In the saturated market of retail forex, it is not enough to offer a good service. Brokers need to maintain originality to provide the best service possible. World Finance speaks to Vladimir Syrov, Director for Business Development at Instaforex.
Through the creation of its PAMM system – which allowed traders to manage not just their own funds, but joint capital as well – InstaForex managed to position itself within the forex industry in 2009, back when retail forex was still an emerging market. “We were among pioneers,” says Vladimir Syrov, Director for Business Development of Instaforex. “It was a case of whatever innovation we brought, we would increase the customers’ base significantly because we were among the first to understand the potential of retail forex, especially in Asia.” Instaforex facilitates exactly what its name implies: instant forex trading. The PAMM system permits the transfer of funds under the company’s control to entitle an investor to share in a trader account proportionate to their investment.
Efficient online management means that all users are provided with control and report on all operations, shares and returns automatically. But it is all very well and good to be considered innovators when the market is still fresh. Unfortunately, this is not the case anymore. Four years on and a very different landscape presents itself. The market density is close to 100 percent, representing a major paradigm shift in the way in which retail forex operates.
Analysis and response
Now, more than ever, it is apparent that brokers need to go above and beyond to differentiate themselves from competitors. Rather than focusing efforts on major new breakthrough services, there needs to be more inclusive interaction between research and development, marketing and customer support. Instaforex has recognised this and acted accordingly. “Companies have to feel customer needs and adapt very quickly,” says Syrov, “improving existing services and offering important add-ons or creating some new services. That’s actually what we do – talk to customers, analyse their needs and respond, adding at least one new tool or add-on on a weekly basis.” With countless forex broker sites online, it is all too easy to blend in with the crowd. But InstaForex has bucked the trend by offering a number of enticing incentives to make it stand out from the masses. “The trader’s choice is made more and more clicks away from the trading terminal. “It’s not enough to just be a good financial services provider; the retail forex brokers have to create their own multidimensional universe,” says Syrov. Enter Instaforex TV. Despite not being broadcast through conventional television digital or satellite channels, the online video service receives a substantial level of daily viewers, particularly across Asia. It has now become a respected financial television source in itself.
Standing out from the crowd
Every broker offers analytics to the customers – that is a given. But fewer offer analytics represented in an easily digestible manner, and fewer still can provide this service while still offering a high frequency of updates. InstaForex has struck the balance here by engaging with its customers to address their needs. “We talk to customers, analyse their needs and respond: adding new tools regularly,” says Syrov. By supporting 107 currency tools, 52 CFD contracts and 36 futures contracts, Instaforex has emerged as one of the most flexible brokers available. Offering such flexibility in software utilisation has proven to be vital in such a rapidly changing market. This approach has enabled the firm to attain Wold Finance’s coveted title of Best Broker in Northern Asia, 2013. Syrov says: “That was the success formula for Instaforex: build the core services, innovate them smartly and go beyond the limits of offering brokerage service.” In building and maintaining an effective online platform, that facilitates both MetaTrader 4 and MetaTrader 5, InstaForex has successfully attracted a wide spread of customers. But the attention to detail shows InstaForex’s willingness to go the extra mile. Embarking on sports marketing campaigns with the Formula 1 Marussia team illustrates the firm’s compassion for aspiration and high achievers. The young team is quickly rising up through the ranks of the motorsports world and serves as the perfect metaphor for Instaforex’s traders looking to build their own success stories.
World Finance Magazine, August 2013