BidX Markets has shared a High-Yield Offer for Idle Cash Balances initiative to pass on the benefits of high-interest rates to its clients. The company announced today that it is offering up to 5.1 percent yield on uninvested US dollar and British pound deposits and up to 3.5 percent on euros.

In a press release issued on Thursday, BidX Markets introduced the “Interest on Uninvested Cash Balances” program, allowing clients to earn substantial returns on their idle funds. To participate, clients need to allocate their uninvested cash balances into interest-bearing accounts provided by BidX.

Simon Blackledge, the CEO of BidX Markets, expressed enthusiasm for the new offering, stating, “We believe that sharing in the interest that BidX receives will be a huge benefit to many of our broker and professional clients who are currently unable to capitalize on the rise of interest rates. Our new offering not only provides an innovative solution for optimizing cash resources but also empowers our clients to seize opportunities in a dynamic market environment. At BidX, we are committed to delivering value and flexibility to our clients, and this enhancement is a testament to that commitment.”

BidX Markets shared a High-Yield Offer for Idle Cash Balances.

The announcement comes in the wake of the UK’s Financial Conduct Authority (FCA) issuing a warning about the practice of “double dipping” by investment platforms. The FCA expressed concern that some platforms were retaining a portion of the interest on customers’ cash balances while also charging additional fees for cash management. In response to this, the regulator sent letters to the CEOs of investment platforms instructing them to rectify these practices before the 29th of February 2024.

BidX Markets, however, appears to be ahead of the regulatory curve, as the platform is not only offering competitive interest rates but is also transparent in its approach. The company’s headquarters in London and regulation by the FCA ensure compliance with industry standards.

It was previously reported that BidX Markets achieved remarkable financial success in the fiscal year ending on 31 May 2023. The platform reported an annual revenue exceeding £1 million, accompanied by a net profit surpassing £40,000. The impressive financial performance indicated a significant growth trajectory, with revenue surging by an impressive 253% during the productive year.

BidX Markets caters to institutional and professional clients, offering forex and CFDs trading services. In a strategic move, the platform expanded its services by incorporating spread betting for professional traders.

The introduction of high-yield interest on uninvested cash balances aligns with BidX Markets’ commitment to innovation and client-centric solutions, providing its clientele with a unique advantage in the ever-evolving financial landscape. Also, stay updated with the Latest Broker News.