New Zealand based Forex broker MahiFX adds precious an metals to its trading platform. The precious metals can be traded with spreads of 50 pips on gold and 30 pips on silver.
The broker adds these instruments as gold is looking for a direction and it might break out soon. In addition, MahiFX reports that enhanced tools for mobile trading are underway.
For more details, here is the full press release:
MahiFX Adds Precious Metals to its Forex Trading Platform
Retail forex traders now have access to gold and silver asset class on MahiFX platform
LONDON, 25 July, 2012 – MahiFX, the proprietary built retail foreign exchange trading platform, has introduced the facility for forex traders to trade precious metals with the introduction of gold and silver to its offering. The metals are tradeable against the US Dollar and at launch spreads in XAG/USD and XAU/USD will be 30 and 50 pips respectively during London hours.
“The introduction of gold and silver as an asset class represents one of many developments we have been working on to build out our product offering and enable traders to diversify their investment portfolio,” says David Cooney, CEO of MahiFX. “Gold has been falling since September and there is significant market interest around forthcoming price movements with many commentators predicting that gold is about to make a break out – the question is whether it will be on the upside or fall further. MahiFX clients can now express their own views on this exciting market.”
MahiFX, developed by ex-interbank traders, analysts and developers, is headed by David Cooney, former global co-head of currency options and e-FX trading at Barclays Capital and Susan Cooney, former head of electronic FX institutional sales in Europe for Barclays Capital. Operating as a market maker, MahiFX provides traders direct access to institutional level spreads and execution speeds through its proprietary-built fully automated pricing and risk management technology, lowering the cost of retail trading.
Consistent with MahiFX’s philosophy of equal access for all traders there is no minimum lot size, no commission fee and traders will be able to hedge their positions in the metals.
Developments are underway to provide the full range of Forex crosses and metals trading to Android and iOS powered mobile devices in the coming months.