• Saturday, July 13, 2024
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Nigeria has over 500,000 forex traders – FXTM boss

Revolutionising Nigeria’s forex landscape: ABCON’s vision for stability and compliance

My vision for ForexTime (FXTM) is that it will stand out as something different, entrepreneurial and challenging in the forex world. In all my years of experience in the forex industry, I have accumulated an immense deal of knowledge and discovered which elements are the most significant to the success of a forex broker; FXTM encompasses all of these elements.

FXTM is an international forex broker that gives clients access to the global currency market and offers to trade in forex, precious metals, commodities, shares and indices. The forex market is vast and there is a plenitude of online brokers in the industry offering similar products and services, which is why my vision for the company is that it does not just meet industry standards, but exceeds them.

There is a myth that trading forex is very complicated and only for the few. Our aim at FXTM is to dispel this myth by providing clients with ease and simplicity, placing their evolving needs at the very basis of everything we do and revolutionising products and services to suit different investors and regions.

What do you believe are the core ingredients to business success?

There are several core principles that act as the necessary ingredients for business success and these are also the principles that FXTM has been founded on: trust, integrity, transparency, constant development, the use of cutting edge technology and of course innovation.

I also believe communication is key in business success; the management and employees of a company must listen to each other’s opinions and advice, be open to constructive criticism and make decisions based on a collective effort.

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In addition, a balance between personal and professional life always helps in motivating workers and is the driving force behind the “Healthy Mind, Healthy Body” philosophy that Andrey Dashin, FXTM founder, has incorporated into the energetic and dynamic culture of FXTM.

Why should investors consider trading forex?

The forex market is not only one of the largest financial markets in the world, it is also the most liquid. Lucrative opportunities can arise at any time, regardless of whether the market is moving up or down, which means that the forex industry remains unscathed even during economic crises.

With the right education and trading tools, investors can study the market and grab opportunities as soon as they arise. Trading forex is also very versatile and freedom-inducing as there is easy and direct access to the currency market, which is available 24/5 on the internet for traders in all parts of the world.

Why have you decided to make Nigeria a strategic focus for FXTM?

Nigeria has a rapidly developing financial sector and retail forex has been growing in popularity for the past 10 years or more; it is estimated that there are as many as half a million forex traders in Nigeria. One of the reasons for this increasing interest in forex trading is that many investors are unable to trade on the equities market because it requires extremely high levels of capital.

With trading forex, there is no need to have such a high level of capital to enter the market, there is easy access to educational tools, trading platforms are user-friendly and easy to download, and the use of leverage offers traders the opportunity to increase their trading power even if they cannot invest a large sum of money in their trading account.

You say you have a local team in Nigeria. Where are they based and what services does your team provide to Nigerian investors?

We have a local team in Lagos who help in providing training, education and support to those just starting out in forex. Our team runs regular training events and offers personalised support to our Nigerian traders, enabling them to understand the ins and outs of the market and teaching them how to utilize our trading tools to get the most out of their trading experience.

What kind of skills do you need to be a successful forex trader?

Being a successful forex trader comes as a result of making well-thought-out decisions. First and foremost, a trader must master the basics of the market and depending on their financial objectives, choose products and trading styles that can meet those objectives.

There are many options in today’s forex market and products to suit each and every type of investor, so traders should explore all their options before rushing into trading. Time management is also elemental in trading success; trading without having invested enough time in studying the latest market trends, political and economic indicators, is a recipe for destruction.

And above all, traders should keep a calm head when trading. A successful trader is one who will not allow emotions to blur judgement, who will not be consumed by neither anxiety nor over-confidence and who will structure a trading plan and stay true to it instead of succumbing to feelings of spontaneity.