Earlier this year, after FxPro announced the acquisition of Quotix, we all knew that it was coming. The company has launched FxPro Prime, a prime-of-prime offering which is to deliver a multiple stream tier one FX liquidity directed at institutional investors.
The company has already established a solid position in the retail trading space and the move to agency institutional business.
FxPro has upward of 12 institutional liquidity providers, with banks comprising the majority, but with some non-banking financial institutions adding to the mix. The liquidity pool is expected to expand soon with the company adding about half a dozen more, which would bring an even more competitive offering.
The company’s CEO Charalambos Psimolophitis, CEO at FxPro, shared in the announcement, “For small to medium sized institutions that are looking to save costs on their spot FX execution, FxPro Prime not only offers this, but it is also a solution that removes the need to establish relationships with one or more top tier banks where credit facilities have been contracting.”
The current pricing of the agency model on the FxPro’s cTrader platform is $65 per $1 million traded (upon opening and closing a position), while on the firm’s MT4 solution there is a spread markup for forex and precious metals and a fixed commission of $15 per lot on futures and 0.10% when trading shares.
Clients of the company will be able to connect to FxPro Prime via API or the advanced bridge technology.