Nicholas Scott, FXTM’s new head of Product Development talks to e-Forex about his role at the company and future plans

I’m originally from Scotland, but have lived in London for 10 years. Next to travelling and seeing the world, sports are a passion of mine. I enjoy running, cycling, rugby, skiing, golf and more! My personality type is an “Architect” - I’m analytical, a strategic but creative thinker, and always have a plan in mind. I am delighted to have joined FXTM in December 2018 as the Head of Product Development, and my primary responsibility is to lead the company in the research, creation and management of outstanding digital experiences.

First Published by e-Forex News: March, 2019

Nicholas Scott
Nicholas Scott

Nicholas, please tell us about yourself and your role at FXTM.

I’m originally from Scotland, but have lived in London for 10 years. Next to travelling and seeing the world, sports are a passion of mine. I enjoy running, cycling, rugby, skiing, golf and more! My personality type is an “Architect” - I’m analytical, a strategic but creative thinker, and always have a plan in mind. I am delighted to have joined FXTM in December 2018 as the Head of Product Development, and my primary responsibility is to lead the company in the research, creation and management of outstanding digital experiences.

What do you aspire to achieve at FXTM?

My main goal is to help FXTM continue its trend of phenomenal growth. This is such an exciting time for the company, and I am thrilled to be leading the new Product Development Team. The actual creation of the team itself demonstrates FXTM’s constant determination to excel.  I am committed to helping FXTM continue to bring the most innovative and creative new products to the table, which includes ensuring that our clients enjoy a vast array of superior offerings to suit their investment portfolio.

Tell us about one of the exciting products that you are currently developing or updating with FXTM?

Last year, FXTM announced the launch of its new mobile trading app FXTM Trader. This was not a project that could be rushed. We knew the demand was there; a survey of 400 traders conducted by JP Morgan last year revealed that 61 percent were considering trading via mobile platforms, compared to 31 percent the year before. The sheer number of trading apps being released by other brokers meant that the competition was fierce, and we knew that in order to achieve success with our application FXTM Trader needed to stand out from the crowd. With this in mind, FXTM Trader is tailored to the specific needs of our clientele and offers over 250 financial instruments, including stock trading – our latest product offering.

What are some of the challenges you think Product Departments are faced with in the industry?

The financial markets are now more accessible than ever due to the rise of mobile apps, widespread internet usage and affordable smartphones. While this has phenomenally increased the potential for client growth, the challenging part is that this digital wave has also introduced heightened strict supervision from regulatory bodies. Regtech such as cloud computing and electronic identity verification permits brokers to safely process and protect information efficiently and reliably; as such, regtech tools are built as a way to face regulatory challenges and are now a crucial element of any product. Brokers who are not adaptable enough to keep up with these technological advances are likely to falter.

What excites you about the future in terms of products and where FXTM is headed?

We have a lot of exciting projects ahead, including continual updates and improvements to the way we offer and promote our wide range of education products. On a wider scale, I am excited to see artificial intelligence being more widely used in technology, and I think it will have an incredible impact on the financial and investment management industry, including forex. FXTM recognizes AI’s immense potential, and we are exploring how it could benefit both our products and services. Watch this space!

Stock trading is only available to clients of FT Global.