26 January 2021 – OANDA has announced today that it has introduced a new Professional Trading account in Australia that enables clients to trade forex and CFDs with higher leverage ratios, margin relief and volume rebates. The OANDA Professional Trading account is open only to long-term traders with a proven knowledge of the markets and the inherent risks.
The move has come in response to the Australian Regulator ASIC introducing tighter controls on CFD trading for retail clients which are due to cone into force on March 29. On October 23, 2020 the Australian Securities and Investments Commission (ASIC) released ‘Product Intervention Order – Contracts for Difference Instrument 2020/986,’ which introduces changes for CFD and FX trading that will go into effect on March 29, 2021. These changes will apply to OANDA Retail Trading accounts; in order to continue trading with higher leverage ratios after March 29, 2021 retail customers of OANDA will need a Professional Trading account.
Anthony Griffin, Managing Director of the firm’s Australian operation explained, “We’re delighted to introduce our new Professional Trading account, which will allow experienced clients to access a range of features including 100:1 leverage, margin relief when they place a guaranteed stop-loss order, and attractive volume rebates. However, this account is not for everyone. Traders must meet stringent criteria in order to qualify as a wholesale client or sophisticated investor before they can upgrade to the Professional Trading account.”
Anthony Griffin, Managing Director. OANDA Australia
Griffin continued, “Over the course of our 25-year history, OANDA has earned a reputation for combining cutting-edge trading technology and institutional-grade execution, continuously striving to introduce new products that meet the ever-changing needs of traders. We believe our new Professional Trading account clearly demonstrates the firm’s ongoing commitment to helping our clients become successful self-directed traders while also ensuring we continue to meet our regulatory responsibilities.”
Governed by the Corporations Act, wholesale client status is determined on financial qualifiers, financial literacy and product knowledge, while sophisticated investor status is determined on trading history, market experience and product knowledge.
OANDA Clients should also note that by upgrading to a Pro Trading account, they agree to waive certain protections.
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