Oanda Allows US Users To Trade Crypto By Mobile

Oanda is releasing a trading environment designed with the Paxos Trust Company for the US market.

The forex firm’s service attempts to place crypto access alongside FX portfolios via spot trading on Paxos’ itBit exchange by Oanda’s mobile interface. Users may sign up for new Paxos accounts and trade Bitcoin, Ether, and other cryptocurrencies against the USD.

According to a news release, the crypto offering and Paxos Trust relationship coincide with the debut of Oanda’s new corporate identity, which reflects the company’s commitment to facilitating smarter trading for its clients.

Oanda CEO Gavin Bambury said in the release:

“As the number of Americans seeking exposure to cryptocurrencies grows, it’s becoming clear that digital assets should form part of a unified trading experience for active traders and sophisticated investors.”

The offering is entering a crowded market. Jessica Beckstead, managing director of Oanda North America and U.S. CEO, stated:

“We are a well-established and regulated forex broker, with a 25-year history and a stellar reputation for building apps and solutions for active traders. We are now using that expertise to provide solutions for crypto traders so they can trade digital currencies and forex instruments in one app.

This also opens up the opportunity for crypto traders to access the dynamic and volatile forex market, at a time when central banks take diverging monetary policy paths to fight inflation and the G5 FX CVOL index has risen to its highest level since March 2020.”

The introduction comes as no surprise, given the cooperation and crypto-offering intentions were mentioned in a news release issued on Oanda’s website on September 22.

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