OANDA Securities halts new downloads for the fxTrade desktop version
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OANDA Securities, the Japanese subsidiary of OANDA Corporation, has halted new downloads for the desktop version of its fxTrade trading platform. The company has also introduced changes in the margin rate for the USD/JPY currency pair on corporate accounts.
OANDA halts new downloads for the fxTrade desktop version
OANDA Corporation is one of the largest and oldest online forex and CFD brokerage platforms, and now its subsidiary, OANDA Securities, is introducing a series of changes to its operations.
The brokerage platform released an update on its website saying that fxTrade will only be available in the web browser, mobile application, and tablet versions. The company has also said that customers that have already downloaded the desktop version of fxTrade would continue using the software.
According to the brokerage platform, it will still be possible for traders to access the fxTrade platform through the desktop version of TradingView. TradingView is a charting and social networking tool that fxTrade integrated into its platform in March 2016.
OANDA introduces changes to USD/JPY margin rate
OANDA Securities has also introduced a new margin rate for the USD/JPY currency pair. The margin rate for this pair has been set at 2.2%, representing a 0.2% increase from the previous 2%. The new margin rate will be implemented from January 30, 2023. The broker has added that these changes will only impact the corporate accounts for New York and Tokyo servers.
In a separate update, the broker also noted that the customers that held positions in the corresponding currency pair would be subject to a loss. The loss would come from the changes in the margin rate if these traders continued to hold positions after the market close on January 27, 2023. The broker has advised investors to reduce their position early enough or hold ample funds in their accounts.
The changes that OANDA has announced in the USD/JPY margin rate come over a month after the broker raised margin rates for the AUD/USD and the NZD/USD currency pairs. The margin rates for the two pairs were raised to 3% from the previous rate of 2%.
The increase in margin rates was only applicable to corporate accounts handled from the New York and Tokyo servers. Additionally, OANDA Securities enforced new margin rates in 2022 for the GBP/JPY, GBP/USD, and USD/SEK currency pairs. Like the previous changes, the new margin rates were only applicable to the corporate accounts of the broker’s servers in New York and Tokyo.
In October last year, OANDA launched a new brand identity. The company also ventured into crypto by partnering with Paxos to offer cryptocurrency trading services in the US. Paxos is a regulated blockchain infrastructure company.
