Japanese retail Forex broker Monex FX, part of Monex Group, Inc. (TYO:8698), has earlier today announced the launch of a spread reduction campaign.
The campaign, to run from November 2, 2015 to December 19, 2015, will benefit users of Monex FX Premium. In particular, spreads will be cut on positions with four currency pairs: USD/JPY, EUR/JPY, AUD/JPY and EUR/USD.
The new spreads will be at 1 pip for EUR/USD, EUR/JPY and AUD/JPY, with the new spread for USD/JPY to be at 0.5 pip.
To assess the difference, let’s mention that the previous typical spread for a EUR/JPY position with a size of 100,000～2,000,000 currency units was 2.2 pips. Let’s take another example: the typical spread for a EUR/USD position with a size of 1,000～99,000 currency units was 2 pips.
Users of the Monex FX Premium service do not have to submit any applications to make use of the new spreads. The reduced spreads will automatically apply to trades in the four currency pairs during the above-mentioned period.
To find out more details about the spread reduction, click here.