OANDA Launches Seconds-to-Trade in Canada
LONDON, March 18, 2014 /PRNewswire/ --
Award-winning retail forex broker introduces new account registration process to provide clients with near instant access to the most liquid market in the world
OANDA, a global provider of innovative foreign exchange trading services, is pleased to announce the launch of 'Seconds-to-Trade,' providing its Canadian clients with one of the fastest retail forex account registration processes in the world. Starting today, those looking to start trading on OANDA's world-class fxTrade platform, or experienced traders looking to switch forex brokers, can do so in less than two minutes.
Due to legal and regulatory requirements, it could take as long as 15 days for OANDA to approve and verify a new client's registration application - an industry-wide dilemma. Always looking to disrupt via technology, OANDA created the 'Seconds-to-Trade' program after conducting an end-to-end analysis of its registration process. None of OANDA's forex competitors offer a streamlined registration process for new clients quite like this.
"OANDA is an innovator - from day one, we have been focused on upending the forex market using technology. We were one of the first to offer online trading and we introduced several other firsts to the marketplace, including immediate execution, instant settlement on trades, and trades of any size between one unit and 10 million units," said Natasha Lala, Vice-President of Engineering, OANDA Corporation. "In addition to innovation, one of our core strengths is customer service. Our clients asked for a simplified account registration in order to act quickly on market movements, and we are proud to deliver that today."
New OANDA clients based in Canada can now begin trading in less than two minutes and for a limited time, and upon opening a new fxTrade account, they will receive $50 to get started. However, they must additionally fund the account and verify their identity within 30 days of opening said account.
"We live in a digital world and customers online, rightfully, demand speed and quality from brands regardless of industry. OANDA has, and will continue to, use technology as an forex disruptor to help ensure we are delivering on customer expectations before they even exist," said Ed Eger, President and CEO, OANDA Corporation. "Today, we've enabled our Canadian clients to start trading as fast as the market moves and then execute their trades in near single-digit millisecond speeds. And we won't rest there. This is only the beginning."
OANDA's 'Seconds-to-Trade' program is approved and currently available for Canadian investors. The broker is working with additional regulatory bodies in an effort to roll out the initiative globally throughout the remainder of the year.
OANDA Corporation transformed the business of foreign exchange through an innovative approach to forex trading. The company's industry leading online trading platform, fxTrade, introduced a number of firsts to the marketplace, including immediate execution; instant settlement on trades; trades of any size between one unit and 10 million units; and interest calculated by the second. The company's many awards attest to the power and flexibility of its trading platform. In 2013, OANDA was honored with nearly a dozen awards, including Best Trade Execution Provider, Best Retail Trading Platform and Best Mobile Trading Platform by International Finance Magazine; as well as Best Value for Money by Investment Trends in each the U.S., UK, and Asia Pacific markets.
OANDA was the first online provider of comprehensive currency exchange information, and today the company's OANDA Rate® data provides benchmark rates for corporations, auditing firms, and global banks.
OANDA has seven offices worldwide in Chicago, New York, Boston, London, Singapore, Tokyo, and Toronto. OANDA is regulated by the U.S. Commodity Futures Trading Commission (CFTC), the U.S. National Futures Association (NFA), the Monetary Authority of Singapore (MAS), the Investment Industry Regulatory Organization of Canada (IIROC), the UK Financial Conduct Authority (FCA), and the Japanese Financial Services Agency (FSA).
OANDA Europe Limited is a company registered in England number 7110087 limited by shares with its registered office at 25 Watling Street, London, EC4M 9BR and is authorised and regulated by the Financial Conduct Authority, No: 542574.