FXCM (NYSE:FXCM) has begun inviting traders to sign up within the list of those wishing to be among the first to experience a new product offering by the broker: single share CFDs. The landing page promises an innovative way to trade contracts for difference based on the stock of a single company, access to hundreds of single share CFDs, low minimum investments, no conflict of interest and no requotes.
The list of instruments will consist o CFDs on shares in companies which include:
– JPMorgan Chase & Co
– The Walt Disney Company
– Ford Motor Company
– Royal Bank of Scotland
– Amazon.com Inc
– Google Inc
– Vodafone Group
– General Electric
– Lloyds Banking Group
The announcement of the pending launch comes after it became clear that FXCM Stock Trading, a UK-based subsidiary of the broker, will be offering single share CFDs to clients in Europe via the Phoenix platform. The requirements for the service, however, include a minimum initial deposit of GBP 20,000, an amount which is hardly acceptable for a retail trader. It could be that FXCM will be changing the trading terms for the service it provides on the Phoenix platforms, so that this type of trading is accessible to a wider clientele. Another possibility is that the broker will be launching a separate, brand new service for stock CFDs for retail traders – maybe on one of its other platforms.
The date of the launch of the single-share CFDs by FXCM has not been announced. The broker says it is now focusing on implementing the new raw spreads model, which was officially introduced in the US just a couple of days ago and has resulted in a totally new way of calculating transaction expenses and in significantly (up to 50%) reduced spreads.
The broker has now an increased clientele to cater after acquiring the retail FX business of FXDD in the spring of 2014 and taking over the retail MT4 accounts of IBFX in the US and Australia earlier this month. FXCM is obviously seeking to lure traders with lower spreads and new products to trade.
The broker is set to face some fierce competition in the stock CFD market in Europe and Australia, thanks to other big players like IG Group.
Those wishing to register can do so by clicking here.