FXTM expands to London to prepare launch of new trading products
Forex broker's expansion promises further diversification of its product portfolio, says Jameel Ahmad
Forex broker FXTM has set up shop in London. Corporate Development VP Jameel Ahmad explains the benefits of setting up business in the respected financial centre. He also discusses the different trading style trends across the broker’s various operating regions, and how FXTM localises its offering and creates new products to cater to those different mindsets.
European CEO: Forex broker FXTM has set up shop here in London. With me is Corporate Development VP Jameel Ahmad. Jameel: why London, why now?
Jameel Ahmad: So, after delivering strong, stable growth around the globe since launching our business only a couple of years ago, it was only natural to set up an office in London, for various different reasons.
Strong global presence: London is respected as a global financial centre. But also from a business point of view, having a local presence here is going to enable us to begin to expand the European market more, the UK market individually. But we are going to use the London office as a strategic hub to continue to develop our business.
This can also be in terms of product portfolio diversification: we will use the London office to launch new products.
European CEO: Indeed, so you’re expanding globally; tell me about the way different traders act across the different regions you’re operating in. Because there must be some really interesting trends that you notice.
Jameel Ahmad: This is fascinating, because when I travel these different markets and regions, I see completely different mindsets from traders.
Places like Pakistan, Malaysia, Indonesia: I see so much huge enthusiasm towards learning more of the markets, and how to trade forex. But when I go to China – and I go there maybe three or four times a year – we see traders who are more interested in the technical aspects of trading. When it comes to global market headlines, they’re interested, but more towards localisation – how this is going to impact the China economy.
As we visit the African region, if I talk about Nigeria specifically. We see traders who are very interested towards learning how to trade, but they also want to invest. So products like the FXTM Invest programme, which is essentially a copy-trading service: it’s very popular in Nigeria.
In the UK and Europe, investors here are much more mature and sophisticated. They know what forex is, they’re very in-tune with economics and fundamentals; they want to learn about how to trade shares.
European CEO: So, how do you localise your offering?
Jameel Ahmad: This is a very interesting question. At FXTM we pride ourselves on being a global broker with a local touch.
We understand that all the different regions that are active in this industry need a different type of service. So this is why being client-centric, offering an excellent trading experience, is very important to us.
We don’t just limit our localisation to speaking different languages, and offering alternative payment options. We diversify our product portfolio to cater for the different needs of investors in local regions – but also due to their level of experience.
So when the company was first formed, we launched the cent accounts. This was to target the more novice trader who was interested to learn about forex, but was new to the market. And then we launched the ECN accounts, for those traders out there who need speed.
The FXTM Pro account was for the professional traders. Towards the end of last year we launched the FXTM Invest programme. But our most recent launch of products has been the shares accounts. We offer a direct feed through the New York Stock Exchange and NASDAQ to trade over 180 shares. We believe this is for the more mature investor, which can be catered towards the Europe and UK region.
European CEO: So, client education is a really important part of your business; tell me how and why you focus on this.
Jameel Ahmad: Basically, when the company was formed we saw these new, different growth markets developing. Markets that had become accustomed to forex trading that weren’t aware of it before.
There was a need for a broker to enter these markets and to be teaching the basics of forex. So we hosted regular webinar series, teaching novice traders the different techniques of forex.
Then we hosted a variety of different demo contests, so that clients could trade in a more risk-free environment, but fun at the same time.
As we began getting more traders opening accounts with FXTM, we continued to host many different educational events around the globe. We’ve also hosted educational videos. We will continue to remain committed towards investing in forex education – we don’t believe your education ever stops, when it comes to trading. The market’s always moving; there’s always new techniques to learn. And later in 2016 we hopefully look forward to launching our education programme.
European CEO: Tell me about some of the other highlights you’ve had so far this year.
Jameel Ahmad: I’m particularly proud to have witnessed the brand development of FXTM, in both the leading international media and also the local media from various different ongoing visits to these regions.
Our company now has nearly 200 employees, over a set of global strategic locations. And actually, within our headquarters we speak over 25 different languages. And as I walk through level one, sometimes I think I’m in the United Nations or something, because you hear so many different languages!
We’ve got a really strong internal development system, and it’s really pleasing to see so many talents at FXTM developing with the company.
European CEO: And what is next for FXTM in 2016?
Jameel Ahmad: 2016 has already been a busy year for FXTM. We’ve got the London office, launching of new accounts, various different educational events, and travelling to different regions.
We basically will continue to focus on developing our global footprint. We’ve made significant progress, but there’s still much more to come. And we have interesting products and services that are in the pipeline that we’re researching and designing.
So follow us: we’ve got much more to come in store.
European CEO: Jameel, thank you very much for your time.
Jameel Ahmad: Thank you very much.