Alex, TopFX has been a Liquidity Provider for over a decade. What fueled the decision to expand into the retail space?
Hello, and thank you for having me. In recent years, the line between Liquidity Providers and retail brokers has been thinning with retail brokerages getting into the liquidity space, which has greatly increased supply in our industry. In addition, the expertise that we have accumulated as a Liquidity Provider for over 10 years, allows us to offer more competitive products compared to a typical retail brokerage. We have been helping hundreds of retail brokerages to set up via our All-in-One Broker Solution, so we know what makes a retail brokerage work, and the products that retail traders are looking for. Lastly, Covid-19 has halted entrepreneurship and limited the number of new brokerages launching, so it’s only natural that we decided for our next level of progression to be in the retail space.
How does TopFX stand out in this overcrowded industry?
TopFX stands out by being a “Broker of Brokers” as our positioning statement suggests. What that means is that retail traders are trading with a firm that has been chosen by numerous institutional clients, including other forex brokers. Being a broker that other brokers choose to trade with for over a decade, we now offer unparalleled professional-grade conditions to all sizes and types of clients.
Our raw spreads start from zero, with an average EURUSD spread of just 0.11 pips. These tight spreads, combined with our commission charge of $2,75 per lot per side, make for a competitive package, which is more cost-effective than 99% of retail brokers out there.
At TopFX, we believe in being honest and transparent. In order to establish ourselves in the B2B space, we focused on providing a quality service to our customers, without the malpractices that have often plagued the Forex industry. We use our own technology, specifically our CRM, TopFX Portal, and our payments cashier, TopFX Pay, so that we have full control over our clients’ flow.
I believe that our experience in liquidity offers us the expertise to build a highly efficient trading environment for clients. Our trade execution is reliable and fast with most orders being filled at around 30ms.
We use a no dealing desk intervention model and have unbeatable pricing that makes us stand out from most competitors. Last, we enable traders to trade in every available method, so besides a high quality of services, we also offer plenty of options.
What are the geographic regions that you are targeting?
We aim to be present wherever the CFD product is allowed. We have a strong presence already in Europe, Asia and Africa with many local offices and country managers in those regions.
What are your plans regarding the institutional arm, now that the main focus seems to have shifted?
Our institutional business is mature and we do not need to offer any new products or fine- tune our solutions anymore. The All-in-One Broker solution has had great success, and our liquidity business is still going strong. Our plans for the future is to re-establish our global presence via expos and tradeshows after the pandemic is over. Our products are very well made, and thus are easy to sell once we develop a connection with prospective clients.
Which trading methods have you made available?
Any trading method you can imagine!
Our retail clients can trade manually on their windows PC, mobile, tablet, or Mac via the web application. They can also automate their trading with robots or follow ready to trade, single-button executable signals from Autochartist or Trading Central. They can Copy other successful traders, or have their funds managed via cTrader Copy or MT4 PAMM. Lastly, professional and expert trading firms can trade via FIX API.
We also offer the MQL4 custom indicator suite for MT4 and the TopFX cTrader exclusive suite for cTrader, which are suites of custom indicators and strategies. Lastly, we have partnered with many education centers which can help new traders get accustomed to the world of CFD trading.
All of the above are available for more than 1000 different markets, from Forex to Indices, Metals, Energies, Stocks, Cryptocurrencies and ETFs.
What is your current strategy regarding partnership programs?
We don’t exactly have a strategy about partnership programs, it’s more accurate to say that partnership programs are our strategy!
We have a partner-focused approach to build our retail business. Coming from a B2B space, we are very experienced in working with large partners, clients and entities. We feel that we can speak their language, nurture them, support them and even help them get to the next level when they are ready by giving them the tools they need to operate their own white label, or even a fully-functional retail brokerage.
We have over 20 different rebate plans that they can choose from, which can be single-level and multi-level. We also provide marketing support, pay their rent and offices, as well as other flexible remuneration schemes and loyalty programs.
What are your plans for 2021?
Like the rest of the world, we are waiting for the pandemic to end to resume our presence in expos as we did in 2019, and start meeting again big clients face to face. In our line of business, it’s important to build a good relationship with our partners, teams and clients. Sure, it’s something that can be started online, but it gets to the next level when you actually meet them and converse with them face to face.
Besides that, we are launching our new retail website and expanding to as many new countries as possible. We are constantly adding as many deposit methods as required for each country, and developing new features in our CRM mostly geared towards supporting our partners. In general, we follow the well-known “ think global, act local principle” to expand and grow our business.