Cryptocurrency exchange and trading platform Freedx went live on Monday morning.
The company, which has its main operational headquarters in Dubai and a regulatory license in El Salvador, raised $50m at the start of this year to expand and build out its product.
Like most players involved in the sector, the set up is very similar to the more ‘traditional’ model we see from stockbrokers like Robinhood in the US or Trading 212 in the UK.
A core spot product is offered to attract a broad audience but with a large range of leveraged derivatives products, notably perpetual futures, added alongside of it.
The goal in most cases seems to be to bring clients into the platform and get them, at some point, to trade in those higher value leveraged products.
Freedx fits this mould by offering physical crypto trading and exchange capabilities, alongside trading in perpetual futures.
The company will also be adding more derivatives products and payment options, including cards, in the near future.
CFD execs make the switch – eToro, ADSS, and Exinity execs all at Freedx
Another interesting feature of Freedx is the number of executives from the CFD industry who have joined the firm.
CEO Jonathan Farnell was a Board Member and Director of Compliance at eToro in the past.
Chief Risk Officer Roland Danielczyk has also held senior compliance roles at Saxo Bank, ADSS, and Exinity.
Several other executives at the firm also had lengthy stints at Exinity, which owns retail CFD brands FXTM, Alpari, and Nemo.
