FXOpen Unveils New Office in Cairo to Tap into MENA Market

FXOpen, a retail and institutional broker, has set its sights on a new bourgeoning market for foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (FX) market participants, opting to open a new appointment of a local agent in Cairo, Egypt, according to an FXOpen statement.

Cairo is a large prospective market, boasting millions of potential market participants in what has been a relatively untapped realm in terms of FX products and trading. In addition, Egypt as a whole is strategically located in the Middle East and North Africa (MENA) region, which has seen a growth in FX trading in recent years.

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Consequently, FXOpen, along with a single local agent known as Venture Capital Inc., has opened a regional office in Cairo that is operated by FX experts of Arab descent in an attempt to better serve a domestic audience and clientele. The main goal of the new office and MENA official agent will be to deal with FXOpen’s clients and third party entities, whilst providing information support, analysis, and resolving issues, commensurate with FXOpen policy.

For its part, FXOpen’s foray into the Egyptian market has been met with optimism, as it hopes to garner an increased level of market penetration in one of MENA’s most populated locales. Venture Capital Inc. has offices in Cairo and London, having started operating back in December 2015.