Today, global fintech leader Verto announces the launch of the Verto Foreign Exchange Marketplace, a game-changing product designed to revolutionise the currency exchange landscape for traders, brokers and treasurers.
The platform directly addresses industry challenges, providing a seamless and transparent trading experience.
Industry professionals have long struggled with limited rate autonomy, high upfront costs, lack of transparency, and inefficient processes, all of which have severely impacted profitability and operational efficiency. Accessing illiquid and emerging market currencies like NGN, ZAR, XAF, XOF and KES compound these issues. Verto Marketplace confronts them head-on, offering a secure and user-friendly solution that empowers traders with greater control.
With the global market for emerging currencies expected to grow at a compound annual growth rate (CAGR) of 6.5% over the next five years, there is a critical need for enhanced liquidity and price visibility. Studies have also shown that only 15% of the Forex market participants trade exotic currencies, which leads to liquidity issues and higher costs. The Verto Marketplace addresses this gap by providing a much-needed platform for smoother and more transparent trading of these currencies to meet the growing demand.
Anthony Oduu, Co-Founder of Verto, says: “Our customers have voiced their challenges with the current market dynamics. We’ve seen significant pent-up demand looking for counterparties, which is one of the reasons we’re launching this product. We built Verto Marketplace to directly address these systemic issues, offering a platform that provides the control, transparency, and cost-efficiency that traders, brokers, and corporate treasurers need.”
Key features of Verto Marketplace include:
- Rate autonomy: Users can set their own exchange rates, maximising profitability and gaining a competitive edge.
- Minimal upfront costs: A deposit system that requires only 10% of the trade value upfront significantly reduces financial barriers and risks.
- Secure transactions: All transactions occur within the Verto platform, which is enhanced by stringent security measures, including KYC/AML verification.
- Extensive Currency Coverage: The Marketplace supports 14 currencies, including both G10 and exotic currencies like XOF, XAF, GHS, NGN, KES, and UGX, catering to diverse trading needs.
- User-friendly interface: The Verto Marketplace also boasts a user-friendly interface, advanced search functionality, and real-time transaction support, further streamlining the trading process and ensuring efficient execution.