International CFDs and Forex broker FXOpen announced on Wednesday that they have expanded their offering in Australia to include CFDs. The services will be available through the firm’s local subsidiary FXOpen AU.
According to FXOpen’s official statement, there will be over 100 company stock CFDs offered to clients with ECN accounts. The CFDs will include shares from some of the best US stocks including Tesla, Facebook as well as Amazon.
The statement also said that the broker will offer a 1:5 leverage on US stock CFDs. FXOpen stated too that the offers will feature no dealing desk or restrictions.
Higher Demand for Global Equities
The move to expand global equity products comes as worldwide demand for equity continues to grow. Meanwhile, FXOpen is well-recognized for offering ECN pricing on FX trading pairs. In the earlier news, the brokerage firm also extended its offering with share CFDs in addition to its UK-based clientele.
The firm said that the expansion to Australia is due to rising demand for the particular equity market product. FXOpen plans to increase its global reach to meet the skyrocketing demand for top global companies’ CFDs.
FXOpen’s UK’s COO, Gary Thompson that the firm is delighted to widen the reach of its equity products internationally.
“We’ve seen an increased uptake in equity trading in recent months within our UK brokerage. We are delighted to widen the reach of equity markets to the wider FXOpen group.”
However, as FXOpen continues to expand globally, the firm recently hit a wall in the UK with its cryptocurrency offerings. The FCA forced FXOpen to shut down all its cryptocurrency CFDs with its ban on retail crypto derivatives.
According to the FCA, the high volatility of the crypto derivative products makes them high-risk investments for retail traders. In Australia however, clients will be able to trade Crypto CFDs on FXOpen alongside the new share CFDs.
Additionally, there’s a new funding option for accounts with FXOpen’s POLi service to its Australian subsidiary. The option makes it possible for clients to make zero payments on deposits.
FXOpen’s popular trading platform’s MetaTrader 4 and MetaTrader 5 which provide access to the electronic communication Network (ECN). The ECN processes trade in currency, CFDs, precious metals, and cryptocurrency pairs. The firm is headquartered in Perth Australia, and with other offices in the London Saint Kitts, Nevis and Charlestown.