LeapRate Exclusive… LeapRate has learned that financial market trading technology provider Tradeworks has signed up PT Monex Investindo Futures (Monex), the leading forex broker in Indonesia, to an exclusive distribution partnership for the Indonesian retail FX market.
Under the agreement, Monex will offer the Tradeworks trade automation platform to their client base in Indonesia. Following a period of internal training of Monex staff, the formal nationwide roll-out is planned to take place later this week, on May 25th, 2016.
The Copenhagen, Denmark-based Tradeworks has been spending most of its time and effort lately concentrating on markets in the Far East / Asia region. We had reported last month that Tradeworks had raised a total of more than $500,000 from two strategic investors based in Singapore, as well as from the Danish Innovation Fund, Innovationsfonden. Tradeworks also recently hired former OANDA trading coach and bestselling author Stuart McPhee to help shape the company’s next generation of products.
Jeffrey Ng, Monex
According to Jeffrey Ng, Executive Vice President and Chief Marketing & Sales Officer at Monex:
As the futures brokerage firm with the largest transaction volume in Indonesia, Monex is constantly striving to offer a high professional and quality service to its clients through the provision of diverse financial products.
Initially launched to the public in 2014, Tradeworks offers a fully hosted, cloud based, algorithmic trading solution where FX and CFD traders are able to design, test, deploy and analyse their automated trading strategies. The technology assists traders who are looking to curtail their emotions through computer assisted trading. Unique to Tradeworks is that traders do not have to master a programming language to operate it.
With Monex being the largest FX, gold and oil broker in Indonesia, technology plays a key role. “With the launch of our partnership with Tradeworks, Monex is consolidating its position as the brokerage with the most comprehensive technology offerings in Indonesia,” says Jeffrey Ng.
Thomas Nyegaard, Director of Tradeworks in Asia added:
Being the third most populous country in Asia, with a domestic community of FX traders estimated to be in excess of 250,000, Indonesia is a key market for Tradeworks. In Monex, we have found an ideal local partner with adequate scale and experience to make this partnership successful. Our partnership with Monex underscores the increasing demand for easy access to rule based trading technology among retail FX traders.
We would remind LeapRate readers that PT Monex Investindo Futures is not related to the Japanese Monex, a leading retail forex brokerage in Japan.