Brokers become more and more inventive in order to attract more clients during hectic times of UK referendum. In addition to lowering its maximum leverage levels, ECN FX broker Vipro Markets announced it will not charge commissions on all FX pairs during the Brexit week.
In normal market conditions the company charges commission fees amounting to 2 USD and 1.6 USD (per standard lot per side) for ECN and VIP accounts, respectively. Such ECN commission rates are considered quite low in the forex industry. What is more, ECN environment is accessible with just $25 minimum initial deposit.
Vipro Markets has also announced it has temporarily increased margin requirements on all GBP and EUR currency pairs as well as some indices, which is a common practice among FX brokers these days. Most brokers have hiked their margins as a preventive measure against high market volatility, lack of liquidity, widened spreads, and other extreme market moves, which are expected to occur due to the Brexit vote.
Vipro Markets` margin requirement during the Brexit will be increased until market close on June 24, as follows:
- 4% margin requirement for all GBP pairs (standard 0.2%);
- 1% margin requirement for all EUR pairs (standard 0.2%);
- 5% margin requirement for UK100 index (standard 1%).
Valerijus Ovsianikas, CEO of Vipro Markets, comments: “Vipro Markets has always had a mission to help our Clients succeed in trading. I believe that by offering commission-free trading during the Brexit week our Clients can cost-effectively improve their profitability whether they are active traders or hedgers.”
Headquartered in Limassol, Vipro Markets Ltd is a global STP/ECN broker authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) and also registered with a number of EU authorities. It offers trading in more than 60 currency pairs, CFDs and precious metals on the most widely used MetaTrader 4 platform.