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WIFCO launches online trading platform
DUBAI WIFCO Financial Brokerage, a subsidiary of the Bank of Sharjah has launched an online equities trading platform through the US-based financial services solutions provider, Pershing.
Currently, WIFCO offers a wide range of brokerage services including equities, commodities, third party managed accounts and structured funds."The addition of the online trading platform is another step in the path that we chose to follow while others were retreating," said John Baran, managing director of Wifco.
The online trading platform NetExchange Client offers a complete range of investing tools in addition to execution of deals on leading US markets. The account based trading system allows its users to access their accounts day and night, including holdings, history, balances, order status and account profile. While the platform provides the latest market data, analysis and news, WIFCO offers real time streaming prices to the platform users through Money.net at $15 per month.
On the security front, the Net Exchange Client uses password protected access with 28-bit, encryption technology. "We provide full protection for the investors' money. Securities held in custody of Pershing are fully protected. While up to $500,000 is covered through Securities Investor Protection, the remining is commercially insured by Pershing," Baran said.
In the UAE, the Net Exchange Client service is available for $28 per deal up to 100,000 shares and $38 per deal exceeding this limit.
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