July 2nd, 2008: FxSpyder LLC has announced that it has completed tests of the program interface that allows retail foreign exchange (forex) traders the means to trade currencies with a variety of forex dealers using its independent API driven trading platform.

Forex: FxSpyder LLC Introduces First Independent, API Driven Forex Trading Platform

Until recently API (Advanced Program Interface) trading has been pretty much restricted to the institutional trader -- forex dealer, hedge fund, money manager, treasuries, and corporation.

OANDA Corporation is the first forex dealer offering API access to accommodate the platform. According to John Keister, FxSpyder's founder and CEO, a priority was put on building the requisite interface with OANDA because it was important to establish FxSpyder LLC as a truly independent service provider.

"It was important to us that traders understand that FxSpyder is not compensated directly or indirectly by any participating dealer and from our perspective the alliance we have with OANDA makes that point very clear.

"OANDA has never entertained the idea of building its business through introducing brokers who participate in the dealer's profits. Our sole source of support comes from the nominal lease fee traders pay to use the platform and that's paid on a trade-by-trade basis," he said.

FxSypder, a standalone platform application that resides on the trader's (not dealer's) computer, is currently only available to OANDA traders and/or anyone registering for an FxSpyder or OANDA demo account. click here to return to the top of the page