Operating Officer of FXOpen UK.</p><p>“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 <a href=”https://www.financemagnates.com/terms/l/liquidity/” target=”_blank” id=”47c3bef3-27ee-4953-8504-159e1b829b33_1″ class=”terms__main-term”>liquidity</a>, allows FXOpen to continue to offer our clients the best possible trading experience.”</p><p>Established in 2005, FXOpen offers counterparty trading services in over 600 markets, including FX, index CFDs, <a href=”https://www.financemagnates.com/forex/brokers/fxopen-extends-share-cfds-offering-to-aussie-clients/” target=”_blank” rel=”follow”>shares CFDs</a>, commodities CFDs, and <a href=”https://www.financemagnates.com/forex/brokers/crypto-derivatives-ban-fxopen-stops-offering-crypto-cfds-in-uk/” target=”_blank” rel=”follow”>cryptocurrency CFDs</a>. However, its latest move to introduce commission-free trading is limited to only one type of offered instrument.</p><p>FXOpen has a global presence as it operates through its licenses obtained in the United Kingdom, Cyprus, and Australia. The UK-registered parent of the FXOpen brands <a href=”https://www.financemagnates.com/forex/brokers/fxopen-parent-sees-146-fy21-revenue-jump-as-client-base-expands/” target=”_blank” rel=”follow”>generated £611,705 in revenue</a> in 2021, which is a yearly increase of almost 146 percent. However, the company ended the year with a net loss of £456,913.</p><p>Its revenue was pushed by the expanding client base in the UK and globally, which came as a part of its corporate strategy. It is also broadening its client base by onboarding both professional and retail traders. However, the company did not reveal any metrics around client figures.</p><p>Check out the Virtual Vision Finance session on ” The Costs of Free Stock Trading.”</p><p>FXOpen Joins Other Brokers to Offer Zero-Free Trading</p><p>The American broker <a href=”https://www.financemagnates.com/forex/products/silicon-valley-disrupt-wall-street-fintech-startup-launches-commision-free-trading-app/” target=”_blank” rel=”follow”>Robinhood</a> popularized the trend of commission-free brokerage services. It even pushed legacy brokerage houses to restructure their business model for introducing zero-fee services. Counterparty brokers, which operate differently, also launched commission-free services for some of their offerings to lure retail customers.</p><p>Apart from FXOpen, some of the other <a href=”https://www.financemagnates.com/terms/f/forex/” target=”_blank” id=”6faa6714-7f7b-4d23-b1c5-c0d40807d613_1″ class=”terms__secondary-term”>forex</a> and CFD brands offering commission-free trading are <a href=”https://www.financemagnates.com/forex/brokers/robomarkets-launches-commission-free-trading-on-us-stocks/” target=”_blank” rel=”follow”>RoboMarkets</a>, FXTM, CMC, ActivTrades, FXCM, eToro, and many more. However, their commission-free services are limited to stocks and index trading.</p>
This article was written by Arnab Shome at www.financemagnates.com.
