WIKIFX REPORT: Infinox Capital offers free forex trading education to ease unemployment

Infinox Capital, a globally recognized Foreign Exchange (FX) and Contract for Difference (CFD) broker, regulated since 2009, on Tuesday said it is offering free education on forex trading to help reduce the rising unemployment in Nigeria.

The company, which has operated in Nigeria for three years, trades CFDs on forex, indices, cryptocurrencies, equities, commodities and futures, with its suite of powerful tools and apps.

The firm has a presence in more than 15 countries, providing competitive trading conditions and premium client service worldwide.

We are trying to solve Nigerias unemployment problem and we are doing that correctly, Oluwaseun Oyeleke, country director, said during a press conference in Lagos.

In terms of regulation, he said, “regulation and corporate governance are at the core of everything we do. Infinox is currently regulated by the most recognized regulators in the world.”

He said several laws back the activities of foreign exchange transactions in this offline FX market. However, while South Africa‘s Financial Sector Conduct Authority (FSCA) and Kenya’s Capital Markets Authority (CMA) regulate online forex brokers in their countries, Nigeria has no specific regulation to check online forex brokers in its country.

Many of the brokers that operate in Nigeria are regulated outside of Nigeria. However, he said the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) are working on the regulation.

Among those who addressed the media was Petrus Okegbu, head of marketing, and Micheal Udoh, head of sales and operations.

On the Nigerian market, Oyeleke said CFD trading in Nigeria has seen triple digit growth in the last five years, and that Nigeria is the fastest growing CFD (Forex) nation in Africa.

The number of Nigerian Forex traders is estimated to be at 800,000 to 1,000,000. With approximately 25 percent of these active traders, with trade volumes estimated between 10 to 20 billion per month.

Read also: TAJBank charts roadmap for future growth, eyes National Bank licence

He said what controls the market are macro economic indicators, which includes interest rate, monetary policy, political stability, unemployment rate, and consumer price index, among others. “Trust me, if you understand this, you will do well in the forex industry,” he said.

Okegbu stressed that education is key in the forex trading business, “whether you are a professional or beginner, we will take you through the structure,” he said.

“At Infinox capital, we believe that ”Successful traders are educated traders“ . We make clients education a key route to follow for their successful onboarding process, exposing them to all necessary information about the financial market from how to use the trading platform, various trading strategies, market analysis, risks and risk management,” he said.

He said the firm runs two mega seminars per month in various regions in Nigeria. One of such seminars is held at its Lagos office, one at Abuja office, weekly basic foundational online and offline training, and weekly advanced strategy online and offline training.

Infinox Capital will continue to provide innovative technological solutions that will aid our clients to trade successfully. Build a good synergy between IX brand in Nigeria and the public by embarking on some value add CSR initiatives before the end of the year. Continue to empower and reward clients and partners loyalty, he said.