BoICT’17: Local Focus Leads to Year of Record Growth in Nigeria for FXTM

Global award-winning forex broker FXTM achieved record growth in Nigeria in 2016, with an impressive 25% increase in actively trading clients.

This rapid growth is down to the launch of several innovative products and services, including FXTM Invest and the broker’s Naira denominated trading accounts, as well as the expansion of FXTM’s local educational program.

FXTM said it is committed to developing products that cater to the needs of local traders. Since November last year, the company has offered its leading Standard and ECN trading accounts in Naira.

FXTM is one of the few brokers offering the Naira as a base currency for trading, and traders can now deposit and withdraw funds in Naira without worrying about conversion fees. The company’s copy trading and investment program, FXTM Invest, which launched last February, has also proven highly popular with Nigerian traders.

At present, clients from Nigeria account for 36% of FXTM’s active investors, with a growth of 114% in registered accounts in 2016 and 2017 is on track to surpass these figures.

Last year saw the broker introduce its first educational roadshow tailored specifically to Nigerian traders. The local educational events were led by FXTM’s Head of Education, Professor Andreas Thalassinos, and saw the company host more than 650 attendees across a series of certified seminars and workshops in Lagos and Abuja.

They have recently upgraded their educational offers to traders and now offer a number of custom workshops, a Basic Forex Course that is an introduction to the world of professional trading as well as applied Forex courses for traders looking to expand their knowledge beyond the basics.

For traders who are already familiar with the essential ins and outs of trading and have put them into practice, FXTM Nigeria’s Advanced Forex Course offers a deeper look into the world of professional trading.

This course is geared towards understanding how professional traders operate. It focuses on the use and application of technical tools in day-to-day trading, as well as appropriate fund and risk management.

This commitment to local traders was recognised by the Global Brand Awards, which named FXTM ‘Best Forex Broker, Nigeria’ in 2016.

On 22 April FXTM received another award for 'Best Online Forex Trading Company of The Year' at the Beacon of ICT Awards organized by Nigeria CommunicationsWeek.

The awards ceremony took place in Lagos which drew top politicians and government officials, as well captains of the ICT and finance industries.

Lukman Otunuga, market research analyst at FXTM said, “2016 has been a fantastic year of global expansion for FXTM, with significant investment in innovative products and services by our exceptional R&D team. We are very proud to see that our dedication to offering localized products and services has been so well received in Nigeria. We believe traders in Nigeria have a lot of potential and we are excited to continue to support them in reaching their trading goals in 2017, and beyond.”

Firm Commitment To Traders in 2017
Building on the successes of 2016, the broker’s priority for 2017 is to invest heavily in client education, offering more local seminars and workshops. FXTM kicked off 2017 by hosting three one-day seminars in Lagos, Abuja and Port Harcourt in January and February. The broker will continue to host regular educational events across the country throughout the year, catering to traders at all levels.