FXCM Group, online FX and CFD trading and cryptocurrencies provider announcing the launch of its UKOilSpot and USOilSpot CFD products.
The two new spot oil products represent the current spot price of West Texas Intermediate and Brent Crude. In the days leading up to contract expiration, customers may leave positions open indefinitely and avoid potentially thin liquidity.
Customers can choose whether to trade the current contracts, USOil and UKOil which have monthly expirations, being based on the front month futures contracts. Alternatively, they can trade perpetual USOilSpot and UKOilSpot positions which do not expire.
Both products, UKOilSpot and USOilSpot, have the same CFD contract sizing and pip costs as FXCM’s Futures Oil CFDs. The 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.
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