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Oanda Japan, the Japanese subsidiary of Oanda Corporation, a CFD and Forex brokerage, is in the news for deactivating the subsequent download of one of its products. The broker announced that from January 20th, 2023, the desktop version of its fxTrade platform will not be available for download.
Details of the fxTrade Download Deactivation
According to the statement on its website, Oanda Japan noted that only the phone app, online, and tablet versions of the fxTrade platform are accessible henceforth. However, this download deactivation will not affect new or existing clientele who had before the deadline downloaded the fxTrade desktop version.
Oanda Japan emphasized via its statement that:
"Following the 2016 incorporation of the analytical and networking platform, TradingView into fxTrade in March 2016, traders can still access the desktop version of FxTrade through the platform."
This alternative platform is expected to relieve traders who intend to download the desktop version.
Alongside the deactivation announcement, Oanda Japan released a statement to notify the public of its modification to the USD/JPY currency pair margin rate for business accounts. The new margin rate increased by 0.2% to 2.2% taking effect from Monday, January 30th, 2023. However, only business accounts on its Tokyo and New York servers will be affected by this modification.
Consequently, traders are advised to reduce their position in advance or ensure enough funds are in their accounts. The broker also warns customers who may still be holding positions in the corresponding currency pair of an impending loss from the change in margin rate at the close of the market on January 27th, 2023.
The change in the USD/JPY margin rate comes only a few weeks after Oanda Japan increased the margin rates for the currency pairs NZD/USD and AUD/USD to 2% and 3%, respectively. This change took effect on December 19th, 2022. Similar to the USD/JPY pair margin, only business accounts on the broker's Tokyo and New York servers are affected.
About Oanda Japan
Oanda Japan is one of the subsidiaries of the renowned online forex and CFD broker, Oanda Corporation. Since its inception in 1996, the corporation has grown significantly in providing currency information services and resources for the repertoire of its clientele. The broker offers a flexible trading platform for traders, enthusiasts, and financial institutions.
Oanda Japan has earned numerous awards for its outstanding performance in the trade community. Some of them include Best Trading Platform by World Finance in 2008 and Best Retail FX Platform at FXWeek's prestigious eFX awards in 2016. These awards are also a reflection of the corporation’s customer review rating.
