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About GAIN: News & Events |
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Global Finance Names the Best Foreign Exchange Banks and Providers for 2001
Global Finance Magazine, April 21, 2001
New York, April 21, 2001 - Global Finance magazine has named the "Best Foreign Exchange Banks and Providers" by category in an exclusive survey published in the June 2001 issue. Global Finance editors - with input from industry analysts, corporate executives and technology experts - selected the best currency trading providers, globally and in 18 countries or regions.
The best online foreign exchange systems were also identified. The criteria for choosing the traditional and online winners included: transaction volume, scope of global coverage, ease of use, competitive pricing and innovative technologies.
Foreign Exchange is becoming an ultra competitive industry as technologies evolve and the market becomes more global. We've identifies the traditional and online providers that standout in their region and internationally," says Joseph D. Giarraputo, publisher of Global Finance.
BEST ONLINE FOREIGN EXCHANGE TRADING SYSTEMS
GAIN Capital caters to small-to-midsize hedge fund managers, commodity trading advisors, and speculative investors. It charges no commissions or fees for trades, commentary, news and charting. "We don't go after the very big fish. The traders and speculators are much more fee sensitive than corporate treasurers," says Mark Galant, chief executive.
GAIN Capital also promises to execute trades in one second or less. The firm introduced online forex trading about a year ago and is experiencing 30-40% growth per month, says Galant.
Since it charges no trade commissions, GAIN Capital has to make its money on the spread between buy and sell orders. "It's a tight spread so you need lots of volume," Galant says. The firm's average deal size is less than $1 million. To handle bigger deals, GAIN Capital can turn to several banks with which it has trading agreements, Galant adds.
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