OANDA Answers Trader Requests for More Currency Pairs
Forex dealer expects rapid uptake by Asia Pacific traders.
Singapore (PRWEB) May 09, 2011
OANDA Corporation, provider of innovative online foreign exchange trading, has added seven more currency cross pairs to its online forex trading platform, OANDA fxTrade. The new pairs are CAD/SGD, EUR/SGD, EUR/ZAR, GBP/SGD, GBP/PLN, NZD/SGD, and SGD/JPY.
OANDA’s rapidly expanding client base in Singapore, already accustomed to OANDA’s low spreads, asked for more crosses to the Singapore Dollar (SGD). “We were happy to comply,” said Michael Stumm, CEO of OANDA Corporation. “Based on our experience with the rapid uptake of the new pairs we introduced last year, we expect a significantly higher volume of trades. As demand grows we will continue to add more pairs.”
The new pairs also include a euro cross to the South African Rand (ZAR), extending the number of available crosses to this important carry trade currency. Carry traders take advantage of interest rate differentials even during same-day trading at OANDA, which is the only forex dealer to offer second-by-second interest.
OANDA traders span the globe, and now have access to 65 currency pairs, including all of the major pairs and crosses to major Asian currencies such as the Hong Kong Dollar, Thai Baht, and Indian Rupee. OANDA remains the only major online forex broker to offer trading access to the Chinese Yuan (USD/CNY), which it introduced in 2007.
OANDA started in 1995 as the first online provider of comprehensive currency exchange information. Since then the OANDA Rate® has become the benchmark for corporations, tax authorities, auditing firms, and central banks. In 2001 OANDA launched fxTrade, the first fully automated online forex trading platform. fxTrade was the first platform to offer immediate execution, support trades and accounts of any size, enable true 24/7 trading, and eliminate the rollover swap by calculating interest by the second. OANDA's innovative technology has enabled it to sustain a large trading volume. Peak performance has been measured at 1.5 million trades a day, far exceeding the volume typically handled through any of the leading global banks or electronic communication networks (ECNs) that trade forex.
OANDA Corporation is a registered Retail Foreign Exchange Dealer (RFED) with the U.S. Commodity Futures Trading Commission (CFTC) and is a Forex Dealer Member (FDM) of the U.S. National Futures Association (NFA). OANDA Corporation owns the following subsidiaries: OANDA Asia Pacific Pte Ltd, regulated by the Monetary Authority of Singapore with a Capital Markets Services license; OANDA Middle East Corporation Ltd., with a license from the Dubai Financial Services Authority (DFSA); and OANDA Canada, regulated by the Investment Industry Regulatory Organization of Canada (IIROC).