GBE Brokers Launches New Brand discountFX
- Taking a novel approach, the firm hopes minimal operations and a simplified setup will attract experienced traders
GBE Brokers, a retail broker regulated in Cyprus, has launched a new brand.
Called discountFX, the company is offering a rather unique, streamlined brokerage service.
discountFX’s website indicates that its fees will be $1.99 per round turn lot. Unlike some other firms, the brokerage has a minimum deposit of $500.
Rifat Sayim, CEO of GBE Brokers
The new brand has been designed with minimal setup. That means no call centers, no expensive offices, and a small operations team.
“We saw a gap in the market for a simple brokerage where people can just trade,” said Rifat Sayim, GBE Brokers’ chief executive officer. “So all of the fees, terms of service and products we’re offering, everything is laid out very clearly in one page.”
The purpose of this, it seems, is to offer a cheaper service - including zero spreads in some instances - to its client base.
And Sayim appears to be hoping that the client base for his firm’s new brand will be made up of experienced traders.
Experience wanted
“We want people who know what they are doing,” Sayim told Finance Magnates. “People that understand Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs and who
just want to trade. By reducing office, marketing and support costs we can also offer these people a better, cheaper trading experience.”
With many brokers attempting to gear their services towards professional clients in the wake of the European Securities and Markets Authority’s product intervention measures, discountFX is a new effort at dealing with the market conditions those regulations have created.
A small set of operations and a simple website could mean the broker has found a way of reducing its own costs and attracting many retail traders who fit in something of a grey area.
Not fit to meet ESMA’s professional reclassification requirements, they nonetheless understand what they are doing and have more sophisticated demands than a novice trader.
discountFX could appeal to these people and, if it does, GBE Brokers may have found a neat way of dealing with tough market conditions.
GBE Brokers, a retail broker regulated in Cyprus, has launched a new brand.
Called discountFX, the company is offering a rather unique, streamlined brokerage service.
discountFX’s website indicates that its fees will be $1.99 per round turn lot. Unlike some other firms, the brokerage has a minimum deposit of $500.
Rifat Sayim, CEO of GBE Brokers
The new brand has been designed with minimal setup. That means no call centers, no expensive offices, and a small operations team.
“We saw a gap in the market for a simple brokerage where people can just trade,” said Rifat Sayim, GBE Brokers’ chief executive officer. “So all of the fees, terms of service and products we’re offering, everything is laid out very clearly in one page.”
The purpose of this, it seems, is to offer a cheaper service - including zero spreads in some instances - to its client base.
And Sayim appears to be hoping that the client base for his firm’s new brand will be made up of experienced traders.
Experience wanted
“We want people who know what they are doing,” Sayim told Finance Magnates. “People that understand Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs and who
just want to trade. By reducing office, marketing and support costs we can also offer these people a better, cheaper trading experience.”
With many brokers attempting to gear their services towards professional clients in the wake of the European Securities and Markets Authority’s product intervention measures, discountFX is a new effort at dealing with the market conditions those regulations have created.
A small set of operations and a simple website could mean the broker has found a way of reducing its own costs and attracting many retail traders who fit in something of a grey area.
Not fit to meet ESMA’s professional reclassification requirements, they nonetheless understand what they are doing and have more sophisticated demands than a novice trader.
discountFX could appeal to these people and, if it does, GBE Brokers may have found a neat way of dealing with tough market conditions.