Forex-ratings interview with FXTM Global Head of Currency Strategy and Market Research, Jameel Ahmad.
1. Can you give us a brief insight into FXTM’s history?
FXTM launched operations in 2011, and we have quickly become leaders in the forex industry.
Over the last six years, our commitment to provide superior trading conditions, effective trader education and professional customer service, has been recognised globally. The brand has earned more than 20 awards, including the ‘Best Customer Service, Global’ from the World Finance awards, ‘Forex Broker Firm of the Year, Europe’ from the European Magazine Awards and ‘Best FX Broker’ from the European CEO Awards, to name a few.
2. What are the main features that help you stay ahead in a highly competitive market?
The founding vision for the brand was one of cutting-edge technology and exemplary customer service, optimising a client’s trading experience to save them time. Our traders’ needs are at the forefront of everything we do, and our products and services are tailored for our trader’s experience and location. FXTM has a reputation for being ‘The global broker with a local touch’. Our clients can receive customer support in over 18 languages, perform their transactions using a variety of local and international payment methods, and access products and services designed specifically for their region.
Our market-leading educational programmes are free - they include on-location seminars and certified workshops – both of which are presented by industry experts and take place in a number of regions around the world. Clients can also access a large library of educational videos, articles and an e-book, all available in multiple languages. We also present regular webinars in English, Arabic, Farsi and Chinese.
Helping us to maintain our position as an industry leader, is our exceptional Market Analysis team. They are regularly engaged by top tier financial media for market insights. We work around the clock to deliver innovative products that enable our traders to take advantage of the opportunities in the financial markets.
3. Where are your most active client bases, are you at liberty to discuss broker client numbers, volume metrics, etc.?
Our growth in national markets has been driven by our commitment to tailoring products and services to the needs of clients based on their region. Between 2016 and 2017, we saw a 72% increase in active clients from Nigeria, and our Naira trading accounts are a big draw for them.
South African traders have made great use of our educational events, which have run twice this year in Johannesburg, Durban and Cape Town, and we have seen a 122% increase in traders in that region over the last year. Other active markets include China, the United Kingdom, Vietnam and India, to name a few. FXTM values transparency and trust, our performance statistics are all independently verified by PwC.
4. What have been the biggest changes 2017 brought to the industry?
New regulatory requirements were one of the biggest game-changers our industry saw this year. Regulators around the world are restructuring their frameworks and tightening compliance requirements, but it’s a change that we fully support.
The increase in mobile trading this year has been significant, and this represents a new chapter for forex brokers. Clients’ needs are changing, and it’s imperative their brokers keep up. Speed and ease are in high demand, and we are currently in the process of enhancing the FXTM Mobile App, to provide an even better trading experience.
5. What will the main focus of Forex market in the fourth quarter of 2017?
Cryptocurrencies will continue to dominate the headlines for the rest of the year. News of China’s ban on cryptocurrencies caused a brief drop in bitcoin value, and we’re likely to see other news events affect the digital currency, as investors adjust to this new instrument. The on-going uncertainty over cryptocurrency regulation between regions is adding further volatility to the market.
6. Cryptocurrency trading is a hot trend today. Are you planning to introduce cryptocurrency trading instruments as many brokers currently view it as a competitive advantage?
FTG Global, part of the FXTM brand, has already launched Cryptocurrency CFD trading in select regions, and these instruments have proved to be incredibly popular with our clients. We have also added a BitPay function for those regions, allowing traders to transact in bitcoin. Cryptocurrencies have opened up a large window of opportunity for both clients and brokers, and we are actively exploring the option of increasing our product offering in this area, making instruments available to more regions.
7. What currency pair should investors pay particular attention to?
The upbeat tone from both the US Federal Reserve and Bank of England (BoE) towards higher interest rates should lead to a lot of volatility in the GBPUSD, as the final quarter of trading for 2017 gets underway. The British Pound has always been sensitive to interest rate speculation, and this has increased since the BoE unexpectedly hinted that it might need to raise UK interest rates before the end of 2017.
With ongoing uncertainty around Brexit negotiations likely to have an impact on the UK economy, there is scepticism over whether the BoE will actually increase UK interest rates, and this could encourage selling opportunities in the GBPUSD following the pair reaching a 2017 high close to 1.37 at the end of September.
8. What do you think is the future of online trading?
The demand for retail trading is increasing on a global level. As technology develops and instruments become progressively more complex, the need for training and education will increase. Advancements in algorithmic trading are another interesting field to monitor, platform efficiency and execution speed will need to develop in line with these new trading technologies.
9. What’s the best forex trading advice you know?
A successful trader is an educated trader – it’s a belief at the centre of our brand values. The markets will never be 100% predictable, and a trader’s success relies on his experience, training and the tools available to him. At FXTM, we are committed to ensuring our clients have access to everything they need to succeed.
Disclaimer: The content in this article comprises personal opinions and ideas and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability as to any loss arising from any investment based on the same.
Risk Warning: Trading Forex and CFDs involves significant risk and can result in the loss of your invested capital. You should not trade unless you fully understand the true extent of your exposure to the risk of loss. When trading, you must always take into consideration your level of experience. If the risks involved seem unclear to you, please seek independent financial advice. Please read FXTM’s full Risk Disclosure.
Notes to editors
FXTM brand is authorized and regulated in various jurisdictions. ForexTime Limited is regulated by CySEC (185/12), licensed by FSB of South Africa (FSP No. 46614) and registered with FCA of UK (600475). FT Global Limited is regulated by the IFSC of Belize (IFSC/60/345/TS and IFSC/60/345/APM).