Recently I’ve asked management from FXOpen to answer several questions in a format of an interview to get more information on this fast developing on-line Forex broker. Denis P., FXOpen Head Manager, agreed to answer these questions and now I can present them to you. They are an on-line Forex broker which was previously known as FXEgypt and rebranded to FXOpen just about two months ago. You can find more information on this broker here.
You’ve re branded from FXEgypt to FXOpen recently. Was it a successful step for your business?
Changing the name of the company and forming an exciting, new brand was something thatwe had planned for quite some time. FXOpen is an international brand which is clear and easily understandable for people from different countries and different religions and cultures. FXEgypt will remain as our regional representation for Egypt, as well as FXMalay for Malaysia, FXFrench for France for example.
FXOpen gives an impression of a broker that targets mainly Muslim traders, or traders from generally Islamic countries. Is it your marketing strategy? Or is this a misunderstanding, and that your business model is equally structured for any kind of a Forex trader?
FXOpen began it’s business from Egypt. Our first project was FXEgypt which was targeting Egyptian clients and people located in and around Egypt, and of course, most of them are Muslims. Since early 2007, our company has developed a lot and opened new markets also in Islamic countries, but that doesn’t mean that we are marketing for Islamic traders exclusively. FXOpen offers the same quality of service for any client from any country and any culture.
Your trading software, MetaTrader 4 is a powerful trading platform. MT4 holds great potential for people to program their own automated expert advisors. Do you limit your traders in using automated experts?
Yes, MetaTrader 4 is a great program from a company called MetaQuotes. We do allow EA trading, however, there is a restriction on the quantity of trades that may be opened at the same time. You may have a maximum of 100 positions open at the same time. Apart from that, there are no other restrictions for automated expert advisors.
Trading courses are available on your site. Do you think that it is important for Forex brokers to educate their clients? Do many of your clients take advantage of this training?
Currently we do not offer online courses, but you may attend live seminars or courses proposed by our representatives. This option is very popular in Egypt for example. We believe that all traders, not just absolute beginners should have a good understanding of the market and how to trade it before risking their money in a Forex trading account. The training may take one week, one year, or even longer, but this investment in training is something that will pay for itself over and over again.
FXOpen supports almost all e-currency methods of payment that are currently available. Do you think that e-currencies are the future of Forex trading, or you are just trying to keep up with the customers’ demand?
E-currency transfers are very popular with our customers. We believe that e-currency methods of deposit/withdrawals have a great future due to their convenience and the fact that internet businesses, all relying on convenient e-currencies have exploded in popularity in recent years. However, quite a few clients are using the traditional wire transfer method.
What’s your point of view on those that treat Forex trading as a gambling? What are the main differences between trading and gambling, in your opinion?
When you treat FX trading as gambling, you become a player in a casino and as you know, the casino always wins. If anyone wants to become a trader he or she needs to understand that a trader’s job is the same as a doctor or chauffeur… A Doctor’s mistake may cause health problems, a chauffeur’s mistake, a car crash. Mistakes by traders causes money loss. While there are often, unexpected or unplanned situations that arise during the trading week, for the most part, the FOREX market works according to a well defined list of rules, like the rules of Physics. Following these rules will usually give a positive result.
There are many on-line Forex brokers available nowadays, and you appear to be one of the most popular. What special features help you to attract traders? Do you have a secret weapon that is an essential component of your success?
Success is constructed from small steps, combined to make the whole. Support+Promotion+Services and a bit of luck of course, all combine to make FXOpen a attractive broker to work with. Our main target is to serve each client as if he or she is the company’s only client. Private contact and personalised service is very important to us. Our clients are our friends.
Forex trading in the Islamic world is quite a controversial topic, due to its overnight interest payments and marginal nature and the perception that it is a form of gambling. What would you say to Muslims that want to trade Forex?
Trading is a JOB and isn’t gambling at all unless you want to treat it as a game or a get rich quick scheme. Every single successful trader out there today has approached the market as a career choice rather than a passing fancy in the hope of a quick buck. Training, dedication, and persistence is essential to trade Forex. The swap interest issue is something that we take very seriously for our Islamic clients. As you may know, Islamic Shariah Law forbids Muslims from dealing with any form of Riba (Interest, Usury), so for our Islamic clients, unlike many other brokers, we offer a swap free account option where no overnight interest is earned or charged to their accounts.
Fundamental and technical analysis often contradict each other. In your opinion, what is the most successful approach to Forex trading?
Most traders (about 90%) are utilising technical analysis only. However, technical traders often consider fundamentals when reading the charts. To ensure your success, you should always bring a least a little of the fundamental considerations into the charts before making trade decisions.
What are the future plans of FXOpen? Are there any new features planned, if this is not a commercial secret?
We have recently launched a brand new website http://www.fxopen.com, and have introduced an advanced trader’s cabinet. We have several promotions running already, which you can check by visiting http://www.fxopen.com/OurPromotions.aspx. We are also planning to add new trading instruments during October and increase the speed and reliability of the trading servers. FXOpen will always work towards upgrading our services to fulfill all of our client’s needs! Our open door policy is our commercial secret. When the client talks, we listen and bend over backwards to make them happy. This is the FXOpen edge.
Hope you learned something interesting and useful about FXOpen and their view on Forex trading from this interview. If you have some comments regarding this interview or FXOpen broker, feel free to leave them here, or send via this contact form.
