One of the top global providers foreign exchange trading services, OANDA, has just unveiled in a press release that it will be officially opening the doors of its Sydney offices today. After the vast expansion in recent years to the Asia- Pacific region and getting ASIC regulatory approval for its OANDA Australia Pty Ltd. unit back in 2011, the company is reiterating its commitment to be a big player in a competitive marketplace which has already grown substantially in recent years.
The managing director of the company’s Australian office, Louis Cooper, has stated in the press release that OANDA has several thousand active accounts in Australia and the firm has set an ambitious goal of doubling its market share in 2014. Mr. Cooper comes with an array of experience, after serving as Managing Director for Australia and New Zealand at CMC Markets.
Considering the vastly populated Australian forex and CFD brokers space with solidly established local players and newcomers such as Plus500, which has already been very successful in its client acquisition efforts and has somehow managed to consistently increase its revenues per user metrics, OANDA is in for a difficult task. That said, current information about their market share in Australia is scarce and that is crucial in determining how ambitious the firm’s goals are.
Mr. Cooper stated, “The fact we already have a significant client base in Australia and New Zealand is a testament to the attractiveness of our offering. We are working to discover new and better ways to leverage our technology for the benefit of our clients. We’ve arrived in Australia to empower traders and help them to become better manage their trading strategies over the long term.”
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