EGM designs platform for currency conversion
Traders and investors, both retail and institutional in the Nigerian financial space, who have long craved for an indigenous platform that could provide a world class functionality may now heave a sign of relief.
Reason: Eagle Global Markets (EGM) has designed a platform where global market trades are done in Naira denominated currency.
While taking journalists through on the workings of the platform and the activities of the company, the Chief Executive Officer of the firm, Gbite Oduneye, explained that the company has succeeded in eradicating the bureaucracy in trading global markets, in the sense that it does not have to put pressure on the foreign exchange. According to him, all global market trades through its platform are done in Naira.
“It gives more value to the Naira because more people will have to look for it to trade in global markets. Within just three months in Nigeria, EGM has over 600 active trading clients that qualified to trade on their platforms.
“The company is here to stay and holds the interest of Nigerian traders at heart,” he said.
He noted that their firm is offering the highest levels of transparency, ease of transaction and most importantly, constant innovation that will lead to client development.
“About 50 per cent of trading applications were declined because we are ensuring we do the right things , including Know Your Customer and other regulatory checks because in the long run, it will pay-off. The reason for all necessary check on trading applications is for us to ensure best practice. This is what most of our competitors haven’t done,” Oduneye noted.
Among others, the EGM advantages include: two platforms (one web based with no need for downloads); customised ECN based accounts; Naira platform that eliminates need for currency conversion in deposits and withdrawals; competitive spreads; analysis support (trade of the day).
The firm also provides a trading platform that enables fast order execution with a depth of analytical tools, to access over 3000 assets, in categories that include Equities, Commodities, Forex and Spot Metals.
Oduneye also assured potential clients that global industry standards would be applied in the client onboarding process.
He added that the advent of EGM sets a milestone, as it stands as the first PAN African brand to offer such an opportunity to Nigerian clients who previously, had to face the hassles of operating a U.S. Dollar denominated account, in other to access even less attractive markets.
To achieve this feat, the company, according to him, took into consideration the most pressing needs of traders and investors, which was to build their proprietary platform called the CloudTrade.
CloudTrade, according to him, promotes ease of market access, by ensuring competitive and affordable capital can be used to commence trading the financial markets.
He explained that this previously was not the case as traders had to source for foreign currencies to fund their trading accounts, or deposit Naira equivalents, thereby limiting their trading capability and volume.
This disadvantaged position, together with the strain that the currency conversion process puts on the traders and even the economy, is now finally at its close.
“With CloudTrade, EGM clients are able to define their trading volumes in Naira, while getting up to the minute financial data in the form of economic news and a bird’s eye view on market performance using the powerful built-in indicators.
“Developing the local market comes hand in hand with a pledge by EGM, to give primary focus to education and helping traders improve on their short and long term financial expectations.
“This is coming at a time when even on the global stage, the search for profitability and better yields across the financial markets, is a huge and pressing topic.”
The Head of Market Analysis and Education at Eagle Global Markets, Kola Adebayo,said, “We have developed a curriculum that is meant to aid clients in growing organically, to become sound in market analysis and streamlined to help them achieve their corporate or individual financial goals.
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