Finance Magnates spoke with Michael Reps, Director and Chief Operating Officer (COO) of REXOR Investments for perspective on the company’s strategy and mobile platform. His interview can be read in full below.
1. What is REXOR Investments’ target audience and what sorts of clients are you trying to procure?
Our target audience is pretty much everybody, all traders of all levels, from absolute beginner to seasoned professionals. We designed REXOR investments to be flexible enough to offer something unique to every kind of traders.
2. What makes REXOR unique compared to other brokers?
We offer some unique opportunities that no one else in the industry currently offers, and we present them in smartly designed packages that are both comprehensive and easy to use. We always keep the end user in mind and so we innovate in order to enhance the user experience, not just for innovation’s sake.
3. Can you describe your trading platform suite presently available to clients?
Currently we offer clients four distinct platforms. The first is our WebTrader, a web-based trading platform that combines a multitude of trading tools in one simple interface. The second is MT4 platform. Third one is MT5 platform. The last platform is the Mobile Trader, convenient for traders on the go.
4. What services do you offer your customers to support their investment decisions?
We have a huge client base across the globe. We offer traders a vast range of free educational materials, we have personal account managers and support staff on call 24/5 . We’ve developed training courses for beginners to quickly learn the workings of the forex market.
5. How can a client open an account with your REXOR? Is there a minimum?
It’s extremely easy to open an account with REXOR investments. I recommend first opening a demo account (which literally takes seconds), in order to get a feel for the platforms first. When the trader is ready, He/she can open a real money account by filling in some additional information, and then fund the account with one of the many funding methods available, including Visa card, Master card, Bank wire, credit card, Skrill (money bookers), Western Union, Perfect Money, Web money, PayCo , fasapay etc.
The minimum amount to open a real money account is only $5 , so you really don’t have to break the bank, and we enable traders to trade micro-lots so that $5 can go a long way. We also offer a welcome bonus of up to 40%, depending on the account size of course. As for documentation, we will ask the trader for some proof of identification but only when they make their first withdrawal. After that, there is no such requirement.
6. What advice do you have for someone who is just starting to trade the markets?
My advice is to start trading once the trader has gone through an extensive training about online trading. When I was starting out as a trader, there was no such useful material or resources available like traders have today. I had to learn from my own mistakes, which were often painful and costly. When you’re trading after proper training and understanding, daily market watch, using expert and smart tools and analysis, you will not make mistakes anymore.
7. What are the most common mistakes traders make and what is the best strategy?
Trading Places: Finding The Best Jurisdiction for Your BrokerageGo to article >>
I would say the most common mistake is using high leverage. A lot of beginner traders think only about maximizing profits and not minimizing risk. They think that if they use the highest leverage they’ll make the most money, when in most cases they only lose their money that much quicker. This is why we’ve introduced lowest account opening requirement to prevent beginner traders from making heavy losses through their initial mistakes, which every new trader mostly does.
The best practices to keep in mind are to minimize risk, use smart money management, and keep your emotions in control. Traders should follow the golden rule that never to invest more than 5% of their account in any one trade. In the end its discipline and money management that make long lasting forex careers.
8. Can you tell me about REXOR’s Mobile Platform capabilities?
I think, initially, if you go back a few years, our clients would have used it more to check on a rate, to check on news. Back in the day, it was all desktops, laptops, etc., so people felt more secure trading from a desktop. You’ve got a better Internet connection.
But as technology has improved, as these devices have improved, as the carriers have improved their services, I think people are more secure and more confident in using their devices to trade. Like I said, we have people trading not just in New Zealand but also overseas in tens of millions of euros on mobile phones.
9. Are there any technological advantages offered via REXOR?
I think technology has changed a lot, especially over the past three or four years. I think that REXOR Investments has, number-one, longevity. We’ve been around since 2002. We’ve seen a lot of changes and seen a lot of companies come and go.
The platforms themselves are very client-specific; you may like the look and feel of one platform, or you may like someone else’s. You need to be concerned with what’s behind those platforms; what’s the back-end, what’s the back office, what’s the transparency, what’s the execution like, what’s the personnel like.
I think REXOR Investments is up there with the best of them when it comes to price, discovery, execution, client services. We have MetaTrader linked into our own systems, they’re operating simply with the out-of-the-box MetaTrader solution, which does not give the same sort of detail or the same sort of reporting functionality as REXOR investments.
10. What is your stance for the regulation of FX, namely from a company perspective?
I am in favor of regulations. REXOR Investments has been very conservative and stringent with regard to regulations. Anything that makes the client more comfortable, and gives him a sense of peace of mind that the people they’re trading with are heavily regulated and their funds are safe, will give you a long-term advantage in this business.
11. What are your plans to grow the business in H2 2015 and beyond?
The way we approached the business was very different from a lot of our competitors. There were certain advantages in the way that we started. The way we started has helped us the way technology has developed over the years.
When we first started, we focused on technology rather than throwing people at a problem. We looked at, ‘Where do we want to be in three to four years, and how do we get there?’
The one thing that stuck in our mind was that we needed to be scalable. There are obviously a lot of clients out there and a lot of opportunity out there, but the only way to get it is to use technology and not to have 500 people to do the job of a process on a computer. We set ourselves up more as an Internet and technology company.
To me, it all comes down to scalability. REXOR Investments, was a global business ran out with less than 50 employees. Some of our competitors have multiple hundreds of employees. Some have over 500 — to run the same type of business!