LONDON and SYDNEY, Australia and JOHANNESBURG, South Africa, Feb. 19, 2020 (GLOBE NEWSWIRE) -- FXCM Group, LLC (‘FXCM Group’ or ‘FXCM’), a leading international provider of online foreign exchange and CFD trading, has today announced major updates to its crypto offering including record low crypto spreads for the platform in the month of January 2020. This announcement showcases FXCM’s commitment to providing a diverse range of products – from traditional FX to crypto – for retail and institutional clients.
January 2020 was record month for FXCM’s Crypto division, as they announced the lowest spread ever across its current crypto offering, Bitcoin, Ethereum, Ripple (XRP), Litecoin and Bitcoin Cash. (See table below)
| December 2019 Average Spreads* | January 2020 Average Spreads* | Average Spread rates difference: January 2020 vs December 2019 | ||
| BTC/USD | 40.76 | 27.54 | (32.43%) | |
| ETH/USD | 1.86 | 0.96 | (48.39%) | |
| XRP/USD | 0.0060 | 0.0019 | (68.33%) | |
| LTC/USD | 0.55 | 0.2 | (63.63%) | |
| BCH/USD | 4.15 | 3.33 | (19.76%) | |
This news comes at a time where FXCM has announced an extension to its trading hours across all crypto instruments. From the 1st March 2020, FXCM’s trading hours will be extended for all crypto instruments. Trading will open Sunday at 23:00 GMT and will then close on Friday at 20:45 GMT, with traders no longer experiencing a daily market break.
Supporting both these announcements is the launch of two new cryptocurrency CFDs on the platform – EOS and Stellar (XLM)**. With these additions, FXCM now offers CFD trading options for the majority of the world’s most popularly traded cryptocurrencies.
Michael Kamerman, Managing Director at FXCM commented: “Since we launched our cryptocurrency offering with our Bitcoin CFD product, cryptos have risen to become one of our most popularly traded asset classes.”
“In January, we experienced record volumes in cryptocurrency CFDs. With low spreads and a diverse mix of instruments, it’s clear that customers are responding positively to our crypto offering.”
ENDS
*These highlights come from orders that executed through FXCM Group from 1 December 2019 to 31 January 2020. Data excludes certain types of non-direct clients. Time-weighted average spreads are derived from tradable prices at FXCM from 1 December 2019 to 31 January 2020. Spreads are variable and are subject to delay. The spread figures are for informational purposes only. FXCM is not liable for errors, omissions or delays or for actions relying on this information.
** Please note, currently these new products are in an initial launch phase and are only available to clients who have applied for a live or demo account directly with FXCM Markets Limited (“FXCM Markets”).
About FXCM:
FXCM is a leading provider of online foreign exchange (FX) trading, CFD trading, and related services. Founded in 1999, the company's mission is to provide global traders with access to the world's largest and most liquid market by offering innovative trading tools, hiring excellent trading educators, meeting strict financial standards and striving for the best online trading experience in the market. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. In addition, FXCM offers educational courses on FX trading and provides trading tools, proprietary data and premium resources. FXCM Pro provides retail brokers, small hedge funds and emerging market banks access to wholesale execution and liquidity, while providing high and medium frequency funds access to prime brokerage services via FXCM Prime. FXCM is a Leucadia Company.
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. The products are intended for retail, professional and eligible counterparty clients. Retail clients who maintain account(s) with Forex Capital Markets Limited ("FXCM LTD"), could sustain a total loss of deposited funds but are not subject to subsequent payment obligations beyond the deposited funds but professional clients and eligible counterparty clients could sustain losses in excess of deposits. Prior to trading any products offered by Forex Capital Markets Limited, inclusive of all EU branches, FXCM Australia Pty. Limited, FXCM South Africa (PTY) Ltd, any affiliates of aforementioned firms, or other firms within the FXCM group of companies [collectively the “FXCM Group”], carefully consider your financial situation and experience level. If you decide to trade products offered by FXCM Australia Pty. Limited (“FXCM AU”) (AFSL 309763), you must read and understand the Financial Services Guide, Product Disclosure Statement, and Terms of Business. Our FX and CFD prices are set by us, are not made on an Exchange and are not governed under the Financial Advisory and Intermediary Services Act. The FXCM Group may provide general commentary, which is not intended as investment advice and must not be construed as such. Seek advice from a separate financial advisor. The FXCM Group assumes no liability for errors, inaccuracies or omissions; does not warrant the accuracy, completeness of information, text, graphics, links or other items contained within these materials. Read and understand the Terms and Conditions on the FXCM Group’s websites prior to taking further action. Read full disclaimer.
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