As many of our readers can attest to, it was a wild and wonderful iFX Expo that took place in Hong Kong last month. And amidst all of the deal-making, panel sessions, and free booze, our hard-working Finance Magnates journalists were able to catch up with the EverFX team.
After asking a few quick-fire questions to the broker’s representatives at the event, we then spoke to the company’s new CEO, Georgios Karoullas, last week to finish our interview and get a more complete picture of what it is the broker is up to.
Founded in 2016, EverFX entered the market just as regulators, reeling from the effects of the Swiss franc unpegging from the euro, were really starting to pay attention to the retail trading industry.
But, despite growing scrutiny from financial authorities, the firm has been able to weather the stormy seas of European regulation and looks to be making headway in an already saturated market.
And with plans to expand into Asia and the Middle East, things are looking bright for EverFX. What’s their secret? Well, continue reading, and you might find out.
Georgios Karoullas was promoted to CEO in January. Does he plan to make any significant changes – either internally or externally – to the company?
(N.B. This question was answered by Belinda Guga – EverFX’s Head of Marketing. The rest of the questions were answered by Georgios Karoullas).
Appointing Mr. Karoullas to the position of CEO was an obvious move for us. Georgios brings a wealth of experience in management positions and is extremely knowledgeable on the technicalities and inner workings of the Forex industry.
What Georgios brings to EverFX is a greater leader, a man that can inspire and get the best out of the team, clearly outlining the company’s vision and the steps needed to get there.
In terms of changes, Mr. Karoullas is a firm believer in adapting to the needs of the market and that means is that change will always be part of the evolution of the team and the company as a whole.
EverFX recently signed a deal with Sevilla FC, please can you give a bit of background on that deal? How did it come about and what are you looking to get from it?
The deal came as a result of a wider marketing initiative that wants the EverFX brand to be heard loud and clear in the investment world. We really believe in our products and services, and we want to amplify our message to the world.
The choice of Sevilla FC came after careful consideration as we were looking for a partner whose values and ambitions are aligned with ours. Sevilla FC is a club that is renowned for its success both on and off the football pitch, a team that’s considered the gold standard when it comes to scouting, developing and coaching players. We’re really proud of this deal, and we promise you this is just the beginning of what’s to follow.
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ESMA’s regulations have dealt quite a blow to trading volumes for European brokers. How have the regulations affected EverFX and what measures has the company taken to counter any potential fallout for them?
The Forex industry has always been under severe legislative scrutiny, and the newest ESMA regulations are not different from what we’re used to. It is our duty to follow the letter of the law, make the necessary adjustments and package our product in a way that falls in line with the regulations but is also in the best interest of the clients. Is it challenging? Absolutely. But that’s what we are here for, to find solutions and make trading easy and accessible for traders.
We’ve seen a number of brokers starting to gear towards a more professional client base, is this something EverFX is doing and, if you are, how successful have you been at doing so?
Absolutely! EverFX is targeting a more professional client base but through a dedicated B2B project called INFLYX. A liquidity, risk management, and white label solutions provider, INFLYX is connected to tier-1 liquidity serving brokers, hedge funds and professional clients.
The service has seen a lot of success so far, and we’re excited at what the new year brings for the company.
INFLYX is run by Project Manager, Marios Antoniou who has recently been promoted to Executive Director. Marios is a professional with significant experience in the Retail/Institutional FX and the banking sector.
His analytical thinking along with his problem-solving skills created a product that can satisfy even the most demanding client. We are pretty confident that such a motivated person, can deliver transparent services and tailor-made solutions without sacrificing the high standards that our company has put in place.
What jurisdictions are you focused on at the moment and do you have any plans for expansion?
With Cyprus as our main hub, Europe is definitely the area of focus at the moment. In saying that, expansion plans include Asia, Dubai and a lot more jurisdictions we’ll talk about in the near future.
Affiliate marketing has grown in popularity amongst brokers over the past 12 months, what steps has EverFX taken in this regard? How do you balance using affiliates and ensuring you don’t do damage to your reputation?
The truth is that over the past year the digital landscape for the financial industry [has gone] through major changes, with Google imposing limitations on media buying and lead acquisition.
This new state of affairs makes affiliate marketing a more attractive option. Even though we are aware of this growing trend, EverFX has always placed emphasis on partnership growth and establishing long-term working relationships.
To protect its reputation but also ensure it fulfills its obligations to its partners, the company has put together a program that’s based on fairness and transparency. The EverFX partner program was carefully designed to give a lot of attention to the legal, tracking and payment side of things, offering partners both clarity and incentives.
EverFX was at the iFX Expo in Hong Kong, which was indicative of the fact that you are operating in China and the wider Asian market. What challenges have you faced, and do you face, doing business in the region?
Doing business overseas always brings its own set of challenges. It’s the name of the game. New territory, new rules and a new approach on how to infiltrate and market your products and services. We are fully aware of these implications, and this is where the expertise and experience of our team come into play.
The EverFX team was put together with international expansion in mind. We feel very confident about the Asian market as we believe that the combination of our products, service, and staff can adapt, adjust and fit any market no matter the challenges.
Are there any major differences in customer demand between Asia and Europe? How do you meet those demands?
Different jurisdictions call for different approaches. Let’s take the Asian market for example. What we have learned is that we need to place a lot of emphasis on building trust as the onboarding process might last for over six months. Their due diligence process is thorough and detailed and establishing rapport is key to the success of any potential deal.
In Europe, things generally move faster as establishing working relationships is more straightforward. No matter the jurisdiction or approach, we believe that the high quality of product and service translates and transcends geography and business models. Our aim is to uphold what brought us success in the first place, and that’s transparent, tailored solutions that speak to the needs of our clients.