Trading Precious Metals Online – Forex Broker Update – Oanda
The facility for trading of precious metals, by forex brokers, is a growing area as many traders look to diversify. This diversification comes through following these instruments as well as their usual FX pairs. Oanda have now added platinum and palladium to its platform – fxtrade. These metals are tradable versus the US dollar as the XPT/USD and XPD/USD cross rates for clients of OANDA’s Asia Pacific or European divisions. Online gold trading is becoming increasingly popular and these precious metals give an interesting alternative. The following release from Oanda discusses the recent additions to their trading platform.
Oanda Press release:
“Platinum and palladium are widely used in industrial and consumer applications and right now, global fundamentals – for example, increasing automotive production in China plus a predicted shortfall in supply – are driving strong interest in these metals. We wanted to provide our customers with the opportunity to trade in these exciting markets,” said Tony Savor, Chief Technology Officer at OANDA. “It’s less costly and more flexible to trade precious metals on OANDA’s platform because our system allows trades of any size between a single unit and 10 million units and there are no commissions on trades. We expect strong interest in these new pairs from our clients across Asia Pacific and Europe.” OANDA also offers CFD trading and 72 tradable currency pairs—including all of the major pairs and exotic crosses like the Indian rupee (USD/INR) and the Chinese yuan (USD/CNY).