Tuesday, January 27, 2009

E-Trade firm nets $1 million a day

Online currency trading firm Oanda's daily trade transactions amount to a huge $10 billion. Oanda charges 1/100th of a percent per transaction as brokerage taking its daily revenue to $1 million.

Users of Oanda's service bet on currency pairs like dollar-yen to rise or fall. Most bets are loosing bets but there are a few people who consistently rake in profits. According to Oanda, serviving in this business with razor thin profits is only possible by a technology enable solution which insures that a large volume of transactions take place through their service.

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