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.
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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.
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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.
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