BidFX, a provider of electronic foreign exchange (forex) trading solutions, announced this Thursday that it has launched a major upgrade to its mobile app to meet the growing demand of hedge funds and asset managers.
In particular, the solutions provider has seen an uptick in the number of hedge fund and asset managers that need a solution to securely manage and trade their spot forex, forward, and non-deliverable forward (NDF) positions, the company said in the statement.
Via its mobile app, users will be able to access BidFX’s trading functionality, which allows clients to watch the market and manage their orders in real-time. The mobile app is currently available for iPhone users. The company plans on making the app available for Android later in the year.
Commenting on the upgrade, Jean-Philippe Male, Chief Executive Officer at BidFX, said in the statement: “The FX market is constantly evolving to keep apace with new, disruptive technologies. And from being a taboo subject as little as five years ago, mobile currency trading has come a long way as the need to trade on the go via a secure access point has evolved from a nice-to-have into a necessity.”
“Whilst there are other FX trading apps on the market, nobody is currently offering mobile access that has undergone – and passed – security testing and controls of this standard. In an industry undergoing such significant change, trust is fast becoming the currency, and the importance of security cannot be understated.”
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BidFX continues to expand product offering
BidFX has been expanding its product range in recent months. As Finance Magnates reported, the company partnered with Nomura, making its five forex algorithmic strategies, collectively known as the Tsuwamono Series, available on the BidFX Execution Management System (EMs) platform.
In the same month, the eFX trading solution provider also teamed up with RBC Capital Markets, which added its Algo suite to the company’s EMS platform as well.
“H2O AM, as a leading boutique asset manager, prides itself on the ability to take decisions quickly and efficiently on behalf of our clients,” added Stephane Leclerc, COO Monaco and Counterparty Relationship Manager at H2O Asset Management.
“With the BidFX Mobile App running in conjunction with their Desktop App we can now ensure enhanced coverage across the FX markets which will further enhance our clients’ liquidity in the market.”