Oil brokering firm Onyx Capital has launched its retail broker offering in the UK.
Called Onyx Markets, the new firm currently offers clients trading in oil contracts and rolling spot FX.
In a video announcing the launch, Onyx Capital CEO Greg Newman said that the firm would be giving clients cheaper and better access to oil markets, via CFDs and spread bets.
He added that Onyx Markets will give a best price guarantee to new users, with a 50% reduction on any competitor price quote.
“Onyx Markets, launching today, can be used as a clearing function by every oil company and every person by trading these contracts as CFDs or spread bets,” wrote Newman.
“Low margins, free data, no subscription fee AND the same Onyx trading prices that are on the exchange. Today we launch access to outright contracts, and very soon we will have differentials and time spreads. We grow from there until every possible combination that exists is available and more.”
Onyx has hired several executives from retail brokers to launch its offering. That includes executives from IG Group, CMC Markets, and SpreadCo.
