XTB to Launch its Forex Trading Service in South Africa

This year’s second half, Poland-based online forex and CFDs broker XTB plans to start trading in South Africa.

XTB, nevertheless, plans to increase its presence in the Middle East. Pawel Szejko, an XTB Board Member for financial affairs, stated that the organization’s current focus is on growing its presence in Middle Eastern nations. XTB established a subsidiary in the United Arab Emirates named XTB MENA at the start of January 2021,

The United Arab Emirates is a regional center for XTB. The broker serves customers from throughout the MENA region (the Middle East and North Africa) with its financial instruments. XTB is taking a long-term view on this area because it is primarily interested in gaining the confidence of clients from Arab countries. The broker has offered forex and CFD trading services to Arabs for over a decade.

In August 2021, XTB Africa (PTY) Limited received a license to operate in South Africa.

“The Middle East is a high priority for us right now, which implies we arxtbe devoting a lot of effort and resources to developing this market,” Szejko said. It means that South Africa will delay yet again. We’ll undoubtedly return to the subject of South Africa, but not before the second half of this year, if at all.

In developing countries, retail FX and CFD trading is exploding.

When online forex and CFD brokers like OctaFX and Pepperstone are increasing, providing small traders with access to money markets that were formerly restricted, opaque, and costly for individuals other than huge institutional investors, XTB’s initiative is timely.

Such FX and CFD brokerages, which provide slick user interfaces that mimic online gambling and gaming, have promised to simplify foreign trading currencies. Such forex apps and digital brokers are rapidly growing worldwide, from developed countries to developing regions such as the Middle East, Africa, and Asia.