Hussein, Forextime Limited recently received a license from the Financial Services Board (FSB) in South Africa. How will the company now be looking to expand its strategic footprint across the region?
Receiving the license from the FSB in South Africa is another key milestone for Forextime Limited as we further our global expansion and increase our presence in the region. We already have a strong presence in West Africa through our FXTM Nigeria office, which offers local support and free educational seminars. With the new South Africa license, we will be able to reach new customers and acquire local partners in this market, which we see as having high potential. This development follows the opening of our operational division in the UK, which took place in April this year, as we seek to grow our global network.
FXTM has established a reputation as a trusted broker in the Asian, European and Middle Eastern markets. What range of products and services are you offering retail traders and investors in South Africa?
We are extremely proud of our reputation as a trusted broker that provides innovative and tailored client-centric products and services, which South African traders can now enjoy as well. We have a wide range of accounts, and have launched several new products in 2016 including FXTM Invest, our investment and copy trading program, which is proving to be particularly popular in the region. In March, we introduced our Shares Account, offering traders access to 180 company shares with a direct connection to product pricing on the NYSE and NASDAQ exchanges. As part of our larger plan to expand our scope of financial instruments, it’s an excellent opportunity for forex traders looking to diversify their portfolios.
What issues generally influence retail investors when they look for a suitable broker to use, and what key attributes and values does FXTM have that has enabled you to build lasting relationships with many traders?
Investors are looking for two main elements when it comes to selecting a broker; a trusted service and excellent trading terms. In line with this, FXTM has become known for its commitment to innovation, transparent service, industry-leading execution speeds and competitive spreads. These attributes have enabled us to develop a longstanding global client base. We also pride ourselves on being a broker with a local touch by offering localised products and client support in a wide variety of languages.
FXTM has won numerous awards and industry accolades. How is your technology, trading platforms and commitment to providing a fair and transparent service likely to help you win the approval of clients, affiliates and partners in South Africa?
Providing the most dynamic trading solutions and advanced platforms, hand-in-hand with a transparent service, has been the key to our global success as we look forward to supporting the ambitions of our clients and partners in South Africa. We have a highly experienced in-house R&D team that is constantly expanding our product and service offering, so that our clients can maximize their trading experience. For example, we were one of the first brokers to launch the long-awaited MT5 platform with the option of hedging which we’re already seeing strong interest for within the region.
FXTM has already established an Official Representative Office in Nigeria. How much potential do you think there is for the future growth of Retail FX trading across the wider continent of Africa and what factors are likely to influence this?
Africa has seen a huge surge in popularity for online trading; a trend we expect to continue for the foreseeable future. The factors driving demand include the rise of increasingly sophisticated smartphones and the falling costs of mobile internet packages creating new possibilities for those trading on-the-go. We’ve seen this trend reflected in the usage of our ForexTime App, with Nigerians being among its top users. Thanks to its flexible nature, online trading is also attractive to those seeking control of their personal wealth. Moreover, forex trading allows investment opportunities that don’t rely on local economic health or commodity strength.
FXTM particularly values the concept of time and a core part of the firm’s mission is to help your clients and business partners invest it wisely. Why is educating your customers so important?
Educated traders are better able to maximise their trading experience and achieve their goals, which is why one of our key priorities is to provide a range of online educational resources and local events. Offering our clients extensive technical and fundamental training gives them the skills to hone in their trading and risk management strategies. Within the region we’ve also seen that there is a strong appetite for educational events; for instance, last year’s two-day training event in Lagos, Nigeria, had over 500 attendees and our recent educational seminars in Lagos and Abuja have been equally well-received.
2016 has been a busy year so far for FXTM as the firm continues to extend its international presence. What developments can we expect to hear about in the upcoming months?
We are constantly working on developing innovative solutions and providing cutting-edge technology – for example we have just launched a new version of the ForexTime App, which offers easy and fast access to the world of trading. We have also enhanced the reward concept to both our partners and clients: the Affiliate Program, based on a unique hybrid payment system, and the on-going FXTM Loyalty Program for rewarding our loyal clients. And of course our partnership with Red Bull athlete and BASE jumping legend Valery Rozov continues as the #FXTMbasejump Project is about to face a great challenge. These name just a few, so stay tuned for more exciting projects in the pipeline before the end of the year!