Wednesday, May 04, 2016
Abu Dhabi: ADS Securities, an Abu Dhabi-based financial services company, launched on Tuesday a multi-asset smartphone trading application with full Arabic language functionality.
The Orex app is the first of its kind to be available in Arabic, and allows investors to trade over 90 currencies and more than 1,000 CFDs (Contract for Differences) including Forex, commodities, indices, and single stocks.
Andrew Rossiter, managing director — Global Head Information Technology at ADS Securities, said the company invested around $3 million to $5 million a year on the app over the past two years since it started developing it.
“We’re committed to bring out a lot more functionality on the app over the next 12-24 months. We’ve signed an exclusive deal with an information provider and that’s a way of us adding new functionality to the app, so it’s a multimillion dollar investment every year.
It wouldn’t be an overestimate to say it would see 10,000 clients a month signing up,” he told Gulf News.
Rossiter added that the company has seen interest from institutional investors as well individual investors.
Ahead of the app’s official launch, ADS Securities had a trial period of around one to two months starting March 2016 during which the app was offered to ADS’s clients. The company said that $15 billion were traded in that period, with 40-50 per cent of the investors being from the GCC.
By Sarah Diaa Staff Reporter
Gulf News 2016. All rights reserved.
