Increasing levels of internet access and smartphone use in West Africa means that the region is no longer a stranger to 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 trading. In fact, many firms are now using cutting edge technology, enabling their users to trade as efficiently as possible.

Precise FX, a Ghanaian forex brokerage firm, announced on Wednesday that its clients will now be able to trade on the MetaTrader 5 platform. The company is the first in West Africa to adopt the technology and looks set to remain as the dominant force in the region’s forex industry.

The MetaTrader 5 platform follows on from the previous MetaTrader 4 software. The platform was developed by MetaQuotes Software, a Cyprus-based software company that has developed several products for the financial services industry.

Since its founding in 2000, the company has focused on developing products for the forex retail industry. Alongside its new MetaTrader 5 platform, the company also has an enterprise management system called Teamwox.

Matilda Danquah, Precise FX’s Head of Marketing and Strategy, was quick to comment on the adoption of the new technology. She noted that: “although MetaTrader 5 is an upgraded version of MetaTrader 4, the user interface is very similar and users will easily familiarize themselves with the new platform.”

Forex of the future

Precise FX’s adoption of the technology means their customers will be able to access a desktop software that enables users to formulate a hedging strategy. They will also be able to use iOS and Android applications that support algorithmic trading and copy trading with a signal subscription.

The switch to MetaTrader 5 looks to have been a smart one for Precise FX. Ghanaian columnist Michael Lamptey noted that “MetaTrader 5 is entering the West African market at the right time. The number of mobile users is growing, and the product is bound to find its audience.”

With access to hundreds of financial instruments, including currencies, commodities, stocks, metals, and energy, Precise FX shows that Africa has the potential to be at the forefront of trading. Adding MetaTrader to its sales-offering will be sure to entice new customers and shows that the company is willing to adapt the financial technologies it needs to maintain its market position in the region.