FXOpen NZ Limited - CEO - Denis Peganov
- Fxopen is a market leading retail broker operating an agent-based model.
Please, state your name, Company name, and position:
Denis Peganov, Director at Fxopen NZ Limited
Describe your Company in three words:
Stable. Fast. Regulated.
Please give more details about the Company, its market segment, and recent developments:
Fxopen is a market leading retail broker operating an agent-based model. To date, only a few brokers can compete with us in terms of trading conditions, technology, service stability, and reputation of a reliable and regulated Company. Licensed in three jurisdictions globally, and with over ten years experience in the Forex market, we offer our clients both ECN and STP accounts with the deepest Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term pools available for private and Institutional customers and convenient ways of connectivity, including FIX API.
How did you get your current position and what expertise do you offer in the Forex Industry:
Starting my career in 2003 as a regional director, I have been with the Company since the very beginning and have helped it grow and develop whilst overcoming various challenges along the way to make it the market leading broker it is today.
What exactly can you offer for retail traders?
Our business has originated from serving retail clients, so we have always known how to meet their requirements. We offer the best trading conditions for MetaTrader 4 users: tight spreads, deep liquidity, and leading technology.
Why should retail traders choose your Company over others?
We pride ourselves on the quality of our service and it is often ranked among the very best in the industry. Our close relationships with both our clients and liquidity providers’ allow our clients to increase their profitability through tight spreads and the ability to execute trading strategies that may not be welcome at other brokers such as scalping, news trading and automated HFT.
It is worth mentioning that we have attracted a large number of traders who used to trade through other brokers. I believe that this is one of the strongest, convincing, and compelling arguments in the world of marketing slogans and empty promises.
Why should current graduates or people looking for a job in Forex consider working for your company?
To put it bluntly, we carefully select the staff and have a strict recruitment process. All qualified professionals and skilled specialists in FXOpen have the opportunity for career growth and development, as well as a platform to gain knowledge and increase their skills in Forex and IT.
What are your present issues and challenges and what is your plan to steer the company through them successfully?
The main barrier to success is a large number of unregulated fly-by-night companies established for quick personal enrichment through fraud and poor service. These offshore companies are established every day, have no proper regulation and no intention to operate a transparent business. Such brokers create a negative image for the entire industry, and you needn't look hard to find such examples. Unfortunately, not all clients are able to recognize false positioning and distinguish between ‘good’ and ‘bad’ products. However, year after year the situation improves and clients become more educated and experienced with Forex.
I must also note that in 2012 and 2013 the market saw lower volatility, which has brought hard times for many brokers using the market-maker model. We are very glad to have chosen the agent-based model for our business, which is more expensive and involves more sophisticated technology, yet more transparent and less risky.
As the industry is highly competitive, what means do you use to survive and to excel in such a fast and sometimes harsh environment (except for collaboration with Forex Magnates Directory, of course ;)?
Investing in technology has allowed us to always be at the cutting edge of MT4 development and is something that we continue to do to make our product offering the best it can be for our clients such as our Level 2 market depth plugin. This innovations puts us one step ahead of the whole industry and sets the pace for other companies. These innovations are the focus of our ongoing proprietary development.
I must also mention our extensive customer base. We have almost completed the licensing process for all our companies; and in 2014, we will start working on our brand (liquidity, technical products, institutional clients). ForexMagnates is a perfect platform for this purpose.
Does your company focus on the domestic market or does it have a global presence?
Fxopen has been developing globally from the start. Our business is highly diversified. Since 2010, no single country has made up more than 10% of our client base. At the moment, we have companies incorporated in Australia, UK, New Zealand, Russia, and keep on developing.
What is your company’s plan for the next two years? Please detail any expansions, technological developments, mergers/acquisitions or proposed entries into new markets.
We will conquer this world and all worlds around! (laughs)
The main focus will be given to increasing institutional sales. For this purpose, we are already adding new products, including a newly developed proprietary Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term, which is already available as a test version for our partners. Later on, this platform will be launched for retail clients, so there are many plans and I am sure that the next year will be very interesting. Follow the latest news!
Is branding important and what is your corporate view on it?
Good team, reliable technology, and competitive trading conditions are often not enough to turn a good company into a market leader - all brokers know that branding and successful marketing are important aspects of business. We have recently increased our efforts in branding and making our brand recognizable in the world and will continue to do so.
What are your predictions for the Forex industry as a whole in the years to come?
The trends of 2012-13 will continue: market makers will leave the stage, while the brokers that don’t invest in technology will keep losing ground. Key companies will invest more in technology and reduce advertising costs. I expect quite a few acquisitions in the market and an active ‘deoffshorization’ process.
What innovations could the industry as a whole benefit from?
A breakthrough in this industry will be characterized by competing in technologies, increased competition among trading platforms and technology providers. We are ready to offer innovative, yet reliable solutions that have been tested by many brokers, like the liquidity aggregator, institutional trading platform, full-featured PAMM module, and much more.
Do you think that the Forex industry is transparent enough and that most companies, including yours, pay enough attention to due diligence?
(Laughs) Previously the Forex market had seemed a little like venturing into unchartered waters, however it is improving rapidly. Year after year the situation with regulated Forex brokers such as FXOpen improves and becomes more and more transparent. We take this question seriously and are actively involved in forcing unscrupulous companies out of the market. In our pursuit of business transparency, I would like to note that at the moment, we are licensed by three jurisdictions and have regular audits.
Do you read Forex Magnates Quarterly reports?
Yes, I believe that FM is the best B2B platform for Forex companies at the moment.
What’s your opinion about the Forex/social network phenomenon? A good way to further the business at lower cost or a potential regulatory hazard; should it be deemed financial advice by regulators?
We do not focus on this market segment, as we’re not going to further develop the market-maker model, which is effectively introduced to most social networks. Our target audience is represented by experienced traders from intermediate to professional level.
To let us get to know you a bit better, tell about your interests and what you enjoy doing in your spare time.
I used to play tennis, but now I have time only for playing ping-pong in the office with my colleagues and participating in poker tournaments. However, my most beloved hobby is playing with my daughter!
Please, state your name, Company name, and position:
Denis Peganov, Director at Fxopen NZ Limited
Describe your Company in three words:
Stable. Fast. Regulated.
Please give more details about the Company, its market segment, and recent developments:
Fxopen is a market leading retail broker operating an agent-based model. To date, only a few brokers can compete with us in terms of trading conditions, technology, service stability, and reputation of a reliable and regulated Company. Licensed in three jurisdictions globally, and with over ten years experience in the Forex market, we offer our clients both ECN and STP accounts with the deepest Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term pools available for private and Institutional customers and convenient ways of connectivity, including FIX API.
How did you get your current position and what expertise do you offer in the Forex Industry:
Starting my career in 2003 as a regional director, I have been with the Company since the very beginning and have helped it grow and develop whilst overcoming various challenges along the way to make it the market leading broker it is today.
What exactly can you offer for retail traders?
Our business has originated from serving retail clients, so we have always known how to meet their requirements. We offer the best trading conditions for MetaTrader 4 users: tight spreads, deep liquidity, and leading technology.
Why should retail traders choose your Company over others?
We pride ourselves on the quality of our service and it is often ranked among the very best in the industry. Our close relationships with both our clients and liquidity providers’ allow our clients to increase their profitability through tight spreads and the ability to execute trading strategies that may not be welcome at other brokers such as scalping, news trading and automated HFT.
It is worth mentioning that we have attracted a large number of traders who used to trade through other brokers. I believe that this is one of the strongest, convincing, and compelling arguments in the world of marketing slogans and empty promises.
Why should current graduates or people looking for a job in Forex consider working for your company?
To put it bluntly, we carefully select the staff and have a strict recruitment process. All qualified professionals and skilled specialists in FXOpen have the opportunity for career growth and development, as well as a platform to gain knowledge and increase their skills in Forex and IT.
What are your present issues and challenges and what is your plan to steer the company through them successfully?
The main barrier to success is a large number of unregulated fly-by-night companies established for quick personal enrichment through fraud and poor service. These offshore companies are established every day, have no proper regulation and no intention to operate a transparent business. Such brokers create a negative image for the entire industry, and you needn't look hard to find such examples. Unfortunately, not all clients are able to recognize false positioning and distinguish between ‘good’ and ‘bad’ products. However, year after year the situation improves and clients become more educated and experienced with Forex.
I must also note that in 2012 and 2013 the market saw lower volatility, which has brought hard times for many brokers using the market-maker model. We are very glad to have chosen the agent-based model for our business, which is more expensive and involves more sophisticated technology, yet more transparent and less risky.
As the industry is highly competitive, what means do you use to survive and to excel in such a fast and sometimes harsh environment (except for collaboration with Forex Magnates Directory, of course ;)?
Investing in technology has allowed us to always be at the cutting edge of MT4 development and is something that we continue to do to make our product offering the best it can be for our clients such as our Level 2 market depth plugin. This innovations puts us one step ahead of the whole industry and sets the pace for other companies. These innovations are the focus of our ongoing proprietary development.
I must also mention our extensive customer base. We have almost completed the licensing process for all our companies; and in 2014, we will start working on our brand (liquidity, technical products, institutional clients). ForexMagnates is a perfect platform for this purpose.
Does your company focus on the domestic market or does it have a global presence?
Fxopen has been developing globally from the start. Our business is highly diversified. Since 2010, no single country has made up more than 10% of our client base. At the moment, we have companies incorporated in Australia, UK, New Zealand, Russia, and keep on developing.
What is your company’s plan for the next two years? Please detail any expansions, technological developments, mergers/acquisitions or proposed entries into new markets.
We will conquer this world and all worlds around! (laughs)
The main focus will be given to increasing institutional sales. For this purpose, we are already adding new products, including a newly developed proprietary Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term, which is already available as a test version for our partners. Later on, this platform will be launched for retail clients, so there are many plans and I am sure that the next year will be very interesting. Follow the latest news!
Is branding important and what is your corporate view on it?
Good team, reliable technology, and competitive trading conditions are often not enough to turn a good company into a market leader - all brokers know that branding and successful marketing are important aspects of business. We have recently increased our efforts in branding and making our brand recognizable in the world and will continue to do so.
What are your predictions for the Forex industry as a whole in the years to come?
The trends of 2012-13 will continue: market makers will leave the stage, while the brokers that don’t invest in technology will keep losing ground. Key companies will invest more in technology and reduce advertising costs. I expect quite a few acquisitions in the market and an active ‘deoffshorization’ process.
What innovations could the industry as a whole benefit from?
A breakthrough in this industry will be characterized by competing in technologies, increased competition among trading platforms and technology providers. We are ready to offer innovative, yet reliable solutions that have been tested by many brokers, like the liquidity aggregator, institutional trading platform, full-featured PAMM module, and much more.
Do you think that the Forex industry is transparent enough and that most companies, including yours, pay enough attention to due diligence?
(Laughs) Previously the Forex market had seemed a little like venturing into unchartered waters, however it is improving rapidly. Year after year the situation with regulated Forex brokers such as FXOpen improves and becomes more and more transparent. We take this question seriously and are actively involved in forcing unscrupulous companies out of the market. In our pursuit of business transparency, I would like to note that at the moment, we are licensed by three jurisdictions and have regular audits.
Do you read Forex Magnates Quarterly reports?
Yes, I believe that FM is the best B2B platform for Forex companies at the moment.
What’s your opinion about the Forex/social network phenomenon? A good way to further the business at lower cost or a potential regulatory hazard; should it be deemed financial advice by regulators?
We do not focus on this market segment, as we’re not going to further develop the market-maker model, which is effectively introduced to most social networks. Our target audience is represented by experienced traders from intermediate to professional level.
To let us get to know you a bit better, tell about your interests and what you enjoy doing in your spare time.
I used to play tennis, but now I have time only for playing ping-pong in the office with my colleagues and participating in poker tournaments. However, my most beloved hobby is playing with my daughter!