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Interview with CEO of MFX Broker (MasterForex)

October 20, 2014 (Last updated on August 8, 2017) by

Warning! MFX Broker turned out to be a Forex scam. The interview is no longer relevant and is provided for reference only. Stay away from this company.

A lot of time has passed since I had done my last interview with a Forex company, so today I present the latest interview with Igor Volkov, the Chief Executive Officer of MFX Broker (MasterForex). Mr. Volkov agreed to answer some of the most interesting questions about the company, its newest offers, and issues with the FX industry as a whole.

To me, online Forex broker market looks very close to oversaturated. Understanding that MFX Broker (MasterForex) is already an established online broker, what keeps up you in the market? What is the main attractor to your customers?

The market is really saturated with flat products. However, MFX Broker strives to socialize trading. Today social trading is one of the most relevant and promising trends of international financial markets sphere. We created cross-functional product due to which besides trading clients can communicate with each other, discuss trades, share experience, and subscribe for professionals just with one click.

During the first months of your establishment as a broker, there were many gossips about MasterForex relations with FXOpen (FXEgypt at that time). Can you comment on them? Or are they just nothing more than the gossips?

After 8 years there is nothing common between MFX Broker and FXOpen except for friendly relationship like with many other brokerage companies, business colleagues.

How did MFX Broker start? What has lead to a creation of the Forex broker that we can see now?

8 years ago being a long standing trader, I created a Company from the ground up at the expense of the money I earned trading at currency market. Year by year team of professionals and like-minded people grew as well as the company. New unique services were introduced every year, new regional offices were opened in South Eastern Asia, China, CIS, and Latin America.

All this led to development of successful company with 8-year history, which conducts constant management of services quality, open dialogue with clients and partners; strives to innovations in the sphere of social trading and investments; and also has effective team of professionals of different areas.

You offer both MetaTrader 4 and MetaTrader 5 trading platforms, but why don’t you offer some web-based platform that can be ran in a trader’s browser? It would a very convenient solution for many traders.

MFX Broker already launched web-platform for binary options trading MFX Options, which is nominated for the Best binary platform 2014 award. Without doubt, interactive functions are very comfortable, that’s why a lot of attention is paid to this direction in the new project MFX 2.0. Just with one click clients of MFX Broker will be able to subscribe for other participants, manage trading accounts, realize registrations in the tournaments, and etc.

While web-based trading is definitely an industry standard for binary options, what are your plans in regards of adding a web-based platform for spot Forex trading?

Yes, as we told before, MFX Broker is planning to develop social trading in all directions. The most comfortable and affordable trading – is one of the components of this trend. Therefore we have several tasks of getting easy and comfortable web services in the future instead of basic trading platforms.

Do you plan any new exciting features added to MFX Broker? Or do you think that as a broker you cannot be improved any further?

Of course, we have sublime development plans. Now we are a footstep away from being the world’s best social broker. We united all most effective ideas into a complex system. And we are glad to present you the results of long work: personal blogs, subscribes for other traders, followers, public and private profiles, ratings, and systems of achievements, hashtags, bonuses, investments, tournaments, PAMM services, and signals. Everything this is our wonderful world of social trading, to which we invite you all.

Broker regulation question looks more and more important inside the traders’ community. What can you say about MFX Broker regulation? Do you plan registering with CySEC or ASIC?

Our current license lets us provide brokerage services, and realize investment programs of asset management. However, we strive to develop in new regions, that’s why acquisition of licenses is one the priority missions of MFX Broker. At the moment we negotiate with CySEC.

You offer quite serious bonus for your traders’ real accounts based on the demo account weekly and monthly competitions’ results. Is it now a permanent feature of your broker after so many years of activity?

Bonus system was propelled to higher and more qualitative level. New MFX Broker offers 200% bonus which can be received just with one click. Binary options clients also have bonus, which will help them at the start of exploration of this high profitable and simple service. However, key peculiarity consists in opportunity of conducting social trading. Now our clients can discuss and share any information, feel their society significance, express their opinion, and defer to opinions of others.

MFX Broker offers a lot of various methods to deposit and withdraw funds, including WebMoney, FasaPay and Liqpay. Do you plan adding any new methods, like Bitcoin or Neteller, soon?

Yes, we actively negotiate with Neteller payment processor. In the nearest future we will announce the launch. We also follow the development of Bitcoin system in different countries. When we understand that we are satisfied with all aspects and principles of this service, we will show more interest to it.

With your low minimum account size and a comfortable microtrading, don’t you attract more small-time traders than serious traders with huge deposits? Aren’t you losing something because of such strategy?

Our trading terms let conduct trading to both beginners, and professional traders. There is a series of products for each group. Our current strategy consists in increasing of cooperation between beginners and professionals due to social trading. For example, Signals service will be financially attractive to both beginners and professionals. The professionals will be also offered ECN, PAMM, 5 digit accounts, and Asset management program with up to 40% per annum profitability.

Do you suffer from DDoS attacks or any other illegal activities “inspired” by your competitors? Is the market more civilized compared to 8 years ago?

Now business colleagues are more reasonable. However, our IT specialists worked out special security system which will let to prevent any DDoS attack or any other illegal actions of the third parties. We are ready to provide flawless operation of our services.

And the final question that I’ve asked to every Forex broker representative, which I have interviewed – is Forex trading a kind of gambling? And what sets it apart from gambling if you think that it is different?

Indeed, Forex is popular due to such stereotypes and stance on the market as gamble. However, it is not worth forgetting that professional trader has a knack for market basic concepts, understands fundamental and technical aspects, can predict and analyze the situation. Hazardous approach is always harmful and unacceptable when it concerns working at financial markets, but very often traders neglect this point.

If you like this interview, dislike it or if you simply have some comments regarding this interview with MFX Broker or any ideas for the future interviews, please post them using the form below or via the site’s contact form. You can also read some other interviews with Forex brokers if you want.

Warning! MFX Broker turned out to be a Forex scam. The interview is no longer relevant and is provided for reference only. Stay away from this company.

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