Youssef Barakat, CEO of ProbusFX, talks to e-Forex to outline more about the services his new firm is offering and what makes it different.
Youssef, you are a very experienced and respected market professional. What is your vision for ProbusFX and how are you and your team leveraging that commercial expertise to build this new business and position it in a different way from many others in the competitive retail trading space?
More than 20 years ago, I started out as a graduate in financial services in London. Since then, my career has taken me to Geneva, Abu Dhabi, Dublin and now the next step is Cyprus. Cyprus is turning fast into a European Financial Hub and for me this was a great opportunity to expand within Europe and create a solid offering in the retail space. The vision I have for the company is to put emphasis on creating and maintaining long term relationships with all clients, from the early stage prospect to the more established consistent trader. We want each individual to feel valued. My team and I have worked closely to create and set out the ProbusFX roadmap.
The starting point was to create a mission with a solid base of providing superior personalised financial services clients. This mission is underpinned by our corporate values which are represented by the acronym PROBUS encompassing Professionalism, Reliability, Openness, Belief, Uniqueness and Safety. I believe in creating a culture that encourages employees to take pride in providing the opportunity to our clients to learn and experience trading by listening to their needs and responding to them with the right support and guidance. This requires time and resource investment, and as a new firm, to hit the ground running, we’ve worked hard to build a strong team consisting of industry specialists who are offering the highest commercial quality and technological trading solutions.
The combination of our team’s expertise and their commitment to our road map allows us to offer a relationship with an unparalleled standard of personalised services and industry expertise, promoting a culture of client focus and understanding our client’s needs. The old caveat of the “Customer is Always Right” is not forgotten at ProbusFX. We have adopted this mentality and we make sure our clients receive the best added value during their experience with us. Our personalised service adds value to our proposition which is strongly supported by our solid technical offering.
We pride ourselves on offering advanced infrastructure that allows low latency execution with access to deep liquidity across multiple platforms. Our clients benefit from quality execution for every trade they make. In addition we have invested in hardcore server infrastructure by having our servers hosted in Equinix data centres in London (LD4) which are connected directly to our Liquidity Provider. As a true STP Broker, we do not have conflict of interest with our clients. We are aligned with their investment goals and this allows us a credible differentiation from other brokers. We do not provide fixed spreads and we do not interfere to spreads. We educate our clients to understand how the industry works so when viewing our offering they can choose the best account type for them such as trading on raw spreads as low as 0.0 pips. For the clients who want more than an individual personal trading account we offer innovative White Labelling solutions for commercial partnerships or B2B arrangements that want to access and leverage our high-grade technology.
ProbusFX acts as an intermediary between traders and Liquidity Providers and this STP model means you have no conflict of interest with clients. What other key attributes does the firm have that are likely to prove very attractive for clients?
We provide our clients with complete transparency when it comes to procedures, low commission fees, technology and services. Trading with a Probus Account means safety, segregation, trust, prestige, convenience, and support. We operate to strict CySEC regulations and ensure we keep up to date with any regulatory changes e.g. the recent MiFID II requirements. Through our membership with the Investor Compensation Fund our client’s assets are guaranteed up to 20,000 euros. Our Client’s funds are kept in segregated accounts with reputable banks ensuring protection from risks related to the company’s activities.
Our clients enjoy secure, simple, rapid and straightforward account opening and are able to start trading within minutes. Client accounts are optimised to complement their specific financial requirements and provide them priority service. As mentioned we provide the latest technologies which gives our client efficiency making their trading more convenient.
What range of financial instruments can currently be traded with ProbusFX?
We offer a broad range of instruments that includes Forex, Energies, Precious Metals and Indices providing investors the opportunity to expand their portfolio. Our roadmap cites plans to build on this base according to market trends and client needs or requests e.g. Cryptocurrencies.
What platforms do you offer for traders?
We currently offer MetaTrader 4 (MT4) and within the next few weeks we’ll be launching MetaTrader 5 (MT5). We anticipate that MT5 will fast become the platform of choice. It is faster, supports more order types, provides a number of additional features and also provides a larger number of indicators. By indicating that, we remain true to servicing the needs of our clients in choosing the technology that suits them best e.g. we offer a FIX API Connection for more demanding traders. We are also planning to incorporate our branded trading platform in order to expand our range of platforms and provide our clients more trading options.
What about Account types, are you catering for all levels of traders? What other financial services do you offer?
Our Account Types aim to serve both retail and professional clients. We currently have 3 types of accounts, with outstanding trading conditions and each one tailored to suit the needs, goals and skills of all levels of traders. We have accounts which have been developed for traders who want to keep it simple and provide the ultimate choice for traders who want to have access to all instruments and trade with spreads starting from as low as 0.0 pips. We also have an account which has been designed for high volume and experienced traders who are looking for the best trading conditions with low commissions.
Our fully integrated Portfolio Management system provides investors the opportunity to allocate us the management of their assets and offer them personalised strategies according to their needs whilst our MAM Account makes it easy for money managers to trade and manage multiple client accounts directly from the MT4 platform.
Looking ahead, what plans do you have for ramping up your technology further and rolling out new trading products and services over the coming months?
Our top priority is to be able to meet the current and future needs of our current and future clients. We are committed to investing in our technology and staff in order to offer top quality service. By actively listening to our clients and continuously monitoring the market for the latest trends we react accordingly to roll out the next finest thing, instrument, service or technology.
We are reinforced by an experienced and proactive Board of Directors. They are supportive and committed to the roadmap. As already mentioned, we are working on launching a new generation trading platform that will offer our clients new key features. Our development team is currently working on releasing innovative and improved features on our Client Portal the “Probus Lounge” to enhance our clients experience. We also plan to provide our clients a more advanced Educational Library of tools and resources that will aim both the retail and institutional client. Further to that we are also planning to offer our clients more payment options by establishing new partnerships with payment vendors. Our longer-term plans include geographical expansion in non-English jurisdictions and opening our doors to more retail and institutional investors across the globe. We want to create a robust fingerprint within the financial industry with a reputation for premium client service and longevity.