Retail forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and contracts for differences (CFDs) broker, Exness announced the opening of its new offices in Uruguay, its first physical location in Latin America. Having opened last week, the new office signifies the company’s growth ambitions in the region.

Exness Opens a New Office in Uruguay

The press release shared with Finance Magnates detailed that the new Uruguayan office will house customer support operations for the broker. Additionally, the company aims to run a team of 100 employees from the new office by the end of the year.

“Exness has been operating in the financial markets for 15 years now, yet we consider the opening of our Uruguay offices a new beginning,” said Artem Seledtsov, the Chief Business Development Officer at Exness.

The selection of Uruguay for its first Latam presence was also strategic for Exness. The country, with a population of about 3.5 million, is economically and politically stable and harbors a large local talent pool.

“Uruguay and Latin America, in general, are very important for our growth strategy. The opening of our offices here is a major milestone for us, and the upcoming hires of local talent are an important part of our expansion plans,” Seledtsov said, adding: “We are extremely excited about this and cannot wait to see our LatAm plans come to fruition.”

Expansion Drive Continues

Exness is not regulated in Uruguay, but the broker holds several licenses globally to offer trading services in Latin America. As mentioned on its website, the Exness Group currently holds eight licenses, which are from the regulators in the United Kingdom, Cyprus, South Africa, Kenya, Mauritius, BVI, Curaçao and Sint Maarten, and Seychelles.

Apart from its traditional European base, the retail broker expanded aggressively in emerging markets like Asia and now seeks a piece of the lucrative African markets. Moreover, the latest Uruguay office clarifies its ambitions for the Latin American markets.

Meanwhile, Exness has been breaking records in the retail brokerage industry. It has become the first non-Japanese broker to cross the $1 trillion monthly trading volume mark in 2021 and continues to break the industry in terms of trading metrics. It closed January with a $2.82 trillion trading volume, which is a record for the company itself, as the number of active traders on the platform also peaked.