FXOpen, which recently launched the MT4 ECN platform, has now structured a much more formidable strategic partnership with Dukascopy.
This forms an interesting partnership between one of the largest institutional Forex brokers and one of the largest retail Forex brokers. Dukascopy is by far the largest European broker. While Dukascopy is a very known ECN broker it wasn’t able to cater to the retail Forex traders until now. Minimum deposit of $50,000 was high enough in order to deter most of the retail clients who typically don’t place more than $5,000-10,000 in a single account. Dukascopy lost business and retail traders also missed out because they had to settle for something else than ECN execution. Right now Dukascopy has taken significant steps in order to bridge the gap with the retail traders and now allows a minimum deposit of $5,000 and reduced the minimal trading volume to $1,000 (equivalent to 0.01 lots in Metatrader).
Recently FXOpen introduced several advanced MT4 features such as ECN trading, PAMM accounts and incremental lot trading allowing traders of all sizes to trade ECN on world’s favorite platform. This opened the door for Dukascopy, which supplies the liquidity to FXOpen anyway, and is now ready to announce that it embraces the FXOpen’s MT4 ECN solution and is going to offer it to its clients.
It is very interesting to see one broker applying other broker’s software solution and offering it to its clients, certainly this is interesting in case of such large brokers. I’m not sure there is a precedent for this in the retail Forex market but this is a definite sign of certain business and technological convergence in the market. For FXOpen this is also another high profile move proving that its software is in very high standards as it has been embraced by a leading broker. This potentially opens way for more collaborations of such kind.
At the end, this is very positive news for all Forex retail traders especially given the recent “anti-forex” moves by the American’s CFTC.
