Wed, April 17, 2024

Pepperstone Adds Spread Betting into TradingView Platform

Broker News

Online trading provider Pepperstone, based in Australia, has now brought spread betting to TradingView, its social charting platform. The Forex and Contract for Difference (CFDs) brokerage stated that ‘tax-free’ spread betting was now accessible to UK customers on TradingView. Users can place spread bets on instruments like forex, commodities, indices, and shares using the platform’s customizable charts.

No More “Screen Switching”

Pepperstone unveiled the latest feature in a press release, noting that it would eliminate the need for “screen switching” for UK traders. Now, they can use TradingView for spread betting without switching screens on its platform.

Pepperstone’s Group CEO, Tamas Szabo, expressed that the new feature would allow customers to “trade as per their preference” on TradingView. He believes this will “revolutionize the trading experience” and open up “new possibilities for Pepperstone’s UK clientele.”

“Pepperstone stands as one of the few TradingView brokers offering the advantages of spread betting to its UK customers,” the statement from Pepperstone added.

Steady Expansion in the UK

The decision to integrate spread betting into TradingView for UK traders seems to be a tactical move by Pepperstone. In the previous year, the company’s pre-tax profit from UK operations saw more than a twofold increase, reaching £4.6 million. Furthermore, the broker’s trading revenue rose 36% to £10.7 million in the fiscal year ending June 30, 2022.

Yet, this performance was within the 2020 fiscal year results, as reported by Finance Magnates. Two years ago, the broker announced a pre-tax profit of £7.7 million and revenue of £12.7 million.

Pepperstone rationalized its performance over the two fiscal years in its annual report to the UK Companies House. The company stated that two years ago, Pepperstone UK was serving European clients, thus resulting in a significant disparity.

Pepperstone also acknowledged the impact of market volatility caused by the COVID-19 pandemic in 2020. This volatility led to “extraordinary revenue and pre-tax profit” during the earlier period.

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