FXCM Group has launched its UKOilSpot and USOilSpot CFD products, which represent the current spot price of West Texas Intermediate and Brent Crude. These products allow customers to leave positions open indefinitely and avoid potentially thin liquidity in the days leading up to contract expiration.
The addition of the CFD products will now give customers the choice of trading either the current contracts, USOil and UKOil which have monthly expirations as they are based on the front-month futures contracts, or the perpetual USOilSpot and UKOilSpot positions which do not expire.
The retail FX and CFD broker has the same contract sizing and pip costs in both UKOilSpot and USOilSpot CFD and Futures Oil CFDs, but spot products have a daily financing fee for holding positions past 5pm EST, while existing futures products do not.
Brendan Callan, CEO of FXCM, said: “With the collapse of oil prices recently, many traders are thinking twice about which energy product to trade when looking to speculate. With the expansion of our oil offering, FXCM is catering to the increasing demand to trade oil markets, while providing traders with the opportunity to mitigate the risks that are associated with the futures markets.”
In May 2020, FXCM launched its StockBasket offering to customers on its Australian and South African entities. The 6 stock basket products combine the shares of multiple companies from one sector into a single tradeable instrument. Customers of the leading retail trading company will be able to use the StockBasket offering in order to speculate on sectors as a whole instead of having to select a single company. The 6 baskets available to retail clients are: Big US Tech (“FAANG”), Esports & Gaming (“ESPORTS”), Biotech, Cannabis, China Tech (“CHN.TECH”) and China E-commerce (“CHN.ECOMM”). FXCM plans to launch trading on more individual companies and stock baskets later this year.
It was in March 2020 that FXCM first announced it is expanding into equity trading with the launch of commission-free trading service in partnership with Interactive Brokers. Zero commission only applies to certain products up to a certain volume. FXCM Stocks will white-label the technology from Interactive Brokers and will offer trading for US, UK, Hong Kong, and European stocks.
In 2019, the US-based global forex brokerage firm enhanced its client product offering and trading experience by adding Trading Central, a provider of investment research and financial market commentary. The integration will help clients to receive expert views and institutional-grade trading strategies, including helping clients confirm their own views of potential risk/reward opportunities in the financial markets. Trading Central develops solutions for multiple platforms including MT4 and offers its clients access to the daily newsletter and other features.