HotForex: on a mission to become the most reliable forex broker | Video
World Finance interviews George Koumandaris, CEO of HotForex, to find out what the company is doing to achieve its mission of becoming the most reliable broker in the industry
The popularity of forex trading has surged in recent years, with many considering it an effective way to earn a good profit. World Finance speaks to George Koumandaris, CEO of HotForex, to find out what punters should look for in a forex trading company, any advice he has for beginner traders, and what trends we can expect in the industry over the coming years.
World Finance: Well George, let’s start with what sets HotForex apart from other companies?
George Koumandaris: Reliability. The mission of HotForex is to be the most reliable broker in the industry in terms of the services we offer. Judging from the feedback we get from our clients we are highly successful in achieving our mission. This is because of the high quality of people we employ, and the fact that they are very committed to our mission. We always strive to hire the best individuals, and we pay them well. So to answer your question in one statement, the way we differ from other brokers is that we hire the best people that are fully committed to our mission.
The mission of HotForex is to be the most reliable broker in the industry in terms of the services
World Finance: Well what should one look for when choosing a forex trading company?
George Koumandaris: The first priority is the fund security, so the trader needs to feel very comfortable that the funds are secure so they can concentrate on their trading. Also, the traders should look for a regulated broker, which has a good reputation and a proven track record in the industry. Other than that, they should look for favourable execution and trading terms, excellent support and good education.
World Finance: How different is the forex industry from a couple of years ago?
George Koumandaris: One of the main differences is the speed of change in the market. Historically, the forex market was always dynamic and changing, but now, because of technology, this rate of change is much faster. This means that brokers nowadays have to be very flexible and adaptable. HotForex is positioned to take advantage of this change in the industry. The reason being that we have highly skilled IT and programming teams, and that means that contrary to many other brokers, many of our systems are developed in house. It allows us to quickly adjust a product based on the feedback of our clients. For example, our client-area called My HotForex was developed 100 percent in house, and when our clients give us feedback, they’re very impressed at the speed that we take that feedback on board and make it a reality.
World Finance: Well what products does HotForex offer its clients?
George Koumandaris: We offer several account types, from micro to VIP accounts, to match each trader’s needs. Also, we offer a lot of different products that someone can trade. For example, not only forex but also gold, silver, CFDs on stocks, commodities. We have daily competitions, and new competitions coming in. And lastly, we keep adding new products. For example, we will soon be launching a social trading product.
[T]he trader needs to feel very comfortable that the funds are secure
World Finance: What advice would you give to people who are just starting to trade on the forex?
George Koumandaris: Don’t rush it. A new trader should, first of all, come to our website, subscribe to our newsletters, that provide the trader with an easy to understand daily analysis of the market. One should come on our website and watch trading tutorials, that can introduce someone in the markets. One should open a free demo account first, so they can test the basic mechanics of trading. Once the potentially new trader feels ready, they should invest more by opening a micro-account, and only trade with micro-lots, so they don’t commit a big capital from the get-go.
World Finance: So where do you see the trends in the forex industry in the coming years?
George Koumandaris: I believe the forex industry will continue consolidating, and this will be a recurring pattern over the next few years. There’s much more competition in the industry nowadays. Also, the clients are much more sophisticated and, rightly so, have much higher demands, and also there’s a lot of regulatory requirements, so only brokers who work professionally, are adaptable and have the client in mind will survive.
World Finance: Well what are some of the challenges that forex brokers currently face, and how is your company addressing these challenges?
George Koumandaris: The biggest challenges are the high competition, and the highly demanding clients. The way we deal with this challenge is by continually improving a product and opening our services into new markets. But most importantly, the way we deal with this challenge is by investing in our people, and ensuring that we offer the best services we can to our clients. I would say that currently we have the best teams that we ever had in our company, so I’m very confident that we will continue being very successful.
World Finance: George, thank you.
George Koumandaris: Thank you very much.