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Economics

Rate.Trading: Currency Exchange on a New Digital Platform

The development of digital financial services today involves not only improving existing banking products but also creating specialized platforms that make financial services more efficient and accessible.

Rate.Trading, a digital currency exchange platform launched by Rate.am and IDBank, is the result of this approach. The platform allows individuals and legal entities to monitor available exchange rates, select the relevant terms, or propose their preferred exchange rate. A transaction is executed only if the Bank fulfills the request at the specified exchange rate. 

“The launch of Rate.Trading is based on the belief that the development of digital financial services should respond to real customer needs and evolving market conditions. Specialized digital platforms make it possible to exchange currencies at significantly more favorable rates, making transactions simpler, safer, and more efficient, while also saving customers their most valuable resource-time,” said Gevorg Mamikonyan, Director of Rate.am.

Ten currencies are currently available on the platform: the Armenian dram, US dollar, euro, Russian ruble, Georgian lari, UAE dirham, British pound, Chinese yuan, Japanese yen, and Swiss franc.

Rate.Trading is also available as a mobile app, and users can access the platform directly through the Idram&IDBank app, allowing them to exchange foreign currency conveniently from their smartphones.

“Its user-friendly interface and digital transaction capabilities make Rate.Trading a convenient solution for those seeking favorable exchange rates while valuing their time. At the same time, the platform contributes to the digitalization of financial services, increases transparency in the foreign exchange market, and promotes the wider adoption of modern technologies. Rate.Trading is continuously evolving, with plans to add new tools for foreign exchange transactions, enabling customers to manage their financial resources more effectively,” said Gevorg Mamikonyan, Director of Rate.am.

THE BANK IS SUPERVISED BY THE CBA