CityOdds Ltd, a London-based financial fixed odds bookmaking company, announced today it has seen a 50 percent growth in the number of users of its trading platform in the last three months.
Since the banking system crashed in the UK, the growth in use of CityOdds' easy-to-use platform lends support to the idea that people are increasingly looking for ways to take control of their financial destinies away from the failing banks. They are hunting out the systems that allow access to the markets and doing it for themselves. With over 400,000 people currently betting on the financial markets online, the binary betting industry is young, but the numbers are increasing rapidly.
CityOdds offers UK users the same tool as a trader might use, with options to trade with real money, free to join training groups and betting leagues. "Transparency and simplicity is what is going to define the future of banking. Our binary service is based on these values and is the first to allow customers full flexibility and control with limited risk. We offer instant transactions, lower costs and will be developing an ever-widening range of products", comments Mike Chadney, Founder and CEO.
He adds: "I firmly believe in the democratisation of capital and that means more power to the people. During my time as an investment manager, I was dismayed that banks wasted vast proportions of their revenue through bad management and poor decision-making. Directors of these businesses often mis-understood the risks they were taking and still earned eye-watering sums. As events have now proved, they simply haven't earned the right to keep these systems to themselves, it's time for everyone to have the same opportunity to participate in the markets. Measuring risk and reward becomes much easier when you have the right systems available to you and my vision is for everyone to have access to the same tools that the banks use.
I created CityOdds, to do just that, providing people with a simpler, cheaper way to a better chance of trading success."
CityOdds gives users a graphical and user-friendly interface to the major financial markets. Six live indices includuding gold and oil are available to trade with new markets being added regularly. Bets can be constructed to perfectly suit the user's opinion, with flexible setting of the upper and lower limits on where markets will close. This means a wealth of short-term trading strategies are available as bets can be bought and sold throughout the day and are settled at the end of each trading day. CityOdds expects further growth as users join its trading leagues where they compete with other traders and win prizes or cash depending on their trading performance. These leagues provide a convenient and fun way to trade the markets for limited or no outlay
CityOdds is currently the only service in the UK delivering a graphical and multiple market platform across browsers for both Mac and PC. There is no software to install and the service operates comfortably on broadband connections below 1Mb.
Transparency in all things is paramount to CityOdds founder's vision and mission. Chadney believes that giving back to the communities that businesses are involved in is the cornerstone of an ethical organization. With this in mind Chadney has created the CityOdds Foundation, which will be responsible for delivering environmental and community-based projects from a proportion of the funds generated through the site.