The FX industry saw seismic changes in 2018 on the back end of sweeping regulatory changes that have collectively seemingly written the playing field. Staying ahead at the present is now harder than ever in what has been a more competitive field of brokers.
CMS Prime, an ECN broker based out of the UAE has managed to rise above these changes, positioning itself for a strong 2019. Finance Magnates spoke with Sara Ahmadi, Director of Operations at CMS Prime for her in-depth analysis and perspective surrounding the company's operations and overall strategy.
What are the biggest challenges to running a successful brokerage in today’s industry?
Within the fast-growing financial industry especially the Forex /CFD market, the high level of competition between brokers cannot be ignored. Unfortunately, some brokers instead of focusing on actual client and market needs, try and promote themselves with variety of attractive and unrealistic promises.
These include among others, high leverage, huge bonuses, free accounts, etc. In order to be successful in this market brokers have to face with several challenges some important challenges are:
Marketing: Select right tools to do marketing (don’t use aggressive marketing with extraordinary promises, follow market’s regulation, and find client’s need)
Customer service: High quality and competitive level of customer service, (managing client’s expectation, stay in touch with clients, knowledge of market, availability, regular training session)
Information: Market knowledge and technology: brokers have to continuously be in tune with different products in the market offered by others and also be up to date with the latest technology.
Risk Management : With traders becoming more sophisticated, brokers need to have a robust risk management system.
CMS Prime boasts a robust offering – what instruments have garnered the most interests amongst clients and what segments do you foresee with the most potential for growth?
CMS Prime owes its current and future successes and popularity to:
- Fastest deposits and withdrawal among the region usually by one working day
- High level of customer service and quality
- Hi-tech in-house infrastructure
- Multilingual experienced sales and support team
With leverage up to 1:500 have you noticed an uptick in business following the recent regulatory shift in Europe via ESMA?
Due to new regulation changed in Europe we are receiving plenty of requests from small retail clients looking for high leverage. Although CMS Prime is able to provide high leverage trading but never recommend retail nor institutional clients to trade with leverage more than 1:100. Traders should always be aware about the risk of leverage trading.
How does CMS Prime stay a head of the competition in what has become a cutthroat market?
- Experience and market knowledge: We have a lot of experience being in the market for quite some time. Our in-house research team keeps a tab on the latest products and trends.
- Technology: We have invested a lot in technology and continuously upgrade the same to ensure that clients are having a good experience in trading.
- Customer service: Dedicated account managers are always in touch with clients and helping them with any issues that they may have. We also have regular training sessions for our clients.
- Fast deposit and withdrawal
Are there any new developments or offering in the pipeline for CMS Prime in 2019?
CMS Group is always looking to improve the level of facilities and service for its valuable clients – therefore to be one stop financial hub for variety of clients including retail and institutional clients, White labels and independent brokers by 2019 we are expecting to:
- Get another regulated license
- Launch MT5 platform
- Attend more financial events including the recent IFX EXPO in Hong Kong
- Add more services and products
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