Another global Forex giant is launching crypto trading services

On October 20, Oanda announced cryptocurrency trading services for its US market designed to give investors easy access to crypto alongside their existing currency portfolios.

It is the latest traditional financial company to enter the crypto space. However, the move comes in the depths of a bear market when demand is low.

The technology has been developed in collaboration with the Paxos Trust Foundation, a regulated blockchain infrastructure company.

Crypto trading now available through OANDA! 🙌

Learn more about the benefits of trading cryptocurrency with OANDA ➡️ https://t.co/Qlfvukz7lp#OANDA #SmarterTrading #Crypto pic.twitter.com/ReIdEUyS8S

— OANDA (@OANDA) 20 October 2022

Institutional interest

US customers will now be able to trade crypto through the Paxos itBit exchange directly through the Oanda mobile platform. Trading features such as stop loss and limit orders are also available on the platform, according to the announcement.

Oanda CEO Gavin Bambury said crypto assets should be accessible to traders and investors.

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

Senior market analyst at the firm, Ed Moya, added that the development of institutional investment in crypto has “led to a period of stabilization that has led major players such as Schwab, Citadel and Fidelity to move forward with new digital asset offerings in the crypto market.”

Oanda has noted that institutional adoption is increasing, which could lure retail traders back into the asset class again.

The company was started in 1996 and has since grown into a global leader in currency and foreign exchange and data. Its main rival is Xe.com, another major forex firm that has yet to offer crypto trading services directly on its platform. Another competitor, FXCM, offers crypto trading services and more forex firms are likely to expand their services as demand increases.

Crypto Market Update

The crypto markets are still stuck in a sideways channel that has lasted for more than four months. Total capitalization is unchanged over the past 24 hours, remaining at $954 billion.

Bitcoin was changing hands at $19,140 at the time of writing, having moved very little over the past day. The situation was similar with Ethereum, which has gained half a percent as it returns to the $1,300 level.

There was no major movement in the top twenty as the consolidation and dullness continued. Analysts have warned of a big move ahead after such a long period of low volatility, and October is usually the month when markets crash.