GAIN Capital Holdings, Inc. (NYSE: GCAP), a global provider of online trading services, today announced its intention to consolidate its retail FX/CFD business in Australia under the City Index brand.
GAIN Capital which this week reported its trading metrics for the month ending March 2016, came to the decision to consolidate its Australian business following its acquisition of City Index in April 2015, which left it operating both City Index and its global retail FX brand, FOREX.com, on the Australian market.
Samantha Roady, GAIN’s President of Retail, said: “City Index is one of the most well-known and trusted CFD brands in Australia. This move allows us to focus on further enhancing the City Index service to meet the needs of traders in Australia.”
GAIN will be phasing out the FOREX.com brand in Australia during the coming months. All existing customers will be transferred to the City Index service and will receive a notification about the transfer process details in due course.
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Existing FOREX.com customers moving to the City Index service will benefit from an extended product portfolio of over 5,000 markets including FX and CFDs on indices and commodities together with a range of global and Australian share CFDs.
All City Index customers’ trade on fixed spreads in market hours, such as 1 pt on Australia 200 and other global index markets and FX spreads from 0.8 pips, with margin rates from just 0.5%. City Index’s Advantage platform is optimised for CFD traders and incorporates features including automated trading and advanced charting.
City Index is a global market leader in CFD trading, servicing retail traders in the United Kingdom, Europe, Middle East, Singapore and Australia. The move to consolidate the business under the City Index brand serves to capitalise on its experience in competing with IG and CMC Markets, two of the company’s main competitors in Australia, as well as catering to the UK market.