Interview: TopFX Vice President Paul Orford about TopFX and the online FX industry.
Paul, as we know TopFX is an international asset management company specializing in FX investments and liquidity provision. Now it’s one of the leaders in the field of financial services. How did TopFX start, and who are TopFX key customers, demographically speaking?
The Prime of Prime business is a relatively new one speaking in terms of FX, and we are pleased to say we have been around for quite some time. We began in 2011 and never looked back since. We saw that due to our location in Cyprus we could easily attract new LP / PB clients if we offered a low spread and transparent service to our clients.
A big factor in our transparency was offering our service with no minimum deposit or tie in period. This gave our prospective clients a good chance to assess our services, and contrast them to their current providers without having to deposit hundreds of thousands of dollars into a new account.
Our key customers are traditionally FX brokerages, hedge funds, high frequency traders. In essence anyone who is looking for low spread, low commissions and incredibly fast execution would be looking to take advantage of our service.
TopFX As a leaders in the field of financial services What are Topfx main advantages compared to other?
I have never looked to get an advantage over others by claiming we are better than them for whatever the long list of reasons maybe. What you should do is focus on offering the highest level of service. I was reminded of a quote by Warren Buffet ‘It takes 20 years to build a great reputation and five minutes to ruin it. If you think about that, you will do things differently.’ We have always worked with that ethos.
I believe we have achieved this by offering the easy on-boarding of clients, no minimum deposit, great execution and incredibly low trading commissions. What more can they ask for?
Where we just rely upon referral business we have to offer a premier service and attract clients based upon this, not upon spending hundreds of thousands of dollars on advertising, or sponsoring a football team.
As Prime Brokerage TopFX offering cTrader trading platforms, but why do not offer you some other platform as like MT4, MT5 and web browser base ? Maybe It would very advantageous solution for many traders.
The reason why we chose cTrader, is that our target PB client is not dependent upon MT4 unlike the retail trader. From my own personal opinion, they will get a lot more out of using this platform once they have had a brief introduction on the demo account.
My own personal opinion is that MT4 is like using an old Nokia telephone which has to be constantly updated to cope with the modern world. With cTrader it is aimed at the demands of trading in the 21st century. Moreover, as a brokerage you do not need a bridge which is a massive advantage for you in performance.
What is your plans about TopFX other trading platforms for spot Forex trading?
We are now looking to roll out our ‘Fast Track’ cTrader white label, which a client can get the full suite of Spotware’s award winning products at a massively reduced price. We are confident we can produce the full solution in one week once the contracts have been signed. For this you would have your own fully branded WL at 50% of the normal price along with TopFX’s award winning liquidity connected to it.
Following the Forex market turmoil on January 15, Manybrokers reported us huge losses and we saw they chased account holders with negative balances. How did you recover that situation and still any restrictions on CHF currency pairs?
It was a very challenging day for the entire FX industry, with many well established brokerages going out of business. Everyone is someway experienced some effect from this. I believe that where we do have a great relationship with our clients and they knew their obligation due to their classification, we got through it relatively unscathed. We did have one or two minor issues which were eventually resolved.
As I like to draw the positive out of any incident, it actually cemented a lot of the relationships we have with our clients as we all had to work together to achieve a positive end result. This involved listening to the client and finding a resolution to any challenge that were faced that day.
What enforced do you plan to implement to improve your services?
I personally believe that the white label package will be a great addition, as it can help so many different people. It can range from an introducer looking to get their own brokerage, or a brokerage that wants to use cTrader but at a massively reduced cost and ease of deployment.
With regards to liquidity, we are always constantly looking to improve the service we receive from our 15 tier one banks and LP’s that we work with. Moreover, we will be looking to add CFD’s to our offering soon, so watch this space.
Let’s talk execution models. How does it compare Latin America to Asia as a land of opportunity to provide newly FX brokerage with a comprehensive solution liquidity?
The Asian market has been great for us as we offer the easy access to the liquidity pool. Where we can work with bothregulated and non- regulated brokerages, this has helped us. Moreover, as we have previously discussed, the cTrader white label solution, we have been incredibly encouraged with the amount of feedback we have received from both of these regions.
As they are growing markets, they will need partners who can help them grow. With our LP and the WL we can definitely do this.
Broker regulation it’s looks more and more important question the traders community. What can you would like to say about Topfx regulation?
I have always looked at the service from the trader’s point of view. Although I do agree that regulation is important, as a client needs the right of redress if they feel that they have been mistreated. However, I feel that the key thing for the client is to treat them using the old adage of ‘treat people how you expect to be treated.’
We are regulated by CySec and have found them to be a great regulator for our services. We operate under the same regulations as all of our European neighbours, so clients feel comfortable in the regulatory structure that we operate within.
Many brokers freely move out from US and EU and still European many brokerage bucket shops manipulating, they cheating on their clients, among they are top 5 in Europe. Many trader said, they think broker regulated doesn’t matter, that in European some of the large regulated brokers are among the worst in the sector. What is your opinion about this?
We have never focused on what other brokerages have done as we have tried to offer the best experience possible to our clients. It is like any business, if you treat your clients incorrectly then they will leave you. This is why we have always relied upon referrals for our advertising. We have never spent any money on advertising and have based everything on the client’s experience.
Taken to its logical conclusion, we have an unblemished regulatory record and many happy clients.
At present situation forex broker is like a Kitchen everyday lot of brokerage run them business and cheating with them clients and New broker always targeting new traders. So what is your advice to new traders for select a good broker ? And What advice would you like to give newbie Forex trader that starts his career?
It is a hard question to answer as I have found that every client is unique. The best thing for any new trader is to understand how the platform works, not just the basics of open and closing of trades. This is where we believe cTrader is a fantastic platform for both new and experienced traders alike, as it offers great transparency and user friendly tools to aid their decision making process in the market.
ForexFog Interview: TopFX Vice President Paul Orford. About this Interview any comments or ideas for the future interviews, please contact us directly by Contact page or submit your idea/comments in comment box Below.