“Meet The Experts” reached out to Maxim Petrov, CEO of Admiral Markets Ltd, to weigh in on the recent development surrounding broker’s rebranding into MTrading, along with the rational behind the move.
1. How has Admiral Markets distinguished itself in the Forex community?
One of the main advantages of Admiral Markets is that we are physically represented in a substantial amount of countries around the world. Our strategic goal is to follow our clients and provide them with the best possible offering available. We are one of the brokers who goes an extra mile and always follows the best practice rules within all the markets we expand to.
2. Has regulation played a role in your company’s developments such as rebranding?
The legal authorization in this business is undoubtedly important. The main rules in different jurisdictions are more or less similar and the regulators are there to maintain a healthy, fair and transparent environment for the clients. Nonetheless, it may still become challenging for the broker to explain the difference between the various regulations and legal entities to the end user. We strongly believe that each and every broker in this industry should refrain from misleading the clients at all times, including both the potential and the existing clients. After all, by harming the industry one would indirectly harm their own business.
We have realized over the years that after acquiring Admiral Markets Ltd and offering services under the similar trade mark as Admiral Markets Group entities, the importance of distinction has become more and more essential, as this many Admiral Markets legal entities may become confusing for the end users.
3. I understand that Admiral Markets Ltd is rebranding as MTrading, what is the driving force behind this move?
FBS Receives Best Forex Broker Europe 2019 Award by The European MagazineGo to article >>
Separating the brands only proves our pledge to clients of providing the most transparent, honest and open relationship. Obviously, the same high standards in terms of product, serving clients, handling complaints and supporting clients in their every need will be maintained. Nonetheless, MTrading will be a new brand entirely fitted to meet the needs of the clients from the emerging markets where operating with the “old world” brand is simply not applicable. For example, MTrading clients will benefit from the new improved KYC process which will make their applications go through much faster than its currently done as well as they will be able to use the most familiar payment systems that were not available in Admiral Markets Ltd due to several limitations imposed.
All in all, we are simply making the offering more relevant and transparent to the end user. We are here to make Forex trading as comfortable as possible and if it means separating the brands and bearing additional costs, we will do it.
4. What clients are you trying to attract or entice with this new brand?
The question is not who we are trying to attract with this new brand, but rather will the overall marketing strategy change or not. Now we are tailored to meet very different levels of clients from around the world from absolute beginners to very sophisticated traders. As such, the target audience of MTrading will stay the same as it was for Admiral Markets Ltd.
Nonetheless, we have noticed that in the emerging markets we mostly work with adventurous opportunists who are new to Forex trading. We are the first door they open on their road to the world of finance and the ones who help them grow together with them becoming more sophisticated in their demands. Traders from these jurisdictions tend to form a very strong and loyal relationship with their broker and the people who represent the broker. So no changes here – our clients were and remain those, who they are and will continue working with the people they were working with before, our staff from these markets will migrate to MTrading together with their clients making sure that MTrading is fully fitted to their clients’ needs.
Ultimately, MTrading stands for everything that Admiral Markets Ltd stood for, however it brings more advantages to the traders from the selected markets. MTrading will become their local brand fully tailored to respond to their demands in a fast and reliable way.
5. Is MTrading better suited to accomplish your goals than the Admiral Markets Ltd?
Simply put, MTrading is the better fit for our purposes. Admiral Markets is a thirteen-year-old brand coming from a white-collar financial background of Europe and as much as we want to move rapidly and cater to the entire world, we simply have a financial culture that we’ve built over a long period of time that cannot respond to all the needs out there. MTrading has an advantage of not being tight to the overall needs of the world, but catering to the specific audience. All in all we are simply narrowing our focus and making sure our clients receive the best service possible.