Deutsche Bank, one of the largest liquidity providers to the Interbank system, launched a retail forex trading platform, called dbFX (www.dbfx.com), in mid-May. It offers customers 100-to-1 leverage.
While other major banks have offered retail forex trading, dbFX will have a minimum opening balance requirement of $25,000, a smaller amount than other major banks.
The platform itself is similar to other retail offerings, with interactive charts, real-time data, a margincalculator, etc. It will offer trading in 24 currency pairs and have customer support in nine different languages. Pip spreads will range from three for the euro/U.S. dollar pair to 30 for the euro/New Zealand dollar and British pound/New Zealand dollar spreads.
“We believe the entry of a mainstream bank to the online margin industry will benefit all participants by deepening the use of FX as an asset class, and establishing best practice,” says Jim Turley, global head of currencies and commodities at Deutsche Bank.
Deutsche Bank also offers a virtual trading account that offers a chance to “paper trade” before risking real money in the markets. Virtual accounts are funded with $50,000, and all trades are made in real time.
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