The financial market is a very integral part of any nation’s economy and for Nigeria, it is no different. With an expected market capitalization of $26.5 trillion by 2022, the financial markets constitute a significant percentage of the global Gross Domestic Product.
However, given the colossal size of the global financial markets and the national population of Nigeria, less than 2 percent of 200 million Nigerians currently trade the international financial markets and benefit from it.
Since its inception in 2016, Eagle Global Markets (Egmarkets) has opened over 150,000 trading accounts and seen over 5 million trades executed through services that extend beyond trading to address the core trading issue in the nation: ignorance. As one of the foremost brokerage firms in Africa, it is the objective of the now five years old Eagle Global Markets to increase that number significantly by equipping people with the tools that they need to trade profitably.
Egmarkets was established because the founders wanted to see access to online trading owned by Nigerians, for the Nigerian people. The firm wants to educate and nurture its clients into confident self-directed traders who want the freedom Egmarkets’ multi-asset, multi-device trading platform delivers.
The firm and its owners understand that a lack of interest in trading stems from a lack of knowledge and so the company spearheads financial education for users through free webinar training and one-on-one coaching from financial experts while offering trading signals and analytics to help better aid traders’ decisions. More importantly, Egmarkets is a local operator based in Lagos with staff who understand clients’ needs and are available 24 hours, 6 days a week.
Egmarkets not only makes trading global markets more accessible but also addresses issues such as local currency risk and having to contract with foreign entities. Formerly in Nigeria, trades could only be executed in US Dollars and though that sufficed for a time, it soon became incredibly limiting as it excluded a sizable position of the grassroots demography.
To combat that limitation, Eagle Global Markets introduced a financial and economic revolution: Naira trading in real-time on international exchanges which significantly reduced local currency risk. This innovation opened the doors to trades for thousands of Nigerians who were formerly restricted in their trading abilities.
The directors in a letter to clients stated, “The global financial marketplace has a significant impact on our day to day lives but it is very difficult to participate and benefit from global trends as an individual. Capital requirements, data costs, and transparency are just a few of the many reasons why trading non-domestic products appear prohibitive”.
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The directors of Egmarkets further stated in the letter, “To complicate matters further, converting in and out of the local base currency is inefficient and sometimes the gains made from the investment are significantly impacted by the simple process of exchanging currency. Cloudtrade is the ultimate multi-asset class global platform available in YOUR local currency. Our browser-based platform can be logged into from ANYWHERE and if you don’t have a PC, then its as easy as turning to your Egmarkets mobile app for your live trading needs be it Oil, Gold, Apple, Wall Street, Nikkei, EURUSD in Naira with the markets available 24 hours/6 days a week.”
The board of Egmarkets is comprised of experienced financial markets professionals from diverse backgrounds both in the products they have managed and the geographical regions they have operated in. Having worked within the world’s leading regulatory environments in the UK and Australia as well as their extensive experience working within the investment community in Nigeria, the Egmarkets board has the benefit of international experience mixed with local knowledge.
“Our market-leading charts provide a full suite of indicators and tools for the statistical analyst while the fundamentals are covered with the integrated rolling news. With our economic calendar, you will never miss an announcement or an upcoming, market-moving event. All of these amazing features are available to our clients!”, an Egmarkets director elucidated further.
On the Egmarkets MT4 terminal, they had this to say, “This is the most popular trading platform in the world. It provides the tools for analyzing the pricing dynamics of financial products, executing ultra-fast trade transactions, and provides access to use or create your own automated trading programs through EAs (Expert Advisors). With 40 FX pairs, 13 Indices and 13 Commodities, as well as Global Equities, Egmarkets’ MT4 has a market-leading range of products to trade 24 hours 6 days a week.”
As Eagle Global Markets rebrands and widens the scope of its services, the focal point of its major activities is reaching wider markets, increasing financial literacy, and changing the financial services story in Nigeria by empowering more people to trade successfully through the acquisition of the relevant knowledge and skills, thus creating sizable wealth for themselves.
The new Egmarkets can be expected to roll out even more efficient and better curated financial literacy training programs to equip individuals with the ability to make trading decisions that will revolutionize their personal finances. As a strong proponent of personal financial freedom through passive income, Egmarkets remains committed to increasing the purview of its operation to include as many Africans as possible in the journey to financial freedom; from students to artisans and more!
