Though the market of trading platforms is already crowded, more and more companies are still jumping into the arena. Finance Magnates recently interviewed NYFX and NYGCM CEO, Murat Kutay Yıldırım and discussed strategies and the future plans of the broker.
1. Hello Mr. Yıldırım. Can you first tell us a bit about NYFX and NYGCM? What services do they provide?
Our NYFX and NYGCM brands started to serve in the fintech sector 1 year ago. We serve in the global markets with NYFX and in the leading Asian markets with NYGCM. We offer a trading platform to our clients; specializing in a wide range of financial products, including Forex and CFDs for stocks and indices. We always make sure to offer a secure trading environment to provide the best trading environment to our clients together with the best customer support. Customer satisfaction is a key factor for us, so our aim is always to be "a global company that can be localized where it is located."
Our group invests not only in finance but also in technology, design and motorsports.
2. Currently, brokers are not constrained to one or two markets anymore. Which are the key markets you are targeting?
We are growing very fast. We want to announce our name in the Asian and European markets in about a year. Currently, apart from our Turkey office, we have offices in the Netherlands, Switzerland and Asian countries. We aim to open offices in Asia and Europe in the near future. With our CEO in Asia and a fast-growing sales force, we expect remarkable growth in a short period of 6 months.
We have recently joined forces with 2 investor groups, one based in Switzerland and the other based in the Netherlands. The fact that such big investors trust us makes us much more motivated for the future. One of our investors is a group that has investments in the precious metals sector including the Grand Bazaar in Turkey. Our other investor is known for his investments in the technology and fintech sectors.
3. Marketing has become very important for any financial services company. How are you promoting the two brands?
Two very important issues for us are sponsorships and social responsibility projects. Sponsorships are critical for us to draw our roadmap in the sectors we intend to invest in. We see social responsibility projects as valuable for both our country and humanity. With our Motivation Bus, which is currently travelling through the villages of Anatolia, we are opening the doors of a world to children in the region that they have never seen before. In this way, our aim is to both broaden their horizons and give them confidence that we will always be by their side.
As NYFX, we sponsor the Fight Network Turkey channel. In this way, we aim to make investments in the field of combat sports and the media sector, which has become increasingly popular in Asia in recent years.
Another sponsorship of ours continues in motorsports. By establishing our own F3 team, we will soon start organizing races in our country. In this regard, we have made our application to the necessary authorities in our country.
4. The co-founders of the company are facing some serious allegations from their previous employer and are now facing a lawsuit. How did that affect the operations of NYFX AND NYGCM?
While the accusations may seem serious, it is clear that the main purpose is to stop us, if not, to slow us down, considering our know-how and experience in the sector which attracts qualified HR assets towards us from our competition. We were first accused of being part of organized crime and deleting accounting records from company computers. The prosecution itself did not find it necessary to prosecute us on these two charges and have dropped the case. Thereupon, two more crimes were fabricated and a lawsuit was filed in a court that normally does not have jurisdiction in that region. That court, however, gave a decision of lack of jurisdiction and sent the case to a court in another district. That court also released all our executives in the first hearing after the judicial holiday. The trial process is continuing, but we have no doubt that our innocence will be revealed at the end of these trials, as it has been in the other 2 cases.
This process, which was prolonged due to the pandemic, the judicial holiday and the efforts of the other party to gain time, naturally caused our 2 brands, NYFX and NYGCM, which had been successful in a short time, to be out of service for a while. However, immediately after the release of all our executives, all of our company employees returned to their jobs and both of our brands continue to serve from where they left off.
During the trial, none of our clients was harmed and all their investments were paid back. For this reason, we have survived a painful period without causing any grievance and have reassured confidence. This stance displayed by our company attracted the attention of strong investors, and now we continue the operations of our NYFX and NYGCM brands with 2 new investors. In the next period, our aim is to repeat our previous success and be a player that shapes the market.
5. What are your future plans for the two brands?
The NYGCM brand, which is part of the Phanka Group, is trading in Asian markets. NYFX, which is also within our group, is our global brand, and we are currently in negotiations with CrescoFX, based in England, regarding this brand. After this transfer process is over, we will continue to serve globally with our FCA license.
During this transfer, the STP Broker license will be returned to the FCA, and a market maker license application will be made under the AZCO Venture Capital & Investments major shareholder.
In addition to these, 2 more companies licensed by Continental Europe regulators will be acquired by the end of 2022. Within the same period, our Cambodia license will be renewed. and another FX and CFD Brokerage application will be launched in the Far East. As Phanka Group, we have serious steps to take advantage of and investment opportunities in Indonesia, this time at the beginning of 2023.
Last but not least, we are targeting the top 5 in Asia to become truly Asian.
