With the first day of the Finance Magnates Africa Summit (FMAS:24) kicking off, we checked in with one of the biggest companies in attendance, Exness. FM spoke to Terence Hove, Senior Financial Markets Strategist at Exness and Paul Margarites, Regional Commercial Director at Exness for their in-depth perspective on the company as well as its plans in Africa and beyond.
Can you tell us about your background and the path that led you to pursue a career as a Financial Strategist at Exness?
(Terence Hove) Certainly! My journey into the realm of finance markets began with a keen interest in economics and how market forces shape global events. I pursued a degree in Economics at Monash University, which provided a solid foundation in understanding economic principles and their practical applications. During my studies, I was particularly fascinated by financial markets and investment strategies, which led me to intern and work at various financial institutions. This offered hands-on experience and a deeper insight into financial planning, trading strategies, financial market structure, and risk management.
My journey took me to Citi Bank, in particular the Fixed Income, Currencies & Commodities (FICC) trading desk, where I gained expertise in analyzing market trends and trade opportunities. This role sharpened my analytical skills and taught me the importance of precision and thoroughness in financial forecasting.
Driven by a desire to influence organizational strategy and financial outcomes directly, I transitioned into a client-centric financial Markets Strategist at Exness. This position allows me to merge my analytical skills with strategic thinking, helping organizations navigate complex financial landscapes to achieve their long-term goals. My career path has been guided by a continuous pursuit of knowledge and a commitment to leveraging financial insights to foster business growth and resilience.
How do you see the trading field changing in the African region? Do you see any trends shaping the financial markets? How can African traders be prepared for the future of fintech?
(Terence Hove) The trading landscape in Africa is on the brink of a transformative era, poised to reshape regional economies and the global financial paradigm. With the rapid advancement of technology and increased access to the Internet, African markets are becoming more interconnected and accessible than ever before. This digital revolution enables traders and investors across the continent to participate in local and international markets with greater ease.
Moreover, Africa's youthful population is a dynamic force that cannot be overlooked. This demographic dividend could translate into a more innovative, agile, and tech-savvy trading community that leverages fintech and blockchain technologies to create more inclusive financial systems.
However, the rise of such technologies also necessitates robust cybersecurity measures and regulatory frameworks to protect market integrity and traders' interests, which are offered at Exness. Education and capacity building will be crucial in equipping the upcoming generations with the necessary skills to thrive in this evolving landscape.
Overall, the future of trading in Africa holds remarkable potential, driven by technological adoption, regional integration, and an empowered youth. As these elements converge, they will likely propel the continent to new economic heights, making Africa a significant player on the global financial stage.
Are there any specific idiosyncrasies in African traders? Does Exness address them with its product offerings?
(Terence Hove) African traders often display unique preferences and challenges that stem from regional economic conditions, diverse cultures, and varying levels of market access. These idiosyncrasies include a high reliance on mobile trading platforms due to widespread mobile penetration, a preference for local payment methods, and the need for trading education tailored to local markets.
Exness effectively addresses these nuances by offering robust mobile trading platforms that ensure seamless trading on the go, integrating local payment systems to simplify the deposit and withdrawal process, and providing educational resources that are specifically designed to meet the needs of African traders.
Additionally, it offers products that cater to the local market's interest, such as stock indices, commodities, currencies, and tight spreads.
What differentiates Exness? What are the advantages for African traders over your competitors?
(Terence Hove) It’s our unique blend of advanced technology and personalized service. Our powerful platform delivers lightning-fast execution, tight spreads, and a seamless trading experience. Exness also stands out in the African market by offering localized solutions tailored to meet the specific needs of our African traders. Our team of local experts also goes the extra mile to ensure our African traders feel supported and understood. They possess a deep understanding of the African market and the specific needs of African traders.
With our tailored services not only do we enhance trading efficiency but also deepen the understanding and accessibility for traders at all levels within the African context.
The African fintech landscape is rapidly evolving. Can you give us a few insights on significant trends you are observing in the financial markets space across the region?
(Paul Margarites) It’s true, the African fintech landscape is booming. Mobile phones are everywhere, and people in Africa are demanding convenient, secure ways to manage their money and trade. That's why mobile trading apps and mobile payments are exploding in popularity. With fintech innovation fueling this revolution, a range of tools and services are constantly being developed, specifically targeting consumers and traders in the SSA region. Brokers leverage this technological boom to empower their clients with a variety of features that can minimize fees and add protective layers to their trading endeavors.
One of the technologies that are emerging to influence organizational strategy and financial outcomes directly is Blockchain. The key benefit of Blockchain is that it streamlines cross-border transactions, which can be slow and expensive with traditional methods. It can also enhance security by providing a transparent and tamper-proof record of transactions. This can give traders greater confidence when trading on online platforms.
Of course, with this rapid growth comes the need for evolving regulations. Governments across the region are constantly working to strike a balance between fostering innovation and ensuring consumer protection. At Exness, we have a number of local licenses from leading international governing bodies across various jurisdictions. In South Africa, we have a local license from the Financial Sector Conduct Authority to provide intermediary services; in Kenya, we are licensed by the Capital Markets Authority.
You mentioned the importance of mobile technology in Africa. What is Exness’ advantage in the sector? What differentiates you from your competitors?
(Paul Margarites) Exness’ differentiation in the industry stems from our commitment to reliability and transparency, which has propelled us to become a leading global broker. We believe that trust is built on openness, so we make all our numbers, trading volume, client numbers, and even tick history available on our website for anyone, not just our clients, to review.
This commitment goes beyond mere data disclosure. It translates into a reliable and trustworthy trading experience, where predictability and transparency are paramount. This is evident in our technology-driven approach. Our team of engineers and data scientists continuously strive to create a seamless trading journey, from funding to withdrawals.
While many brokers claim to offer tight spreads, these often fluctuate based on trade size and market volatility. At Exness, our product development team ensures tight and stable spreads, regardless of market conditions or trade size, offering traders a clear and predictable understanding of their trading costs. One of our other flagship innovations is instant withdrawals. We are one of the few brokers that can process most withdrawal requests within seconds (subject to external processing by the client's chosen payment provider). This demonstrates our commitment to putting control back in the hands of our traders.
Beyond technology, we also recognize the importance of the human touch. We have a local team of experts who deeply understand the African market’s unique nuances and complexities. They provide personalized support and guidance, ensuring traders feel understood and empowered.
This unique blend of transparency, technology, and personalized support, along with our deep understanding of the African market, sets Exness apart from the competition in the region. Our client-centric approach ensures that people in Africa can navigate the financial markets with confidence.
Client-centricity is one of Exness’ biggest propositions. Can you give us examples of where this translates into tangible examples, specifically, in the African market?
(Paul Margarites) Our approach to client-centricity focuses on understanding the local needs and on providing tailored solutions for traders in Africa. By truly understanding our clients' needs, we can invest our resources in developing solutions that satisfy their expectations. Their feedback informs the development of products and services that are tailored to traders in Africa, such as mobile-first solutions and dedicated customer support.
Through our extensive partner network, we also participate in local communities, offering educational workshops and events that help traders grow their skills and knowledge. We have a deep understanding of the African market's unique dynamics. This knowledge allows us to adapt our services continuously to meet evolving needs, ensuring that we remain a reliable and trusted partner for African traders in the long run.
Exness has a strong reputation for its partnership/IB programs. What makes these programs particularly attractive?
(Paul Margarites) In our region's dynamic financial markets landscape, partners and IBs seek to grow their businesses and empower individuals who need a reliable and supportive partner. Our partnership program is designed to address their specific needs, providing them with the tools and resources they need to thrive.
Exness' extensive network of partners and IBs is a testament to this commitment. These partners and IBs benefit from not just lucrative revenue-sharing models but also comprehensive training and marketing tools designed to maximize their success.
Our Exness Affiliates team has cultivated an extensive network of partners and IBs across Africa. These partnerships amplify our impact, allowing us to reach more traders and make a greater difference in the African financial landscape.
As a prominent player in the brokerage industry, what is your approach to doing business in Africa compared to other regions?
(Paul Margarites) Our approach in every region we operate is twofold: 1) global leader, 2) local hero. On one hand, our size, translates into deep liquidity and a world-class trading product for our traders. This advantage ensures they receive access to advanced technology, competitive pricing, and robust security measures – the same high-quality services and features enjoyed by traders around the world.
On the other, we also understand that a truly successful presence in Africa requires a localized approach. This involves a deep understanding of the market, the cultural nuances, and the unique challenges faced by African traders. We invest in extensive research and actively engage with the local community to gain insights into their needs and pain points.
We recognize that many African traders are new to the financial markets. Therefore, we prioritize education and support, providing localized resources, webinars, and seminars in local languages. We also offer a demo account for risk-free practice. Our goal is to empower traders with the knowledge and confidence they need to navigate the markets successfully.
By understanding the African context and adapting our services accordingly, we aim to build lasting relationships with our clients and contribute to the growth of the region's financial markets.
