UFX Bank, the online brokers to the Forex market has launched a new commodity Forex pair – Oil/USD, which will enable the traders to trade oil against the dollar. UFX Bank offers instant execution on trades across five currency pairs, as well as silver and gold against the dollar, now it offers the traders the ability to trade oil against the dollar.
It has reported that trading oil against the dollar, means that the trader never owns the underlying asset but instead trades on the price movement. The trader, then, can profit whether the oil price rises or falls and can also take advantage of a volatile market movement.
Michael Laurence, CMO of UFX Bank, said: Many people would like to get more involved in commodity trading without having the risk involved in buying that commodity, Forex trading offers the tool for these traders to get more involved with this financial vehicle. We have realized that offering a clear, simple trading interface along with full technical charts means that executing an oil/USD trade could not be easier.”
