City Index, one of Gain Capital’s brands, announced it is reducing the spreads on some major forex pairs. AUD/USD, EUR/USD and USD/JPY will now be priced from just 0.5 pts and GBP/USD will be priced from 0.8 pts.
According to the broker, the move signals a shift from fixed to variable spreads and promises to offer traders better value than ever before.
“Our decision to tighten our spreads on major FX pairs highlights our continuing commitment to delivering the best possible value to our traders,” said Samantha Roady, President of Retail at GAIN Capital. “Moving our FX spreads to variable allows us to better reflect available market liquidity, while lowering the overall cost of trading for our clients. Our new FX spreads are amongst the best in the market and reflect the substantial FX liquidity of our parent company, GAIN Capital, one of the world’s largest retail brokers,” she added.
City Index is one of the brands of Gain Capital. It offers trading in 10 000 forex pairs, CFDs on indices, commodity and equity markets and spread betting in the UK. City Index was established in the UK in 1983. It operates the brands City Index, Finspreads, FX Solutions and IFX Markets brands with core markets in the UK, Middle East and the Asia Pacific.
In October 2014 City Index it entered into an acquisition agreement with Gain Capital. The deal was completed several months later and Gain Capital bought City Index for $118 million, or a net purchase price of $82 million, including $36 million in cash on the company’s balance sheet.
Gain Capital is the second-largest US forex and CFD broker, operating the brands Forex.com, City Index, the multi-dealer foreign exchange trading platform for institutions and futures group GTX, as well as the advisory CFD business Galvan and futures provider, Daniels Trading. It also offers white-label solutions for online forex trading companies.