FXCM Crypto Spreads Continue to Show Strength in July
FXCM Group, an international provider of online foreign exchange (forex) trading, CFD trading and cryptocurrencies has published its execution quality metrics for the month of July 2019.
Taking a look at the results, the trading provider achieved higher rates across its average spreads for cryptocurrency and certain forex instruments during the seventh month of the year.
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For the cryptocurrency pairs, the company averaged 42.5 pips on BTC/USD (Bitcoin/US dollar). This is notably higher than the average spread reported in the previous month, which was 30.8 pips for the pair.
July’s figure has also risen from May’s value of 28.2 pips for BTC/USD. As Finance Magnates reported, at the time, May’s result was stronger than the average reported in the first quarter of 2019, which was 25 pips.
Since April of this year, cryptocurrencies have been on the rise. For Bitcoin, the price for the digital asset spiked in June and then again in July, noting some of its strongest performance since the end of 2017 and the beginning of 2018.
For the Ethereum and Litecoin instruments, FXCM charged on average 2.1 and 0.8 pips, respectively. Both of these averages are also a touch higher from the months prior.
FXCM: FX instruments remain largely unchanged in July
Moving on to forex instruments, the GBP/USD achieved the highest average spread at 0.6 pips during the month of July. This is slightly higher than the average spread reported in the previous month, which was 0.5 pips.
The EUR/USD and AUD/USD currency pairs both noted an average spread of 0.2 pips in July of 2019. On a month-on-month comparison, the average spread for the EUR/USD pair has increased by 0.1 pip, the AUD/USD average spread remains unchanged.
Measuring these figures against the same month of the previous year, July of 2018, the results are largely the same. In July of last year, the average spread for the EUR/USD currency pair was 0.2 pips, the same as last month, and for the AUD/USD, the broker reported an average spread of 0.3 pips.
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