Forex Magnates touched base with Hello Markets’ Managing Director, Wassim Khateeb, for his exclusive perspective on the firm’s rebranding and new product development, which looks to be unveiled in the near future.
1. What was the impetus or rationale behind the rebranding from Hello Binary into Hello Markets?
The main reason is that binary options is a limited business so the clients we can target only as a firm offering binary options are limited. According to our vision for being the best provider for online finance, we chose to expand our activities to a domain, which includes Meta Derivatives and very soon to FX. The choice was not built on the fact that the market was not enough, but rather we wanted to diversify and propose to our client more choices and more possibilities on their business.
2. Can you describe some new products or advantages that Hello Markets offers?
We are still employing a full turnkey solution that includes a front and back office and helping them opening a specific placement and being able to manage their business directly from their back office. As of January 1 we will be announcing our entire new product line that includes social trading, a new interface, Meta Derivatives and ultimately FX.
3. Has there been substantial interest in your white label trading platform offering to brokers?
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I think the main competitive advantage will remain the same at Hello Markets as it was at Hello Binary – we will continue to provide a turnkey solution and a centralized software with access to CRM and myriad useful parameters. The back office is virtually unchanged, however the new competitive advantage is now just by the fact that having a partnership with Hello Markets will allow you to run your business in binary options but also in different financial instruments. This is the main advantage since now we can offer more, through one singular provider.
The idea of Meta Derivatives is to create our own market by trading a product that does not exist on the active market today. We aim to target clients whose interests lie between binary options and FX. Binary options are a very simple way of trading, whereas FX is more complicated – by extension, Meta Derivatives is between these two instruments. So a client that might be interested in this is one that does not want to be involved in a lot of complexities seen in FX, but they also don’t want to trade a financial instrument as simple as binary options, which some define as gambling. So what we wanted was to target the market segment in the middle. It is similar to an option, but the predetermination in the end is different than binary options and the possibilities of profits are exponential.
5. Are Binary Options still the core of Hello Markets’ business?
The idea of launching Hello Markets was that we did not want binary options to be the core of our business anymore, but rather a focus on online finance in general by offering new products. In the beginning, most of our clients are still from the binary options business, and slowly we will start to build a new portfolio of clients that are interested in our products, but this shift does not happen over night.
So, the division is to be able to offer different financial instruments and to be the best provider, though up until now our main business is still binary options, though we foresee this will change.