One of the newest startups in the FX space that is making progress nearly a year after launching, and set to expand further, is a brand named EQTrades – a trading name of the Belize entity GEB Global Equity Brokers Ltd, and which is also licensed by the IFSC.
The company had previously launched MetaTrader5 (MT5) in 2015, and during a recent interview, Finance Magnates reporters spoke with Cosmin Enache, Business Development Manager of EQ Trades, in order to learn more about the company’s strategy and plans. Mr. Enache held prior positions with a number of firms, including with XTB’s Romania office, and subsequently with Noble Securities.
The firm was started by a team of financial services professionals with experience from the institutional banking side including in trading, compliance, and related back-office administrative positions, and together helped launch the company. EQ Trades already has MT5 up and running since last year, and a web trader platform named EQ.Trader, developed by a 3rd party, is currently being testing.
Emerging from startup mode
EQTrades is preparing to launch an additional platform very soon according to people familiar with the developments, as the firm is seeking regulatory approval in additional jurisdictions. The company is looking at Asia as it undergoes a reorganization in preparation of its next pivot. The firm also reaffirmed its commitment towards growing after it secured a silver sponsor position for this year’s upcoming iFX Expo in Cyprus.
The playing field remains open for any company, whether a bootstrapped startup or newly funded with Venture Capital (VC) resources, new market entrants in the industry should continue to emerge alongside new clients exploring financial services, coupled with momentum from the FinTech wave.
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The news follows EQTrades joining the Financial Commission, a leading forex industry external dispute organization (EDR) for retail traders, in an effort to promote transparency to its clients by offering customers a 3rd party to remedy disputes.
In response to questions posted by Finance Magnates, Mr. Enache explained that while many brokers may focus on promotions, bonuses, and trading costs, in an effort to win clients, how his firm was focused on increasing client awareness on other aspects that matter including related to transparency, and education, and also mentioned about the firm’s recent membership with the Financial Commission as one step towards that goal.
Finance Magnates covered earlier this year when the company announced its membership, and EQ Trades CEO Stefan Iliescu added: “We feel that the Financial Commission is providing an essential service to the Forex industry and we want to offer this service to any of our clients who may need it. As we continue to grow as a company we feel we will continue to excel at meeting our client’s needs and providing them with an excellent Forex trading experience.”
During the interview with Mr. Enache, he said: “We are focused on building long-term client relationships, which takes time, and while focusing on our core values of transparency and suitability.”
“we are starting our educational program in the near future, in order to help increase awareness in Eastern parts of the world where – in certain regions – online trading is not as commonplace yet, when compared to Western markets,” he added.