ACM Gold, Africa’s biggest broker, has just announced it is partnering with Tradable in order to become the first African broker to roll out the innovative trading platform on the continent.
Since launching as the world’s first open and completely customizable online trading platform in 2012, Tradable now has already over 150 apps built by third party developers. With offices in 17 countries on the continent and a client base spanning 55 African countries this partnership with ACM Gold marks a significant development in Tradable’s global expansion.
Christian Frahm, Chairman of CFH Group and Co-Founder of Tradable commented: “ACM Gold has built a phenomenal reputation for understanding and servicing their clients across multiple countries and multiple regions. We look forward to a close partnership with them, helping them to continue to innovate and maintain their position as market leader.”
Irfan Pardesi, CEO at ACM Gold, explained how he sees the agreement, saying: “ACM Gold has a belief system that resonates with the CFH Group. We have always been an unorthodox broker in the Forex industry, renowned for doing business ‘our way.’ We believe in partnering with leading organisations in areas such as trading technology and platform interfaces which fall outside our core competency of localised expertise and relationship building – however, we have always been very careful who we partner with.
We are excited to be marketing Tradable exclusively in Africa and to have the opportunity to expand this offering to the Middle East. We understand these regions really well, both culturally and linguistically – we speak almost all the languages in-house. We are very much looking forward to using our extensive network to promote Tradable, a product which we strongly believe in.”
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ACM Gold joins the likes of Monex Group in Japan, GAIN Capital in America and IS Investment in Turkey as the first brokers in their respective region to launch Tradable.
A Billion Potential New Traders
Speaking with Forex Magnates, Jannick Malling, CEO of Tradable explained that with more than a billion people, he believes Africa to be an exciting emerging market for FX and online trading. Various African nations, led by Nigeria, Kenya and South Africa, have shown strong economic growth in recent years and an increasing appetite for FX and online derivatives trading.
Ten years ago, most people in the western world were simply looking at Asia or Latin America as an “emerging region.” Today Mr. Malling said that people are looking at the individual countries as strategic markets. “I think the same will be true for Africa. People tend to forget it’s a region that has over a billion people and 58 individual countries that each have unique cultures and characteristics.”
Some of the key challenges in servicing countries across the African region is distribution and regulation. However, countries like Nigeria, Kenya, Egypt and South Africa have benefitted tremendously with infrastructure now on par with that of many European countries, paving the way for digital services to be broadly adopted.
Speaking about the challenges of operating on the continent, Mr. Malling explained that because African countries do not understand FX as an asset class yet, regulations in individual countries are extremely are tricky. Furthermore, having no local presence and no payment gateways makes it almost impossible for someone outside of Africa to cater to the market. “That’s where ACM Gold’s strategic positioning and strong local presence is key. The ACM Gold / Tradable collaboration is a long-term strategic partnership to develop the market further and provide a superior online trading experience across the region.”