Monex Cuts Spreads on Tradable Forex Offering

Japan’s Monex is axing spreads on 13 currency pairs – the offering is valid until the end of April, 2016.

Japanese foreign exchange brokerage Monex announced this week the launch of a spread-cutting campaign for thirteen currency pairs on the tradable trading platform. The campaign began on March 7, 2016, and will last until April 30, 2016. According to the company, the duration may be extended depending on customers’ interest.

Among these currency pairs we can find mainly Japanese yen assets and several majors. In the case of USD/JPY spreads start from 1.2pips, and for AUD/USD, GBP/USD and EUR/USD from 2.0pips to 2.4pips. The full table of currency pairs included in the reduced spreads campaign showing the minimum values can be found below:

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Monex-Spread-Cutting-Campaign

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Tradable platform members do not have to register for the spread-cutting offer – it is automatically assigned to each client. The broker stresses however that the spreads’ values are not fixed. There is a possibility that increased market volatility – caused by macroeconomic data readings, lower liquidity, etc. – may lead to spreads’ extension.

It is worth noting that Monex is one of the first Japanese FX brokerages which has added the tradable platform to its offering. Currently, the firm grants access to the desktop, web-based and mobile versions of the software – the latter was made available to customers in the second half of 2015.

In early March, Finance Magnates published the results of the Monex Group’s business metrics for February 2016. The report showed the highest foreign exchange trading volumes of the last twelve months (+33.6% year-over-year from $32.1 billion in February 2015).

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