These metals are rarely offered by forex brokers but it makes sense to offer them since some traders are attracted to these instruments and the more instruments you offer the more trading you can expect. At this points they are being added to fxTrade platform and should soon be added to OANDA’s MT4 platform as well.
SINGAPORE, June 22, 2012 — OANDA, provider of innovative online foreign exchange trading services, has added two more precious metal pairs to its award-winning fxTrade trading platform. Platinum and palladium are crossed with the US dollar in the new pairs XPT/USD and XPD/USD.
The new pairs are available to clients of OANDA’s Asia Pacific and European divisions. These clients can access all 23 precious metal pairs on OANDA’s platform via Web, API, and mobile trading. Plans are in place to roll out the XPT/USD and XPD/USD pairs to MT4 clients in these divisions at a later date.
“Platinum and palladium are widely used in industrial and consumer applications and right now, global fundamentals – for example, increasing automotive production in China plus a predicted shortfall in supply – are driving strong interest in these metals. We wanted to provide our customers with the opportunity to trade in these exciting markets,” said Tony Savor, Chief Technology Officer at OANDA. “It’s less costly and more flexible to trade precious metals on OANDA’s platform because our system allows trades of any size between a single unit and 10 million units and there are no commissions on trades. We expect strong interest in these new pairs from our clients across Asia Pacific and Europe.”
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OANDA also offers CFD trading and 72 tradable currency pairs—including all of the major pairs and exotic crosses like the Indian rupee (USD/INR) and the Chinese yuan (USD/CNY).
OANDA Corporation has transformed the business of foreign exchange through an innovative approach to forex trading. The company’s online trading platform, fxTrade, introduced a number of firsts to the marketplace, including immediate execution; trades and accounts of any size; 24/7 trading; and interest calculated by the second, eliminating the need for rollover swaps. OANDA was the first online provider of comprehensive currency exchange information, and today the company’s OANDA Rate® data is the benchmark for corporations, tax authorities, auditing firms, and central banks. OANDA also offers global currency transfers through a fast, efficient, automated platform at ultra-competitive prices.
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 Dubai Financial Services Authority (DFSA), the Investment Industry Regulatory Organization of Canada (IIROC), the UK Financial Services Authority (FSA), and the Japanese Financial Services Agency (FSA).