The online financial services industry has grown rapidly over the past decade and seen a significant transformation in the past two years. Brokers have had to adapt to and embrace change, but also at times become the face of that change in order to keep ahead of the game. Regions like the Middle East and North Africa have been instrumental in financial market growth, where the online trading industry has established itself as a mainstay.
Earlier this week, Finance Magnates met with Exness Regional Director for MENA, Mohamad Ibrahim, who has over a decade of experience in the industry and has been with Exness since 2019. Ibrahim was recently included in the ’50 Most Influential Figures’ in the Global Financial Markets in the Middle East during the Smart Vision Awards Ceremony.
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Read on to learn more about what steps Exness has taken to meet the growing demand for new technology and digital CFD solutions in the Middle East.
1- You have been involved in the financial services industry for over 10 years. What are the most significant changes you have seen so far?
The financial services industry has definitely evolved over the past decade, creating new challenges, new opportunities, and a growing need to meet and rise above the ever-rising benchmark. Regulations, trading standards, trading technology, diversified product offerings, and clients’ expectations – all these aspects have been transformed.
The retail CFD industry, in particular, has faced a series of tough challenges and multiple crises during this period, including some drastic regulatory changes, especially in Europe where significant restrictions were put in place. While many brokers felt the bite, others, like Exness, welcomed the changes and adapted accordingly. From our perspective, therefore, a new and better era for the industry was born out of some of these crises.
2- How has Exness managed to face these challenges and continue seeing positive growth since its start in 2008?
Exness has been an integral part of these advancements and has been at the forefront of the industry’s technological innovation and development. As the industry continues to evolve, Exness places an even stronger focus on transparency, reliability and innovation – both internally and externally. I believe this is what differentiates Exness from the competition and enables growth year after year.
At Exness, we integrate our company values in every department, whether it is in the development of trading technology and algorithms, or in marketing and business development.
As a result, Exness has witnessed tremendous growth in the past decade. For example, trading volumes increased to USD 6.78 trillion in 2020, and the number of monthly active traders in Exness doubled to more than 140,000, compared to 2019’s figure of 72,721. We also executed over 300,000,000 orders in 2020 and processed withdrawals of over USD 593 million.
3- How has Exness leveraged innovation in electronic trading services to keep ahead of competitors?
Our philosophy at Exness is that the most efficient trading experience is a result of the fusion of ethics and technology. This has always been part of our core ideology and guides our product development from start to finish. It is reflected in our “better-than-market” trading conditions, pricing and execution that is second to none, and low, stable spreads during the most volatile market conditions.
This radically improved trading experience is made possible through the development of unique algorithms that have been part of our DNA since our inception back in 2008. We have continued building on this foundation, year after year, constantly improving our engineering methods and data technology to deliver even more remarkable results.
One of the latest examples of technological innovation at Exness is the addition of a new feature to our mobile app, Exness Trader, titled “Trading Opportunities”. This feature gives clients a better understanding of the market, displaying detailed information about various instruments including the profit or loss they’ve made within the day. Essentially, this helps traders make wiser decisions when choosing which instrument to trade.
4- We have also seen innovation and creativity in your marketing activities during recent participation in trade shows. How have you adapted your marketing activities during the pandemic?
At Exness we find opportunity behind every challenge; this applies not just in our technology departments but across all aspects of our organization.
Some of our marketing and PR activities have indeed been adapted, for example regarding our presence at expos and trade shows. With the pandemic making it difficult for many team members to travel and attend such expos and events, we used a team of Next-Gen Sanbot Max robots at the Dubai Forex Expo, who greeted expo attendees, escorted them to the Exness booth, provided them with face masks and sanitizers, answered important questions about the company’s products and services, and connected visitors to Exness sales representatives via video calls.
We have also equipped our booths at various expos with touchless sensor-based interactive technology, and screens that are controlled by waving hands or stepping on marked spots on the floor. Coupled with advanced wireless earphones with noise-canceling technology, it allowed visitors to speak live and in real-time with Exness sales representatives around the world. The one-to-one video calls helped us to ensure the safety and well-being of our clients and employees.
5- What role do you expect the MENA countries to play in Exness’ growth strategy over the next few years? What developments have taken place to increase your presence in the region?
Exness is dedicated to being a pioneer in the world of finance and technology. We currently have multiple licenses and offices, in Cyprus, the UK, Seychelles and recently South Africa. We have ambitious expansion plans to enter new regions and having a physical presence in the Middle East is also on our radar.
The Middle East has always been a strong hub for Exness and we have a loyal client base in the region that is growing steadily. We are planning to enhance our presence there both virtually and physically. As part of this expansion strategy, we are also significantly growing our Arabic-speaking support and marketing teams.
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