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US online brokerage Gain Capital Holdings said on Wednesday it intends to launch ForeignExchange.com, an international money transfer business. The roll-out of the new service is scheduled to start in the second quarter of 2016 from the UK market.
The new business will be operated by a new venture, GAIN Capital Payments Ltd.
ForeignExchange.com will be available for both retail and corporate clients. It will offer more than 40 currency pairs and will cover more than 200 payment destinations.
“Our expansion into the international money transfer space is a natural extension for our business. GAIN was a pioneer in the retail foreign exchange trading market, offering one of the first online FX trading platforms for self-directed retail customers via our award-winning FOREX.com brand,” said Gain Capital CEO Glenn Stevens.
The new service will expand Gain Capital’s activities and is expected to complement its operations as a broker.
It will provide clients an alternative to the high bank fees as users of ForeignExchange.com are expected to save about 60-80% of their fees on average, if compared to the typical bank pricing.
“The $54 billion cross-border payments industry is undergoing a technological revolution that will provide tremendous opportunities for platforms that can provide lower fees, enhanced technology and a better user experience,” according to Stevens. “Similar to the digital transformation of other industries, we expect online services to eventually overtake offline competitors in the international payments space and we believe that Gain is well positioned for this opportunity,” he added.
GAIN Capital is the second largest forex broker in the US in terms of retail forex obligations after Forex Capital Markets, or FXCM, according to the US Commodity Futures Trading Commission (CFTC).
The company serves retail and institutional clients under the trading brands Forex.com, City Index, GTX, and Gain Capital. It is active in North America, Europe and the Asia Pacific regions.
The broker offers trading in forex, commodities, and global equities, among others.
Source: Gain Capital