Funds safety has long been a major concern that is shared to some extent universally amongst retail brokers. Instruments such as foreign exchange (FX), contracts-for-difference (CFDs), and binary options, among others, all carry an inherent level of risk and a lack of education is an oft-cited vulnerability facing many of these individuals.
While the bombshell announcement from the UK’s Financial Conduct Authority (FCA) this week cast light on this issue by with a string of proposals, many other brokers have already taken concerted efforts to shore up client safety in another, no less important aspects of protection.
— FXPRIMUS (@FXPRIMUS) November 28, 2016
Brokers such as FXPRIMUS have led this stance, which bolstered the protection of its clients’ insurance measures, bringing all client funds under the protection of up to €2.5 million last month. After announcing this step we set out to garner the perspective of Kishore Mansinghani Mirchuma, the CEO of Power up training and our IB Partner based out of Singapore and the UAE.
What does the enhancement of clients fund safety to FXPRIMUS mean for you as a business introducer?
When I started referring clients to FXPRIMUS almost 7 years ago, what really impressed me was the great lengths they went to, to ensure fund safety. They are constantly improving upon this, like the recent launch of their €2.5 million insurance backed by Lloyds. This provides not only my clients but also me the peace of mind that we’re dealing with a brokerage that really cares about the customer.
Why did you choose to work with FXPRIMUS?
I have been involved in Forex for over 10 years, and have dealt with many brokers. What really impressed and continues to impress me about working with FXPRIMUS is not only the fund safety, overall product, and regulation but the personal touch. My personal account representative is available around the clock and the customer support is fast and efficient to solve even the most complex problem.
A broker should be the bare minimum, regulated in a highly respected jurisdiction
What should a business introducer look for when choosing a brokerage?
A broker should be at the bare minimum, regulated in a highly respected jurisdiction, extra safety of funds protection in place, and an excellent overall product. They need to know what an introducer needs to be effective in the recruitment of clients and how to help them reach their target markets.
How will the enhancement of client fund insurance you mentioned earlier help you expand your business network?
It makes a competitive offering even that much better. To my knowledge, this is the highest safety fund available in the market, and the fact the insurance is backed by Lloyds is a game changer for me and my clients. On the back of this news last week, I’ve seen a tremendous uptick in interest by my prospective clients, which is really great for me.
The fact the insurance is backed by Lloyds is a game changer for me and my clients
As a business introducer is security the main factor you use to promote a client to open a trading account?
Yes, I would say security and the personal touch I alluded to earlier. It allows me and my clients a good night’s sleep knowing that not only are we trading with a safe broker across many facets, but if we ever face any issues, they are a phone call, email or live chat away from giving clear and concise answers.