When OANDA hired Daniel Skowronski in May 2014 as a Managing Director to head its London office, among his tasks was expanding the broker’s exposure in and around the UK and Europe. In that regard, OANDA has launched a key product with the aim of providing greater inroads within the UK retail forex and trading market.
Getting launched today is spreadbetting for its UK and Republic and Ireland clients. Initially available to existing customers, the product is expected to have a further rollout on September 1st. According to OANDA, the new spreadbetting accounts will be available on its proprietary fxTrade platform and MetaTrader 4, for both forex and CFD trading.
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Similar to regular forex and CFD trading accounts, within the UK market, spreadbetting provides tax advantages for profitable traders. As such, offering the product can provide a marketing advantage within the country, with the major UK trading providers such as IG, CMC and City Index all providing spreadbetting accounts.
Commenting on the launch, Daniel Skowronski, Managing Director and CEO of EMEA and Americas at OANDA stated, “The growth of our EMEA business has been based on providing one of the most competitive products and platforms for our clients within their geographical locations. For us, product development and risk management go hand in hand. Today, we are enabling our clients to benefit from the advantages spread betting offers in conjunction with an increase in leverage of 100:1 across all major currency pairs. This combined with our ongoing education and risk management courses to our clients, encourages appropriate use of our services.”