Global Forex Trading expands Australian offering
Online trading platform Global Forex Trading (GFT) has expanded its Australian services to include trading in future CPI contracts.
The contracts for difference (CFDs) are being run out of GFT’s London office and are available in Australia for the first time, marketing director Simon Marmot said.
“We intend to expand the number of future indices that can be traded using our global offices, including Singapore and Hong Kong,” he said.
The company offers the service through its three DealBook 360 platforms — desktop, web and mobile.
GFT Sydney sales manager Brendan Gunn said most people are opting for the web version of DealBook, which allows web-based trading in CFDs and foreign exchange trades. The web version offers professional analysis and commentary together with live streaming of markets.
Gunn said the people being attracted to currency trading range from experienced investors to those with no previous exposure to the sector.
“We are now seeing people who have not traded before starting with equity CFDs and moving onto to other markets É as they develop their trading confidence,” he said.
Gunn said training and support were crucial components of investors expanding their trading horizons.
He also believes the lack of support for investors trading in these markets in the past had led to CFDs getting a bad name.
GFT is running three seminars a week in Sydney on currency and CFD training and Gunn said there is also online training available for investors in other parts of Australia.
“We also give investors a practice account for them to trade in a real market and develop the necessary skills for trading in these markets,” he said.
“They can only trade in the practice account initially until they feel comfortable undertaking real trades.
“The practice account is also used for investors moving into new markets for the first time.”
Marmot said if investors become confident, they trade more, which is where GFT earns its income.
“We don’t want people to just open an account and trade,” he said.
“We want them to be successful and that is why we take time helping them with trading.”
Marmot was quick to emphasise GFT doesn’t provide financial advice, just help with actual trading.
The company has had a limited response from financial advisers in Australia, mainly from planners wanting to know more about trading in these markets, as they are fielding questions from clients.
The company offers a ‘white label’ version of DealBook for advisers and most of its global institutional business is through this model.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
