Betfred boss launches forex trading business
Fred Done's TradeFred platform signs Bolton Wanderers partnership ahead of UK launch
Betfred founder Fred Done has announced the launch of a new online forex trading business called TradeFred.
The new site is powered by Betfred and owned by MagicPath Capital Ltd, which is registered in the Pacific island of Vanuatu and licenced by the Vanuatu Financial Services Commission. It also has an office in Manchester.
The company said it expects to obtain a European licence and register with the FCA to allow traders from the UK to use its services in the near future.
“TradeFred has been created to meet the demand for a credible and trusted brand in the forex sector,” the firm said in a statement.
Ahead of its UK launch, TradeFred has also become the Official Financial Trading Partner of Bolton Wanderers Football Club as part of a wider deal that saw Betfred become the team’s shirt sponsor.
“I never miss a trading opportunity,” said Done. “Now customers can enjoy a trading platform that always executes.”
The launch of TradeFred comes at something of an unusual time, with countries across the EU, including the UK, imposing new restrictions on spread betting and CFD trading platforms to help protect consumers.
Shares in spread betting companies fell by almost 40% in December when the new measures were announced.