iFX EXPO Dubai: James Hughes, Chief Market Analyst at Scope Markets discusses the company’s role in the future of the trading industry
FinanceFeeds went to the United Arab Emirates last week to meet the trading industry leaders for the first time since the pandemic at the iFX EXPO Dubai. Being face-to-face again was a memorable experience that attendees will carry with them for years.
Among the leading event-goers was the Scope Markets team representing the provider of institutional and retail trading services which is vigorously expanding across the globe.
FinanceFeeds Chief-in-Editor Nikolai Isayev spoke to James Hughes, Chief Market Analyst at Scope Markets, to learn more about the company’s role in the future of the trading industry.
Mr. Hughes started out by saying that there is a strong appetite for trading education in emerging markets. “As education goes up, trades will come in”.
Scope Markets has found in Kenya a massive market for them, with a roaring appetite for trading and a “really quite high” level of knowledge.
“Kenya feels like the United Kingdom 15 years ago”, Mr. Hughes stated as he explained where that market is headed – the UK is one of the world’s financial centres and a leading FX and CFD market, boasting one of the most respected regulatory authorities around.
“Regulation is so strict in certain African regulations, most people don’t know that. Kenya is so tight. We’re pushing a lot through there”, he said, adding that South Africa and East Asia – namely China and Vietnam – are also key markets for the firm.
During the iFX Expo Dubai event, the cryptocurrency market came crashing down after a strong bullish momentum that lasted for months. Scope Markets’ chief market data analyst said there are so many broad reasons as to why this is happening.
“The environmental aspect is actually an interesting one”, Mr. Hughes stated, as he sees big tech adding crypto payment options but always with ESG concerns.
In regard to social trading, the “whole retail trading movement is amazing. Meme trading is changing everything”, he said, reminding everyone that for so long retail traders felt their positions didn’t mean anything to the market. “Now, retail traders have power. One alone doesn’t make a difference, but together…they can even lift companies” as seen with the Gamestop craze.
Mr. Hughes further explained Scope Markets’ position on crypto trading: “You trade what you want. We love the power you can have with this”. Forex will always be there, but crypto is what everyone wants to trade, he said, “so you got to have everything”.
Crypto is even more popular than Forex back when it first started, especially with the team-up with social media. So, despite the many regulatory issues across the world, “I think people will always find a way to trade it”, he said.
Scope Markets has been offering cryptos as a CFD for over three years now and plans to further expand the offering this year.