Amman, (Petra) — Financial markets expert and Regional Director of Exness, Mohammad Ibrahim, said that the Jordanian market has a good opportunity to be a regional hub for forex brokers due to the widespread culture of e-trading in Jordan the opening of offices by many brokerage firms in the Kingdom, and the high trading volumes on an annual basis over the past five years
Following is the full text of Jordan News Agency (Petra)’s interview with Ibrahim
Petra: Investing in financial markets has become more accessible to people from all walks of life. How do you feel that online trading has become a part of people’s lives in different societies
Ibrahim: People have started to understand that online trading can be used as a tool to gain access to the global financial markets. The widespread accessibility has given people the confidence and opportunities to explore trading assets such as FX, Metals, Indices, Cryptocurrencies, Commodities, Stocks, and Energies
Online trading in itself can be advantageous for people across all societies. However, people need to understand the benefits as well as the risks that these types of investments bring with them. Forex and CFD trading are in the same boat as cryptocurrencies – there are a lot of benefits to these innovative investment methods, however, people need to be educated on how these can work in their favour rather than against them. As online trading is introduced to more people across different societies, risk awareness campaigns need to grow as well
Petra: Following question number one, how can the world accept the idea of cryptocurrencies replacing traditional money
Ibrahim: It is important to understand the wide-ranging benefits and possibilities that cryptocurrencies offer. Signs already point towards this new digital currency being integrated in all parts of society on a global level. Across the world, cryptocurrency awareness is growing at a substantial level. This means that people are beginning to understand how they could benefit from crypto and many are now willing to give it a try by investing even a small amount
In more poverty-stricken countries cryptocurrencies do a lot for unbanked people They allow individuals and businesses of different means to send money from one place to another without having to open a bank account or (especially in remote countries) travel miles to access an ATM
CFD trading with crypto also provides an alternative investment base, meaning that users don’t have to pay huge fees to brokerage firms or investment bankers, and they can also take advantage of the leverage available in this type of financial derivative.
Sadly, traditional media and some governments have been reluctant to embrace the change and are preventing the inclusion of cryptocurrencies into society. This divide will only get worse over time if people don’t get educated about the benefits of cryptocurrencies. Also regulation is needed to make crypto more attractive for institutional and professional traders. So regulation is the right way to make crypto grow.
Petra: Concerning the Jordanian market, and mentioning all the steps the Central Bank has executed to utilize financial technology, there is still a weakness in the turnout in regards to this technology. In your opinion what are the obstacles behind this weakness
Ibrahim: Like almost every other country in the Middle East, Jordan has seen an increase in the adoption of financial technology by the government. Authorities have seen that financial innovation is necessary for the economy to grow, and to move on from being a single-source economy
However, with a population of 10 million people, some obstacles have continued to have an impact on the lasting progress on this front. One such hurdle is internet penetration – Jordan has an internet penetration rate of 67 percent, which is only just considered satisfactory by 21st century standards. With some parts of the country still unable to access fast and cheap internet, it will be very difficult to get the increased adoption figures required for widespread integration
Generating awareness and education is key. The government will need to implement further initiatives for people to become more familiar with prevalent technologies and understand how they work if it hopes to boost adoption
Petra: There was some talk in the past years about the possibility that Jordan could become a regional hub for Forex brokers, how far are we from this vision, and are we on the right track
Ibrahim: Online trading is growing in popularity in Jordan. New brokers have opened offices and trading volumes have increased year-on-year over the last five years. With the Jordan Securities Commission (JSC) issuing licenses for more brokers and regulating the online trading industry, it shows that the country is on the right track to becoming a significant participant to the financial services industry in the region as a lot of progress has been made on this front
In addition to the above, we can see the region putting more effort in to growing the industry further in this field with events such as the Jordan Forex Expo Awards 2021, organized by AFAQ Group, taking place and welcoming brokers locally and internationally. This event has been taking place for the past 17 years and has seen a large increase in brokers sponsoring and delegates participating
Petra: When talking about online trading brokers, what makes Exness stand out from the competition? We know that Exness is known for its excellent reputation, what is behind this reputation and what makes you better than your peers
Ibrahim: As Exness grows as an international organisation we ensure we are placing a stronger focus on openness, fairness, and integrity – both from within as well as externally. I believe this is what makes us special and differentiates us from other brokers
Exness’ company values are deeply ingrained in every department within the organisation, from the teams that are in charge of trading technology and algorithms to HR and business development. Things like providing a 6 week on-boarding training for every new employee to ensure they are fully briefed on these values before they interact with any clients, is what I believe makes us different
When it comes to clients, we also have a unique approach. It is especially important to us as a firm to help traders manage trading risks in the best and safest way possible. We want to be the lifetime choice of broker for our clients, not just used to make quick wins
Petra: Your company winning 3 awards consecutively from JFEX is a big milestone. What has Exness done to acquire the awards and fulfil the criteria
Ibrahim: We are thrilled to be recognised for these awards and it shows that the hard work that everyone in the organisation executes every single day really does pay off. We strive to be the most honest, transparent and respected broker in the industry and to be recognised for this is so important to us. We will continue to always put our partners and traders at the forefront of everything we do and never stop improving, innovating and exceeding
Source: //Petra// AF
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