OANDA Dominates Singapore’s FX Market
OANDA named the No. 1 FX broker in Singapore, top broker among high-value clients and winner of the Highest Overall Client Satisfaction category by Investment Trends
SINGAPORE – December 1, 2014
A leading global provider of online foreign exchange (FX) and contract for difference (CFD) trading services, OANDA Asia Pacific has been named the No. 1 FX Broker in a survey by multinational financial services market research firm, Investment Trends.
According to the 2014 Singapore CFD & FX Report, OANDA successfully gained 6% in market share among FX traders in the last year, and now ranks as the top FX broker in the city state with one in four FX traders saying they hold an account with the firm. In addition, OANDA was named the leading broker among high-value FX clients, representing 20% of the market.
OANDA also dominated several other key elements of this year’s survey, most notably in the coveted Highest Overall Client Satisfaction category. The firm was voted the highest rated broker overall in the combined CFD and FX market, ranking first in 12 out of 17 service areas highlighted in the league table, including: Value for money, Reliability of trading platform, Customer service, Ease of use of platform, Efficiency of taking trades, Spreads, Mobile phone/tablet platform/app, Reporting of positions and transactions, Commissions, Education materials / seminars, Range of research tools, and Margin requirements.
These rankings come at a time when the Singapore FX market has been reducing in size. The 2014 Singapore CFD & FX Report reveals that while in the 12 months prior to September 2014, the number of active CFD traders in Singapore remained unchanged, the FX market contracted by 13% to 13,000 active traders . Despite this, OANDA managed to maintain the same share of the local FX market year on year.
“Over the last year, OANDA has made a concerted effort to spend more time with our clients, whether it be through educational seminars and master classes, Open House events or premium client events. We’ve also invested much time listening to what our clients are looking for from their broker, and given the results it’s clear they recognise our efforts and now see us as the broker of choice in Singapore,” said Rajesh Yohannan, Managing Director and CEO, OANDA Asia Pacific. “Today, one in four FX traders in Singapore has an account with OANDA, and we also received the highest client advocacy in the industry , which further motivates our team to keep delivering best-in-breed products and services.”
“We’ll never rest on our laurels, and especially given these accolades from our customers, OANDA will only continue to drive innovation and transparency in the industry, globally,” said Ed Eger, CEO and President, OANDA Corporation. “We immensely value the feedback from our customers, and working together, we’ll continue to add new instruments and products to help them achieve their investment goals.”
OANDA Corporation transformed the business of foreign exchange through an innovative approach to forex trading. The company’s industry-leading online trading platform, fxTrade, introduced a number of firsts to the marketplace, including immediate execution; instant settlement on trades; trades of any size between one unit and 10 million units; and interest calculated by the second. In 2014, OANDA was honored to receive the coveted “Highest Overall Client Satisfaction” and “Value for Money” awards in Investment Trends’ 2014 USA and UK Leveraged FX Reports. OANDA was also recognized as the “Best Value Forex Broker,” and MarketPulse, OANDA’s macroeconomic news site, was named the “Best Forex Media Resource” at the 2014 U.K. Forex Awards.
OANDA was the first online provider of comprehensive currency exchange information, and today the company’s OANDA Exchange Rates® data provides benchmark rates for corporations, auditing firms, and global banks.
OANDA has seven offices worldwide, in Toronto, San Francisco, New York, London, Singapore, Tokyo, and Sydney. OANDA is fully regulated by the U.S. Commodity Futures Trading Commission (CFTC), the U.S. National Futures Association (NFA), the Monetary Authority of Singapore (MAS), the Investment Industry Regulatory Organization of Canada (IIROC), the UK Financial Conduct Authority (FCA), the Japanese Financial Services Agency (FSA), and the Australian Securities and Investments Commission (ASIC).
About Investment Trends
Investment Trends is the leading researcher in the retail CFD, FX and Online Broking Markets globally. The Investment Trends team combines analytical rigour and strategic thinking with the most advanced research and statistical techniques to help clients gain competitive advantage. Over 10 years’ experience in researching the Australian retail wealth management and global broking markets underpin Investment Trends’ insights and provision of decision-making support to over 200 leading financial service businesses globally. Investment trends’ clients include a number of global banking organisations, all major CFD providers and online brokers as well as industry regulators, investment platform providers, industry associations and financial planning software providers.
The Investment Trends 2014 Singapore CFD & FX Report is an annual in-depth study of retail traders in Singapore and their usage of CFDs and FX trading. The 2014 study was based on a survey of 10,656 traders and investors, and was concluded in September 2014.