OANDA Prop Trader Enhances Service, Enables Traders to Pay for Challenges With Cryptocurrencies

OANDA’s prop trading arm, OANDA Prop Trader, has enhanced its service by enabling traders to pay for its challenges with cryptocurrencies

OANDA Prop Trader, the proprietary trading arm of multi-asset brokerage OANDA, has now enabled traders to pay for its challenges with cryptocurrencies, Finance Magnates can exclusively report. It will now support payment with about two dozen cryptocurrencies, including stablecoins.

The newly supported payment mode includes top cryptocurrencies and stablecoins like Bitcoin, Ethereum, Litecoin, Binance Coin, TUSD, USDC, and USDT. Further, traders can also pay for their challenges using meme coins like DOGE and SHIB.

“We’re pleased to announce that we’re adding crypto as a payment method in response to rising global demand,” said Lucian Laureman, Head of Digital Assets and Deputy COO at OANDA.

“A large number of ‘tech-driven consumers’ in the countries serviced by OANDA Prop Trader are embracing cryptocurrencies, so this is opening new doors for those traders who want to maximise the digital economy as a gateway into prop trading.”

OANDA Prop Trader Offers Virtual Capital, Real Market Positions

OANDA ventured into the prop trading domain earlier this year, and while the services were initially launched under the OANDA Labs Trader brand, it quietly changed the branding to OANDA Prop Trader to better reflect the services on offer.

Shedding light on its business model, OANDA detailed that the qualified traders on the prop trading platform will be technically classified as signal providers. The proprietary trading models of OANDA will then use the signals produced by the traders “in combination with other input variables to guide OANDA’s market positioning decisions.”

It went on to explain that the capital provided to the funded accounts is virtual; however, the company’s proprietary capital will be at risk as real market positions will be taken based on the signals from the traders.

Besides OANDA, several other retail brokerages have also ventured into prop trading. While Trade.com and Traders Trust were the latest entrants, Axi and Hantech were among the first to make their debut in the growing market. Finance Magnates also recently reported that FX industry veteran Joshua Dentrinos has partly acquired the prop trading brand Funded Peaks.

Earlier, OANDA’s Head of Emerging Markets also told Finance Magnates in an interview that “the prop firm industry has the potential to outgrow the traditional FX/CFD industry because it is more accessible, has lower barriers to entry, such as upfront fixed fees, and involves limited downside risk.”

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