East Africa: EAC Citizens Get Access to Lucrative Forex Market

THE possibilities in income generation in the online forex trading market is now a click away, thanks to Scope Markets, a licensed foreign currency trading platform now live and citizens of East Africa have actively begun trading in it.

That was said in Nairobi by Scope Markets Chief Executive Officer (CEO) Kevin Ng'ang'a, adding: "We want to lead the way in the online forex trading space as an income-generating scheme and a means of job creation for the youth in the digital economy "We need to give Tanzanians and Africans in general, a safe, secure and regulated platform that they can relate to and easily walk up to and carry out online forex trading.

The biggest gap in the trading space is the lack of information, and we as Scope Markets are dedicated to closing this gap through training and capacity building through mentorship."

Prior to the launch, the company has more than 2000 accounts already opened, highlighting consumers thirst to venture into online trading.

SCFM Limited (trading name: Scope Markets), a nondealing online foreign exchange broker, which is licenced by the Capital Markets Authority, wants to create a digital workforce built on a community of online traders.

There is remarkable interest from the youth, as they seek to diversify their alternative revenue options beyond trading in local shares and securities.

Scope Markets also targets to train about 50,000 novice traders in currency dealings in the next two years as part of the company's plans to integrate more East Africans into the fast-growing digital economy.

There is a huge opportunity for the youth to learn more about the world of forex trading and turn online trading into a possible income generating avenue.

As a licenced player, Scope Markets provides a trading platform for investors to trade forex, global shares, indices and commodities online from the comfort of their mobile phones or PCs.

As per the accounts opened so far, there is significant interest from women, who were traditionally not seen to favour the investment class, to trade in online forex Our secure platform allows clients to deposit funds into a segregated client account, and the clients proceed to trade in foreign currencies commodities, shares and indices.

It was noted that it remains committed to creating financial inclusion through Online Trading and developing East Africa's online gig economy.

As a regulated entity, Scope Markets will uphold the highest levels of integrity and transparency, with the CEO further saying: "We understand the importance of putting our customer first. We are customer-centric and good service is a key pillar in our business."

It is estimated that in the last 5 years, East Africa's online trading space has grown tremendously, with more than 200,000 traders, most of whom were trading on international broker sites.

"This is an indication that there is a huge need for local representation in the online forex trading market. We need to give Tanzanian consumers, a platform that they can relate to and easily walk in to if the need arises," said Mr Nganga

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