EGM Unveils Naira Trading Platform
By Modupe Gbadeyanka
An indigenous Naira trading platform called ‘CloudTrade’ has been launched by the Eagle Global Markets (EGM).
‘CloudTrade’ aims to eradicate bureaucratic bottleneck in trading the global market and gives investors a better way to trade with the Naira.
Addressing business correspondents at a press conference in Lagos on Friday, the Chief Executive Officer of the company, Mr Gbite Oduneye, explained that all global markets trades through the online trading platform are done in Naira.
According to him, this does not “put pressure on the foreign exchange because all global markets trades through its platform are done in Naira.”
He explained further that CloudTrade “gives more value to the Naira because more people will have to look for it to trade in the global markets.”
Mr Oduneye pointed out that the company was the first Pan-African brand to offer such an opportunity to Nigerian clients who previously had to face the hassles of operating a US dollar-denominated account in order to access even less attractive markets.
He said the new platform promotes ease of market access by ensuring that competitive and affordable capital can be used to commence trading the financial markets.
“To achieve this feat, the company took into consideration the most pressing needs of traders and investors and went ahead to build their proprietary platform called the CloudTrade,” he explained.
“With CloudTrade, EGM clients are able to define their trading volumes in naira, while getting up to the minute financial data in the form of economic news and a bird’s eye view on market performance using the powerful built-in indicators.
“Retail and institutional investors in the Nigerian finance space who have for long craved for an indigenous platform that could provide and combine world class functionality into a user friendly interface now have answer to their requests,” he said.
According to him, CloudTrade offers the highest level of transparency, ease of transacting and most importantly constant innovation that would lead to client development, adding that the platform has had over 600 active trading clients that qualified to trade on its platforms within three months in Nigeria.