The web-based MahiFX trading platform is targeted at retail foreign exchange customers. Its developers say it aims to give them access to the same tight spreads and online ease-of-use and connections as institutional FX traders, which may make it suitable for corporate treasurers and other non-core financial institution businesses.
The platform was first introduced to traders in London during a glittering event last month at the top of ‘the Gherkin’ building (30 St Mary Axe), before being ‘officially’ unveiled today.
The proprietary platform requires no minimum deposit and has been developed over the last year by ex-interbank traders, analysts and developers. MahiFX is headquartered in New Zealand and regulated by The Australian Securities and Investments Commission (ASIC), but this move into the international markets with the London launch and opening of associated offices is intended to mark its move into the international FX market centred around the UK capital. The platform will go head-to-head with rival retail FX offerings from eToro and other online platforms targeting the retail market from Saxo Bank and other competitors.
MahiFX is headed by David Cooney, former global co-head of currency options and e-FX trading at Barclays Capital, and Susan Cooney, the ex-head of electronic FX institutional sales in Europe for Barclays Capital. The trading functionality on offer includes:
• Institutional level pricing: e.g. EUR/USD 0.8 pips, EUR/GBP 0.8, USD/JPY 0.8
• Details of MahiFX spreads in all time zones can be viewed here on the spreads page, together with historical data
• Tradable Prices: no 'from' prices, hidden costs, slippage, re-quotes or minimum trade size
• Quick Order: feature to leave bids and offers very close to or inside the market
• Auto Sizing: enables traders to control their position – automatic resize of stop losses and take profits
• Mahi Books: set up multiple books each with its own currency pair, apply multiple strategies and keep track of them all at a glance
• Graphical Order History: gives fully transparent view of exactly where and when orders were filled
• A claimed ‘market responsible’ leverage: of up to 50:1
• 24-hours streaming news and economic calendars
• Customisable Charting feature with a wide range of indicators and overlays
• Clean, modern design and intuitive user interface
• Full customer support: 24 hours per day, 5 days per week
• Demo Account: free $100k practice account.
“Our aim is to bring genuinely tight institutional level pricing direct to the retail FX trader through a richly informative, elegantly designed platform," said David Cooney, MahiFX’s chief executive, who went on to claim that, “as a market maker we are able to offer our customers access to consistently tight spreads previously unavailable in the retail sector.”
• To view an introductory video detailing the attributes of the MahiFX platform and its functionality click here.
By Derek Julian