Exiniti, the UAE-based technology solutions provider to CFD and forex broker firms, is striking out on its own account, as the latest tech outfit to move in on the forex brokerage space. Yesterday (24 June) Extiniti announced the official launch of the new venture. The company is a young one, having been founded by Mohamed Rashad who was the former head of IT at FXGate. Since then it has carved out an an enviable reputation as a service provider, with a fairly comprehensive range of products and services, such as back office and scalable CRM, white-labelling of MT5 and website development and integration, plus integration with other third-party services such as payments. Extiniti leverages back office expertise to set up forex broker shop Clearly, Exiniti has used the experience of providing its products and services to forex brokerages to hone its skills in the area to such an extent where it is able to set up its own trading venue, including the handling of areas such as custody and treasury. Get FREE Forex Signals Now! It is not known if the move will have any implications for Exiniti’s existing service provider business or whether the strategic shift was as the result of limited opportunities as a purveyor of tech products and services to FX brokers or whether it is simply a way of diversifying its revenue streams. It is quite common for FX brokers to outsource the technology side of their business. Exiniti is one of a number of tech providers that have decided to become fore brokers in their own right as the forex industry expands. Rashad: “perfected the solutions needed to run a brokerage” Mohamed Rashaed, Exiniti founder and ceo Rashad said in a comment supplied with the company press release: “Exiniti was founded because there was a gap in the market in terms of technology related advancements and support for financial services. Exiniti provides everything a Forex and CFD brokerage requires to get set up correctly from day one. We have also perfected the solutions needed to run a brokerages day-to-day operations smoothly and in the most efficient and scalable way possible.” Since inception, Exiniti claims to have facilitated a comprehensive suite of ground-breaking technology solutions for brokers to drawn on. As well as the products already mentioned, the company offers to its clients its expertise and resources to integrate innovative solutions “that address the challenges of running a financial institution”. Exiniti includes traders in its addressable market and targets start-ups as well as established forex and contracts for difference-focused brokerage firms. Before setting up Exiniti and his time before that at FXGate, Rashad was the chief technology officer at Multibank Group, regional head of IT at Equiti Group, head of IT at AxiTrader ME and head of IT at Alpari ME, in a career in financial services industry spanning 11 years. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Gary McFarlane Gary McFarlane Gary was the production editor for 15 years at highly regarded UK investment magazine Money Observer. He covered subjects as diverse as social trading and fixed income exchange traded funds. Gary initiated coverage of bitcoin and cryptocurrencies at Money Observer and for three years to July 2020 was the cryptocurrency analyst at the UKâ€™s No. 2 investment platform Interactive Investor. In that role he provided expert commentary to a diverse number of newspapers, and other media outlets, including the Daily Telegraph, Evening Standard and the Sun. Gary has also written widely on cryptocurrencies for various industry publications, such as Coin Desk and The FinTech Times, City AM, Ethereum World News, and InsideBitcoins. Gary is the winner of Cryptocurrency Writer of the Year in the 2018 ADVFN International Awards. View All Post By Gary McFarlane Forex Industry share Read Next Chainlink Price Forecast: LINK Back On The Up, Good Buy at $18? Gerald Fenech 1 year Exiniti, the UAE-based technology solutions provider to CFD and forex broker firms, is striking out on its own account, as the latest tech outfit to move in on the forex brokerage space. Yesterday (24 June) Extiniti announced the official launch of the new venture. The company is a young one, having been founded by Mohamed Rashad who was the former head of IT at FXGate. 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