LegacyFX Expands to South Africa and Appoints New Managing Director

LegacyFX is pleased to announce the launch of their South African entity and domain, www.LegacyFX.co.za, situated at 61 Katherine Street, Sandton, 2196, South Africa.

The opening of its newest offices in the area will enable the company to localize its services to the African region. Africa has recently grown as a hotspot in the 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 and CFD industry, with approximately 1.3 million traders across the continent.

The most notable sizes of investments and trading volumes come from countries such as South Africa, Nigeria, and Kenya.

Moreover, the company hopes to appeal to this demographic by obtaining regulatory licensing under the South African Financial Sector Conduct Authority (FSCA), which is currently under review with Financial Service Provider (FSP) number 50983.

Considering the region’s high demand for investors and a strong regulated financial sector, it is no wonder why the company chose to expand here.

At its helm, Marius Grobler steers LegacyFX’s latest expansion as its recently appointed Managing Director. Prior roles of his include founder and CEO of Absolute Alpha Private Equity and UnumFX.

The latter is an award-winning regulated local South-African broker who won under his management three out of the six prizes at Intellidex’s 2020 South African Broker Awards.

With over six years’ experience in the industry, he has cultivated an impressive skill set in strategic business management, business innovation and establishment, and operational management.

Along with his extensive academic background, all this poises him to be a great and welcome addition to the LegacyFX brand.

“We believe this expansion will provide users in the region, a new and attractive investment opportunity with an established firm in the industry, by providing them with our top-notch services and offerings,” says Jad Abdelrahman, CEO at LegacyFX; “Also, we are excited to welcome Marius Grobler to our team. The company is confident that his skills and experience as an exceptional manager will greatly bolster our move to South Africa.”

Ultimately, LegacyFX aims to position itself in South Africa as a retail broker and as an asset manager or hedge fund.

This extra offering will be especially advantageous to clients who are not willing to trade for themselves, as they will be able to directly invest with the LegacyFX fund. The company expects to achieve this goal once it has reached its retail targets for the area.