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IronFX Boosts Global Presence via Nigerian Office

IronFX, the once-small Forex broker operating from the island of Cyprus, is simply growing its global network to incredible proportions with the latest pit stop for the company being one of Nigeria's biggest cities: Lagos. Just a fortnight ago IronFX announced that it's setting up an office in Lagos, which will be run by an associated company.

 

The move takes the number of representative offices that IronFX has worldwide to more than 20 – the opening of the new premises in Lagos comes straight after the company set its foot in Manila, the Philippines, while pressing ahead with its Asian expansion. Well, the broker now boasts offices from New York to Shanghai, and even in Vietnam's Ho Chi Minh City

 

The rationale for opening an office in Nigeria, a country which suffers from poor tech infrastructure, low-quality Internet connection and outbursts of violence, is far from clear. Still, as we've written in a previous article of ours, Nigerians have their Forex too and there are a number of pros for a Forex broker to do business in the sub-Saharan country. 

 

One of these reasons is the low penetration of Forex companies in the country – the company will have a handful of rivals, if any. More importantly, the interest into online trading in Nigeria is growing and the number of traders is estimated around 500,000 – not bad at all.

 

The regulatory climate for Forex brokers is rather mild too: the Central bank of Nigeria (CBN), which is responsible for the oversight of all financial activities in the country, permits any firm registered with an authorized dealer to run a Forex business. There are a number of restrictions, such as  the cap on volumes of currencies bought and sold for a certain time period, but there are no capital requirements for Forex brokers, which is great. 

 

One more advantage for running a Forex business in Nigeria is that the office hours can be normal (7am – 5pm) and still cover the busiest trading times of the London and New York sessions.

 

Obviously IronFX has made a wise move: let's see how it manages to profit from the new office.

 

About IronFX

 

IronFX is a Cyprus-based broker, regulated by CySec and specializing in Forex, CFDs on US and UK stocks, commodities, spot metals and binary options. The company was established in 2010 by an experienced team of Forex specialists and software experts aiming to create and offering an online trading environment with “One Account, Ten Platforms” trading functionality. Using the Meta Trader 4 (MT4) platform as a trading platform basis, combined with substantial in-house development, IronFX offers full access to strong liquidity, fast execution and a wide range of trading instruments, with spreads starting from 0 pips.

 
TAGS: ironfx  ironfx forex broker  ironfx office  ironfx nigeria  ironfx lagos  new office  forex market  forex broker nigeria  lagos office  forex trading  nigeria forex  forex regulation 

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