Another Global Forex Giant Oanda Launches Cryptocurrency Trading Service

Online currency trading company Oanda has ventured into digital assets with the launch of trading services for US customers.

On October 20, Oanda announced its US market crypto trading services designed to make it easy for investors to access crypto alongside their existing forex portfolio. their.

It is the latest traditional financial company to enter the crypto space. However, this move takes place in the depths of a bear market when demand is low.

The technology has been developed in partnership with the Paxos Trust Foundation, a managed blockchain infrastructure company.

Organizational benefits

US customers can now trade cryptocurrencies through Paxos’ itBit exchange directly through the Oanda mobile platform. Trading functions such as stop loss and limit orders are also available on the platform, according to the announcement.

Oanda CEO Gavin Bambury said that crypto assets should be available to traders and investors.

“As an increasing number of Americans seek exposure to cryptocurrencies, it is clear that digital assets should form part of a unified trading experience for active traders and investors alike. refine.

Senior market analyst at the firm, Ed Moya, added that the growth of institutional investment in crypto has “led to a period of stability during which major players such as Schwab, Citadel, and Fidelity have emerged. , starting with new digital asset services in crypto. “

Oanda has noted that institutional adoption is on the rise, which could entice retail traders back into the asset class again.

The company was founded in 1996 and has since grown into a global leader in forex and currency and data exchange. Its main rival is Xe.com, another major forex company that has yet to offer live crypto trading services on its platform. Another competitor, FXCM, offers crypto trading services, and many forex companies are likely to expand their services as demand grows.

Cryptocurrency Market Update

The crypto market is still stuck in a sideways channel that has lasted for more than four months. Total capitalization was unchanged over the past 24 hours, remaining flat at $954 billion.

Bitcoin has changed hands for $19,140 at press time, having moved very little over the past day. The situation is similar with Ethereum, which gained half a percent when it returned to the $1,300 level.

There is no major driver in the top 20 as the consolidation continues to be tedious. Analysts have warned of a big move coming after such a long period of low volatility, and October is usually the month the market crashes.

Read more: Cryptoqueen Ruja Ignatova Reveals Onecoin Investigations Before Her Disappearance, Report

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