Cloud Trade Platform Reshapes Nigeria’s FX Market


Monday, December 24 , 2018 8.00PM / Nifemi Taiyese for Proshare WebTV


Trading foreign currencies has been a challenge for Nigerians as trade platforms have been weak, largely unknown and generally  unsophisticated, this has meant that several inefficiencies have emerged giving room to large arbitrage opportunities.

Nevertheless, since  June 2016 ,Eagle Global (EGM), a Nigerian trading platform has changed the landscape of trading foreign currencies in the local foreign exchange (FX) market.

As a multi -asset derivative platform EGM launched its  “Cloud Trade Platform” that is  a naira-based trading ecosystem that enables Nigerians execute transactions in real time.

This is in addition to gaining access to MT4, the most popular trading platform globally, which provides tools for analysing the price dynamics of financial products while executing ultra-fast trades and providing opportunity for traders to use or create their own automated trading programs through Expert Advisors.

In a recent interview with the EGM’s Global Markets team , Proshare WebTV got further insight into the operations, scope and strategy of the company.

It was also an opportunity to enlighten the investing public on the risks and benefits of global FX trading in the country.

On regulatory issues raised recently by the Securities and Exchange Commission (SEC), on Nigerians exercising caution in trading in FX as it was largely slimly regulated, Temitayo Sanusi, Director of Operations of the platform noted that EGM is FCA-UK regulated and covered by liquidity and technology.

She noted that there are trades of up to $60m assuring clients that they had nothing to worry about in respect of the integrity of the system. 

According to Sanusi, “funds are transferred to an account called a segregated account, while the platform itself is secured by a team of technology experts based in the United Kingdom”.

Sanusi says EGM has a 24 hour customer service window that is accessible for communication, enquiries, support and assistance to clients.

In the area of product offerings to customers, Barbara Aleshe the platforms Sales Manager says EGM has over 1,000 financial instruments and covers a variety of financial products  ranging from Forex (FX), equities, commodities and indices.

“The i-phone and Android applications are the Cloud Trade and EGM MT4 Mobile platforms respectively. This basically allows people to view live charts, place trade and manage trading account from anywhere with advanced app that put live streaming prices and trading tools amongst many other functions” Aleshe said.

Understanding the driving force of the company’s service in the market Ademola Adeniyi, the  Operations Executive noted that the top priority of the company was customer satisfaction which drives the organisations customer acquisition and retention strategy.

The platforms executives note that one unique value that EGM has brought to the market is its emphasis on financial education and enlightenment programmes, Uchenna Minnis the Chief Market Analyst , says that something that makes the company outstanding is its different approach and thought to the business of FX trading and customer experience management.

Speaking on Financial Literacy and Awareness in FX trading Uchenna notes that there are different categories of instructors and lessons available for every individual irrespective of work or location.

According to Uchenna , classes are offered at the company’s head office in Ikoyi and at its premises at Marina, Lagos, while  there is an academy at Ikeja. He observes that EGM also offers Online Webinars for clients who are not available in the localised area, and weekend classes are prepared for people that have heavy work schedules.

Giving a panoramic view of EGM’s operations and strategy Mr Gbite Oduneye Co-founder of Eagle Global Markets says that “You can trade any financial instrument in real time using Naira and it could be long term or short term on Apple, Google, Snapchat, oil and Gold can be traded with EGM”.

Mr Oduneye acknowledges that clients have been able to adapt to this, and they have changed their behaviour from the robust MT4 platform to Cloud Trade platform and this has been achieved through education and enlightenment.

Stressing the importance of education, he said the platform offers segregated accounts and best practises. He also shared that EGM has engaged SEC Nigeria on what will be the guidelines and regulations for the sector.

“People need to be knowledgeable on the opportunities that exist, as lack of interest stems from lack of knowledge. And there is no business without the customer” Oduneye said.

The Co-Founder of EGM assured stakeholders that it remains committed to the availability of a fair and transparent platform for clients to take advantage of fast-moving emerging opportunities.

Looking at the markets Oduneye emphasizes the fact that in investing there are no guarantees, noting that once you find the opportunity the next thing is to assess the risk.

Access to liquidity and capital has been difficult as a result of inflation, thereby other investment such as property has been unable to pull out returns, so something else that will provide returns is being used.

“EGM has launched a brand new asset class, not taking individuals away from stocks, properties and fixed income that gives exposure to other financial instruments to complement what is already had. EGM has provided Nigerians with extra opportunities to make money whilst investing” The Co-founder shared.

EGM is an award-winning platform, with laurels in the following areas;

  • The 2018 FX trading portal of the year by Proshare markets
  • One of the fastest 100 growing SMEs companies in Nigeria by Businessday Newspapers
  • The 2018 Digital Financial Platform of the year at the Businessday Banking and Financial Institutions Awards (BAFI).

This shows that the Naira-based Cloud Trade Platform has been embraced by the clientele, the wider financial establishment or ecosystem.

Mr Gbite Oduneye stressed that client satisfaction and team work are the essential values upon which EGM was built, with high value for excellence and innovation.

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