Explore BidX Markets lucrative high-interest rates on USD and GBP balances, navigating FCA scrutiny with innovation and client empowerment.
Explore BidX Markets lucrative high-interest rates on USD and GBP balances, navigating FCA scrutiny with innovation and client empowerment.
London-based financial services provider BidX Markets has unveiled a new High-Interest Rates, “Interest on uninvested Cash Balances,” providing clients the opportunity to earn up to a 5.1 percent yield on uninvested US dollar and British pound deposits and up to 3.5 percent on euros. This move aims to allow clients to capitalize on rising interest rates and optimize their cash resources.
Simon Blackledge, CEO of BidX Markets, emphasized the potential benefits for broker and professional clients, stating, “We believe that sharing in the interest that BidX receives will be a massive benefit to many of our broker and professional clients who are currently unable to capitalize on the rise of interest rate.
Clients interested in availing themselves of the high-interest rates must allocate their uninvested cash balances into interest-bearing accounts, providing an innovative solution for optimizing cash resources and empowering clients to seize opportunities in a dynamic market environment.
Notably, BidX’s announcement coincides with recent warnings from the UK’s Financial Conduct Authority (FCA) regarding the practice of “double dipping” by investment platforms. The FCA cautioned investment platforms against retaining a portion of the interest on customers’ cash balances while charging additional fees for cash management. The regulatory body has ordered investment platforms to rectify these controversial practices before the 29th of February 2024.
BidX Markets, headquartered in London and regulated by the FCA, specializes in forex and CFDs trading services targeted at institutional and professional clients. The platform has recently expanded its offerings to include spread betting services for professional traders.
Despite the regulatory environment, BidX Markets reported robust financial performance for the fiscal year ending on May 31, 2023. The company recorded an annual revenue exceeding £1 million, marking a substantial 253 percent increase, with a net profit exceeding £40,000. Lastly, This growth underscores BidX Markets’ commitment to delivering value and flexibility to its clients in the ever-evolving financial landscape.
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