Multi-asset broker Velocity Trade has continued its market penetration into South Africa, unveiling a new office in Johannesburg. The office will help the group better serve a South African market that has developed into one of the fastest growing regions in the world for foreign exchange, metals, and equities trading.
The new office builds on Velocity Trade’s existing presence in the country. The group has operated in the South African market for the past six years and is presently regulated by the country’s Financial Services Board (FSB). Despite establishing itself as one of the fastest growing markets globally, the South African market is still relatively underdeveloped, which has helped Velocity Trade continue to grow and garner new clients.
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Velocity Trade is not the only group to pursue expansion in the region – other brokers have also been trying to gain a foothold in the South Africa over the past year. Several brokerages have been awarded a license to operate in the country, with Plus500 and FXCM both making inroads in the domestic market. FXCM already maintains an office in Johannesburg.
Simon Grayson, Velocity Trade Group CEO, commented: “Our Cape Town office was established in early 2011 and has grown substantially over the last 6 years in line with our South Africa business. The Johannesburg office will support the firm’s growth plans in the region as we broaden our product offering.”
“Our Johannesburg operation will enable us to provide local service to our clients and support the roll out of new product lines to both local and international clients. We look forward to strengthening our Johannesburg team and building on the growth achieved over recent years,” added Daniel Carter, Velocity Trade South Africa Managing Director.