Interview with Vladimir Syrov of InstaForex
IBTimes: It’s a big pleasure for us to carry out an interview with Mr. Vladimir Syrov - director for business development of the company Instaforex – one of the leading Forex brokerage companies at present. Let’s start off. Vladimir, could you tell us a bit about your company...
Vladimir Syrov: The philosophy of our company is education, we started investing in traders because the more the forex market grows, the more we earn. There is no shortage of investment money in traders. This is based on the fact that we are making money on spreads. That means that we have to invest into customer’s satisfaction, not to lose a customer after his/her first day of trading.
Therefore we created our own education courses and we strongly support our partners making educational projects. We organize the job in such a way – that we motivate the customer to be educated, trying to build up his satisfaction and long-term relationships with us.
The foundational principle of Instaforex is continuous improvement. If you do not offer new services for your customers you are lost quickly on the market. Everything we do is connected to continuous improvement and innovation. Innovation activities are integrated into the whole structure of the company – from the managers of remote branches – right to the top management at headquarters.
IBT: Why if you are such a motivated company are you a very strong company worldwide but not in the UK?
VS: Instaforex is a very young company. Two years ago the question of internationalization became very important for us. And then we did some market research, and begin our expansion in South-East Asia. By doing this, the total revenue of 2009 was trebled in comparison with 2008 – we managed to achieve that first of all due to the strategy of going to Malaysia and Indonesia.
IBT: And any tips on what made the recipe for success in such a market?
VS: Well I’m not sure it’s good to disclose all about this… However, I’ll mention some. We put a lot of effort into understanding consumer behavior, operative customer support is a real key for success. Another important issue is the presence of very top management in the region. This is what is valuable in these countries and that’s exactly the reasons of our success!
IBT: But Vladimir, coming back to Instaforex – I would never believe it's just about marketing. There should be something else…what really draws people to you?
VS: Well among the recent initiatives firstly we’d like to single out 30% welcome bonus on each deposit, which is a terrific offer and really the only one on the market. Speaking about the other Initiatives – these are lotteries for hummer and lotus, some brand new demo contests, beauty contest Miss Instaforex Asia etc.
IBT: Miss Instaforex Asia?
VS: Oh, certainly. We have seven offices in South-East Asia now. We recently opened a luxurious representative office there to provide customer and support service for our clients and education classes for beginners and professional traders as well. And speaking about gender differentiation - forex is really dream of fighters for women liberation - this is the job giving absolutely equal rights regardless of gender. So, it was quite natural to organize beauty contest in the region crucial for us. You should come and see…
IBT: I think I will. And what about your trading software, how good is that?
VS: Metatrader 4. It’s a standard amongst 90% of brokers. It gives you a very big choice of trading instruments - 107 currency pairs, CFD’s and metals. The welcome bonus, 30% is backed by the choice of leverage between 1:1 – 1:1000. We provide 100% customer-friendly support, 24 hours a day. Anything to add?
IBT: Perhaps yes. Do you have anything to offer affiliates such as Introducing Brokers?
VS: Again yes, I don’t know any Forex broker, which offers more than we do: 2 pips from each deal. That makes the relations with our partners very stable. The competitors have really nothing to counteract.
IBT: Still going back to the first question? What’s in it for the UK?
VS: Well, we have some customer base in the UK, but of course we’d like to increase it significantly. I should mention, that the UK will be one of our target markets in 2011. However, there is a message for IBTimes readers: If reading this article made you interested in partnership with our company or you just want to open an account with our company just don’t hesitate to address us at firstname.lastname@example.org.
And if there is a legal entity or a natural person who would like to cooperate with us in the UK, there is no need to wait for 2011. Despite the system of strategic planning we are trying to follow – flexibility is our strongest point. We plan to open an office here in 2012.
IBT: The last question. You are the director for business development – than it’s logical to ask you what’s your vision of Instaforex in 2 years?
VS: That is really easy. The vision is to maintain the leadership in South-East Asia and CIS regions and obtain leadership position – in Western Europe and the US, by means of maintaining innovative approach for provision the best trading conditions for our clients.
IBT: Vladimir, thank you for the interview, it was a great pleasure for us.
VS: Thank you too.
Internet - edition "IBTimesFX", May 2010