Forex Times (FXTM), leading forex broker specialising in forex trading, recently organised a series trading seminars in Lagos and Abuja, Andreas Thalassinos, head of Trader Education at the Company shared views on FXTM’s penchant for trader-education, especially in Nigeria.
The seminar series began at the end of last month with an advanced 1-day free seminar titled ‘The Ultimate Trading Formula’, which he described as was extremely popular with over 250 participants.
“This was followed by a 3-day afternoon workshop for beginners at FXTM’s Abuja office. The workshop had a total of 50 participants, allowing for more personal interaction with FXTM’s local team and myself. The series will conclude with a grand Gala Dinner which is being held in Lagos on September 24th offering an exclusive program, including a presentation on market trends by FXTM Research Analyst Lukman Otunuga.
Speaking on what inspires FXTM’s commitment and investment to educating Nigeria traders; Thalassinos said that they want to enable local traders to achieve their trading goals.
“Nigerians are really embracing the world of forex trading, and to support their ambitions we have developed a range of engaging training seminars and informative online educational resources that are tailored specifically to the needs of Nigerian traders. Education is crucial to becoming a well-rounded trader who can balance the opportunities and risks presented by the markets. That’s why at FXTM we provide extensive educational resources covering both fundamental and technical analysis so traders can carefully hone their strategies. We also understand that a trader’s education never ends, which is why we provide educational resources and training for all experience levels from beginners, right up to advanced traders”.
The Head of Trader Education at FXTM also said that over the past 18 months, they have held a number of highly successful educational events, including a two-day seminar last August with over 500 participants, as well as our well-attended weekly training sessions.
He said, “Seeing Nigerians being so keen to apply themselves to studying and understanding the markets is great news, and this is definitely having a positive impact on their level of skill and expertise- an educated trader is a better trader! We have seen this in practise with FXTM Invest, our investment and copy trading program, in which 35% of the top Managers are from Nigeria. “We strongly encourage our traders to take the time to learn about the markets and develop their skills, as we say at FXTM, ‘time is money, invest it wisely’”.
Experience with the Nigerian Traders
“Depending on the region, traders around the world tend to adopt different strategies and demonstrate a stronger interest in certain currencies or commodities and trading products. In terms of our products, we have seen that our investment and copy trading program, FXTM Invest, is especially popular in the region, with more than a third of Investors and Managers coming from Nigeria.
“In Africa as a whole, the EUR, JPY and GBP are particularly popular currencies amongst traders, with a more aggressive style of trading preferred. At FXTM, we take local differences and preferences into account by providing tailored products and services, to ensure that the trading experience is as seamless as possible. For example, FXTM’s local presence in Nigeria enables Nigerian clients to deposit into local banks in Naira, and have their trading account credited with the equivalent amount in USD in a very short period of time.
Other Plans to Broaden Online Forex Trading Knowledge in Nigeria
“Our regular on-the-ground educational program is one of the key ways in which we are supporting the growth knowledge of forex trading in Nigeria. These have been extremely popular and following the overwhelming positive feedback we received on last year’s events, we returned in 2016 with an even more expansive program of educational events. In addition to our larger unique seminars, our local offices also offer weekly free educational training sessions.
“Each week we hold a range of programs including: basic, applied and advanced level financial market trading courses, a MetaTrader 4 Class and an investment seminar on how to trade with the FXTM Invest program. We also offer a networking event every Thursday afternoon where traders can meet to discuss their strategies and share new ideas. Those interested in more information on our training sessions should get in touch with our local Nigeria office”.
Comparing Nigeria’s Online Forex Trading Competitiveness to the Global Index
“Comparing the forex industry in Nigeria to the other countries is difficult because each market has its own characteristics, however online forex trading in Nigeria is certainly very competitive. From a broker’s perspective, we are continuing to see strong growth rates year-on-year in Nigeria and this is a trend which we expect to continue.
“For Nigerian traders, there are many opportunities to benefit from trading the markets, however this depends on a number of factors including developing a robust trading and risk management strategy and selecting a broker which offers good trading terms. One of the reasons why FXTM is popular in Nigeria is due to our extremely fast execution speeds and competitive spreads and trading terms, meaning that traders can really get the most from their trading experience.
FXTM UK, South African Divisions Opening
“Since the start of the year we have achieved a number of key milestones as part our global growth strategy, including receiving our South Africa license and the opening of our fully operational UK division in April. Having delivered strong results and stable growth since the founding of the company, expanding our global network is a natural progression for the business and we will be focussing on this throughout the rest of 2016. With regards to Nigeria, FXTM
already has a long standing presence in the country with a committed local team and two offices in Lagos and Abuja.
“We are proud to be one of the first firms to open up the world of currency trading to retail investors in Nigeria and will continue to develop cutting-edge products and services designed to meet the needs of local traders.
Banks Fingered in $2trn Dirty Money Scam
Some of the world’s top banks have been found to be complicit in aiding criminals move $2 trillion in dirty money around the world, according to leaked government files.
The exposition was done by Buzzfeed News and shared with the International Consortium of Investigative Journalists (ICIJ), a group that brings together investigative journalists from around the world, which distributed them to 108 news organisations in 88 countries.
In the revealing documents, they said: “global banks including JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank, Bank of New York Mellon, among others defied money laundering crackdowns by moving staggering sums of illicit cash for shadowy characters and criminal networks that have spread chaos and undermined democracy around the world.”
It was also revealed that they kept profiting from these powerful and dangerous players even after the United States authorities fined these financial institutions for earlier failures to stem flows of dirty money.
FinCEN is the US Financial Crimes Enforcement Network. These are the people at the US Treasury who combat financial crime. Concerns about transactions made in US dollars need to be sent to FinCEN, even if they took place outside the US.
Known as the FinCEN files, these are more than 2,600 documents which banks sent to the US authorities between 2000 and 2017 which help show that these banks raise concerns about what their clients might be doing.
They have also been regarded as some of the international banking system’s most closely guarded secrets.
Some of what has been found so far showed that JPMorgan, the largest bank based in the United States, moved money for people and companies tied to the massive looting of public funds in Malaysia, Venezuela and Ukraine, the leaked documents reveal.
The bank moved more than $1 billion for the fugitive financier behind Malaysia’s 1MDB scandal, the records show, and more than $2 million for a young energy mogul’s company that has been accused of cheating Venezuela’s government and helping cause electrical blackouts that crippled large parts of the country.
JPMorgan also processed more than $50 million in payments over a decade, the records show, for Paul Manafort, the former campaign manager for President Donald Trump. The bank shuttled at least $6.9 million in Manafort transactions in the 14 months after he resigned from the campaign amid a swirl of money laundering and corruption allegations spawning from his work with a pro-Russian political party in Ukraine.
It was also revealed that one of Russian President Vladimir Putin’s closest associates used Barclays bank in London to avoid sanctions which were meant to stop him from using financial services in the West. Some of the cash was used to buy works of art.
HSBC allowed fraudsters to transfer millions of dollars around the world even after it had learned of their scam, leaked secret files show.
Britain’s biggest bank moved the money through its US business to HSBC accounts in Hong Kong in 2013 and 2014.
The United Arab Emirates’ central bank failed to act on warnings about a local firm which was helping Iran evade sanctions.
Deutsche Bank moved money launderers’ dirty money for organised crime, terrorists and drug traffickers.
Standard Chartered moved cash for Arab Bank for more than a decade after clients’ accounts at the Jordanian bank had been used in funding terrorism.
The FinCEN Files represent less than 0.02 per cent of the more than 12 million suspicious activity reports that financial institutions filed with FinCEN between 2011 and 2017.
Mr Fergus Shiel from ICIJ said the leaked files were an “insight into what banks know about the vast flows of dirty money across the globe”. He said the documents also highlighted the extraordinarily large amounts of money involved.
SEC Boosts Investor Protection with Digital Assets
The Securities and Exchange Commission (SEC) has explained that its Digital Assets and their Classification and Treatment is aimed at boosting investors’ protection in the capital market.
Emomotimi Agama, Head, Registration, Exchanges, Market Infrastructure and Innovation of the SEC speaking on the guidelines in an interview said: “The first thing the SEC bothers about is investor protection.
“This is no different from what we have been doing. We are looking at investor protection, integrity, transparency and of course we want to make sure that the market is safe and everyone is comfortable with what is going on in the investment climate”.
Agama noted that last year the Commission launched the Fintech Road map and after that was done, it went ahead to set up the block chain virtual financial assets committee.
“These committees are both market wide and principally done to engage the market, to be able to have discussions with the market and get their buy-in into what we are doing.
“What we found out today is that a lot of persons, youths are all involved in this space and it is important that even as far as that is the case, the SEC lives up to the expectations and making sure that those people that are getting into the business are protected
“Clearly, that is our aim and the market is part of this and indeed the feedback has been wonderful. People are happy with what we are doing, being able to provide some clarity as to where we stand in terms of digital assets regulation.
“Digital assets is the next thing, our idea is not to stifle innovation, but to promote innovation within a reasonable space and that is exactly what we are doing. Section 13 of the ISA empowers us to do this and so we are doing what we have been empowered to do by law,” he said.
On what internal capacities the SEC is developing to meet the challenges of this fast changing digital financial world, Agama said “the SEC is a knowledge based institution and before we come out of this kind of initiatives, we would have done so much research.
“I need to tell you that the Cambridge Centre for Alternative Finance has been partnering with the SEC and up to this point, we have been engaging with them and several of our staff have been part of their programmes.
“The World Bank and other institutions are also working with us on Fintech to see that the Nigerian landscape is not left barren but guided with basic principles, we will not leave any stone unturned, but ensure that everyone within the SEC that has the responsibility to guiding investors and the populace in making sure we have an investment environment that people will be proud of is provided.
“Capacity building is a continuous exercise, we will continue to upgrade ourselves, we will continue to learn because knowledge is for life”.
Rising Covid-19 Cases Keep Risk Assets Under Pressure
By Hussein Sayed, Chief Market Strategist at FXTM
Equity markets kicked off Monday on the back foot following three weeks of consecutive declines in US stocks, which marked the longest weekly losing streak since 2019. Investors are becoming increasingly worried about the momentum in the economic recovery given the resurgent numbers of global Covid-19 cases and lack of progress on a new US stimulus package.
Although President Trump signaled his readiness to back a bigger stimulus bill last week, the Supreme Court’s empty seat left by the passing of Ruth Bader Ginsburg is likely to complicate the matter. The fight between the President and Congressional Democrats on whether to fill the vacant seat now or wait until after the election is expected to lead to more delays in reaching a middle ground on a new fiscal package. Hence, we would expect that the much-needed stimulus will be pushed back until after the US elections.
Given that the list of uncertainties is growing, especially on the pandemic front, risk is now skewed to the downside. We have US elections just around the corner, hefty valuations in growth sectors despite the recent correction and the high stakes of possible national lockdowns in the UK and elsewhere all pointing to waning momentum in the economic recovery. All these factors indicate more volatile times for the next several weeks.
Datawise, investors need to keep a close eye on September’s flash PMIs coming out of Germany, France and the UK this week for further indications on how the big European economies are faring following the strong rebound in early Q3. Signs of weakness here will be a strong signal that the economic recovery is indeed losing its way and further action is needed from fiscal and monetary policymakers.
Currency markets are not yet reflecting the risk aversion seen in equities. The Dollar is trading slightly lower against its major peers, with the DXY -0.15% at the time of writing. The Fed is clearly the winner among other central banks in providing the most accommodative monetary policy, which means the long-term projections for the Dollar remain to the downside. However, if the selloff in US equities accelerates this week, expect the greenback to regain some support.
In commodity markets, Brent fell by 1% after trading slightly higher in early Asian trade. The battle between the bulls and bears is keeping prices rangebound between $40 and $45. At this stage, the demand outlook is far more important than the supply side. That’s why oil traders need to keep a close eye on the trajectory of the virus, especially if it’s going to lead to renewed lockdowns. Gold is also another commodity stuck in a narrow range as traders await new clues on the Fed’s policy approach towards inflation. This could happen later this week as Chairman Jerome Powell may provide new hints when he appears before the Congress on Tuesday.
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