OANDA Adds Bitcoin to its Currency Converter, BIG Yawn

4 Comments

Forex broker OANDA has finally announced that it has added bitcoin into its currency converter, via a blog posting by VP of Trading, Courtney Gibson. The addition was rumored a few weeks ago, with users seeing bitcoin appear and then disappear from the converter. (Interestingly, even after launching it, pricing still doesn’t always appear on the main real time converter, but is readily available on the ‘Historical Rates’) In the blog post, Gibson states “We recently added Bitcoin to the OANDA Currency Converter. We admire it as an interesting experiment in financial innovation and, because we’re financial innovators too, we share the excitement such disruptive technologies can bring to mature industries and markets.”

While the rationale makes sense, and at Forex Magnates we have published a similar opinion that bitcoins are more than just a currency, and part of the future of the digitalizing of money transfer, Gibson added that the broker has no plans to launch further bitcoin products and said “Despite the increased awareness around the cyber currency, OANDA has no plans at this time to introduce Bitcoin as a tradeable currency to OANDA’s fxTrade platform, or to accept Bitcoin as a method for funding fxTrade accounts. By adding Bitcoin to our Currency Converter, we are acknowledging – in a very real way – the wide-ranging interest Bitcoin has generated as a virtual payment system.”

OANDA Bitcoin Historical Rate Currency Converter

OANDA Bitcoin Historical Rate Currency Converter

As a technology driven broker, it is a little disappointing that OANDA isn’t planning on trying to become a leader in the bitcoin trading space. Also, as mentioned in the blog post, OANDA’s CEO K Duker provided a positive opinion of bitcoins in his Reddit AMA earlier this year. Therefore, with bitcoins hitting OANDA’s radar well ahead of the rest of the market, launching solely a currency converter with no additional plans, isn’t filling any meaningful gap in the market.

With the exception of IG’s bitcoin binary product launch last week, major forex brokers have yet to get too involved with the currency, although many of them are having internal discussion about it.  As such, it will be interesting to see if a bitcoin driven platform will be able to grab the lion’s share of the market while brokers remain on the sidelines.







TAGS: , , ,
 

Related posts:

More information on this subject is found in the latest Forex Magnates Quarterly Report


4 Comments on this post

Trackbacks

  1. david said:

    I thought bitcoin was done??

    April 23rd, 2013 at 1:49 pm
  2. Ron Finberg said:

    we are only getting started

    April 23rd, 2013 at 2:00 pm
  3. Belajar Forex said:

    Bitcoin is a currency?

    April 24th, 2013 at 3:41 pm
  4. A. said:

    In fact, BTC has just proved to be incredibly resilient. It is slowly (but surely) regaining its lost value against the USD. Amazing! And this is anything but volatility: just look at how even its evolution is after the crash!

    April 24th, 2013 at 4:03 pm

We do not store your information and we do not disclose our sources.


Leave your name/email (not required) if you'd like to be contacted about this story (will not be disclosed):



Digital Currencies

Expert Articles

Startups & New products

chain.com ios bitcoin wallet

Bitcoin Picks: Regulation, Hedge Funds, and iPhone Wallet’s

It’s Friday and another round of reviewing some of the important and more interesting stories this past week in the world of virtual currencies on...

Dogecoin hits another low as merged mining debate gets heated

Dogecoin today hit another low of 37 satoshi (=$0.00023). This is the coin’s lowest traded price since prior to its January run-up. A key point...

Better than bitcoins-for-gold: Chinese Bitcoiner crafts physical bitcoins made of pure gold

We’ve heard of bitcoins-for-gold. A Chinese Bitcoiner has taken it a step further by creating “bitcoins” made out of pure gold, according to Forbes citing...

More Digital Currencies

alexander

Technological Innovation Eroding MT4's Monopoly?

MT4 is quite powerful; it includes many settings and indicators and can offer traders many weeks of indulging yourself with technical analysis - however, these...

AntonyLewis

How Bitcoin Prices Affect Exchange Volumes

Bitcoin trade volumes and prices are often, though not necessarily, correlated. Let’s first define volatility as the spread of traded prices during a certain time...

alex

Binary Options and Forex – A Trading Comparison

There are some similarities between Binary Options and Forex trading, yet there are more differences between the two instruments. From the trading perspective, Binary Options...

More Expert Articles

New Product Spotlight

ig labs api

IG Opens API to Public Development, Launches IG Labs

IG Group has been busy today as earlier they released the Full Year financial results to the public. Following the earlier news, they are also now launching IG Labs live today. IG Labs is a developer portal providing access to …
Read more

public_chatnews_onyxcaiagfddOnyxtrader_screenshotonyx_logo

Sneak Peak: Beta Version of the ONYX Multi-Broker Trading Platform Reviewed

A multi-broker account aggregating platform which is aiming to provide easy cross-broker account management, a “true pricing” mechanism and some ways to provide traders with interactive communication tools.
Read more

More Startups & New Products

Forex Research

Recent Comments

Note: Copyright © 2014 Forex Magnates. All rights reserved.

All materials contained on this site are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of Forex Magnates. You may not alter or remove any trademark, copyright or other notice from copies of the content. All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you.Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Once your submit any email address to us whether through comments, newsletter subscription or otherwise we may periodically send you email updates and/or proposals from select sponsors - you may unsubscribe from this list any time.
Opinions expressed at Forex Magnates are those of the individual authors and do not necessarily represent the opinion of Forex Magnates or its management. Forex Magnates has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by Forex Magnates, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. Forex Magnates will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2014 "Forex Magnates Inc. - Home of the Forex Elite" All Rights Reserved.