Scope Markets has formally launched in Kenya and commenced trading in online forex.
The licensed foreign currency trading platform has more than 1000 accounts already opened, highlighting Kenya’s thirst to venture into online trading.
SCFM Limited (trading name: Scope Markets), a non-dealing online foreign exchange broker, which is licenced by the Capital Markets Authority, wants to create a digital workforce built on a community of online traders.
Diversifying alternative revenue
According to the company, there is remarkable interest from the youth, as they seek to diversify their alternative revenue options beyond trading in local shares and securities.
Scope Markets also targets to train about 50,000 novice traders in currency dealings in the next two years as part of the company’s plans to integrate more Kenyans into the fast-growing digital economy.
There is a huge opportunity for the youth to learn more about the world of forex trading and turn online trading into a possible income generating avenue.
Scope Markets Kenya CEO Kevin Ng’ang’a said, “We want to lead the way in the online forex trading space as an income-generating scheme and a means of job creation for the youth in the digital economy.”
He added that they need to give Kenyans and Africans in general, a safe, secure and regulated platform that they can relate to and easily walk up to and carry out online forex trading.
“The biggest gap in the trading space is the lack of information, and we as Scope Markets are dedicated to closing this gap through training and capacity building through mentorship,” he added.
As a licenced player, Scope Markets provides a trading platform for investors to trade forex, global shares, indices and commodities online from the comfort of their mobile phones or PCs.
There is significant interest from women, as per the accounts opened so far, who were traditionally not seen to favour the investment class, to trade in online forex.
Financial inclusion through online trading
“Our secure platform allows clients to deposit funds into a segregated client account, and the clients proceed to trade in foreign currencies commodities, shares and indices,” said Ng’ang’a.
He added that Scope Markets remains committed to creating financial inclusion through Online Trading and developing Kenya’s online gig economy.
“As a regulated entity, Scope Markets will uphold the highest levels of integrity and transparency. We understand the importance of putting our customer first. We are customer-centric and good service is a key pillar in our business.”
It is estimated that in the last 5 years, Kenya’s online trading space has grown tremendously, with more than 200,000 traders, most of whom were trading on international broker sites.
This is an indication that there is a huge need for local representation in the online forex trading market. We need to give Kenyans and Africans in general, a platform that they can relate to and easily walk into if the need arises.
Scope Markets is a subsidiary of SM Capital Markets Limited registered in Cyprus. It is authorized and regulated by Cyprus Securities and Exchange Commission with a cross border license to offer investment services internationally.
SM Capital Markets has given a capital injection to SCFM Limited to cover the non-dealing online foreign exchange broker licenses paid-up capital.