At the forefront of this forex revolution is OctaFX, who sat down to tell us why their fully integrated services have helped their members make money in the market
FX trading for the longest time has been seen as something exclusive. Scaring away potential retail investors who tend to get intimidated by the markets mystic, the financial lingo and seeming complexity of it all. But times they are a changing. Actually change is already here, with the retail trading market able to access ever-simpler tools to help make the process of picking the right spread a complete doddle. Investors once needed to attend webinars and lectures or create numerous demo-trading accounts and spend hours upon hours of their time in an attempt to gain the necessary experience to turn a profit. But thanks to companies like OctaFX, getting clued up and becoming involved could not be easier, not to mention a lot more profitable.
“Unlike other brokers in the market, we at OctaFX do not perceive traders as one huge mass”
Social media platforms, such as Facebook have played a big role in revolutionising the way in which we interact with one another on a day-to-day basis, transforming the manner in which we share information with our friends. And now, these same techniques are being ported over by brokerage service providers to help inexperienced investors in getting to grips with the sometimes-overwhelming world of forex.
After all, trading, at least if you want to be successful at it, is all about how you obtain, manage and use information to make better decisions in the market. And through promoting and developing its online FX trading community in a similar fashion to social media sites, OctaFX has made it possible for its members to learn faster about trading foreign exchange through interaction with other traders. This wisdom of crowds’ style of trading has made its mark on the sector in a big way, leading to a dramatic shift in the way that brokers relate with investors. With the most gifted players in the market naturally attracting the most followers looking to learn, brokerages are keen to create partnerships with big fish, who will bring their online following of little fish along for the ride, making more money for everyone in the process.
This paradigm shift has altered the way investors see online trading, viewing them more as a community than a formal firm. Reputation is everything; with the most successful social trading service providers being the ones that can get hold of and retain the most credible, consistent and successful investors for beginners to follow. It is an industry where consumer loyalty is hard to create, and once cultivated it is even harder to find new and innovative means of sustaining it. Because in such a highly contested market, with many alternatives to choose from, it is essential that providers of these platforms find ways to differentiate from the competition if they have any hope of building a successful community.
There are other firms that are focusing on developing an online hub of traders, where established and new foreign exchange players can interact with one another and discuss different strategies.
One company that is doing a great job in this regard is OctaFX, which has managed to keep its pool of investors interest peaked by adding a little extra incentive and excitement to trading, by developing a range of promotions for members to participate in, as well as beefing up its built-in social platform to ensure that clients are able to optimise their investment strategy by working together. World Finance was lucky enough to meet with the Head of Development at OctaFX, Joanna Archer, who explains how they are creating an unbeatable social trading environment that will allow them to help foster a community of online foreign exchange traders.
What makes you different to other brokerage service providers in the market?
It may be bold to say, but we think that our individual approach towards every client is what makes us different to other FX brokers. We have a solid client base, yet we are very attentive to each and every trader, ensuring that we provide each of our members with the best and most suitable services to suit their needs. Unlike other brokers in the market, we at OctaFX do not perceive traders as one huge mass. Instead, we aim to define each of our clients as an individual, and we love being a partner to every last one of them. Above all we try to remain flexible in order to better assist our members, and that’s what makes us so appealing in the eyes of our clients.
How have you and your customers worked together in order to refine your product offering?
Everyone is more than welcome – and actively encouraged – to express any opinion they may have and to give us the feedback on any of our services. Every recommendation we receive is thoroughly investigated and our qualified specialists work hard to try and improve every minute detail so our customers are happy with the service we provide. This ensures that our members play a crucial role in the improvement process. We even had a contest dedicated solely to trader’s opinions on our advantages and our accomplishments. Our clients’ strong voice gives us a strong position in the industry too.
The Word it Out Contest is one of a range of promotions the OctaFX team have developed in order to keep customers motivated and entertained. How successful was this promotion in reaching it goals for your customers?
I would like to thank all the customers for their participation. We have listened to all their opinions, their voices have most definitely been heard and we are immensely grateful for traders’ willingness to embrace this opportunity and using it not only as a complaint book, but also as way of telling us where we have done right – as well as wrong – with many positive reviews that make us proud of our everyday activity. The contest helped us to discover the various needs of our clients and speed up the execution of tasks on implementing many of them, while also helping to bring us to the forefront of the industry. Above all, it proves that we are a perfect team with our customers, and when we work together – the results can be groundbreaking.
Did it help OctaFX build better relationships with its customer base?
It undoubtedly makes the bond between us and our customers grow stronger. By giving their comments, clients feel appreciated, as they truthfully are. On the other hand, we act to improve our service, seeing the other side of trading and it’s a win-win situation for both the company and the OctaFX online community.
Could you give examples of other products/promotions you have worked on in the past or are in the process of releasing that have seen success?
Our every promotion is a huge success. You can find confirmation yourself – about 30,000 trades take part in our promotions annually. We have recently introduced ‘Supercharged’ contest to our clients, and every day the number of new traders enlisting in the competition grows rapidly.
Apart from the main contest prizes, there is a monthly prize, which is a brand-new iPhone 6 to award the trader of the month. There is also the opportunity to win a Tesla Model S. The monthly round starts every four weeks.
What is also great about this competition – we have implemented lots of details to create a unique trading environment – traders get achievements for their trading, are able to interact with each other thorough their contest profiles, which makes it more gripping to take part in the contest!
What developments can we expect from OctaFX in 2015?
This year, we have presented our clients with new website design, cTrader platform, improved contest platform and new IB system. We are definitely looking forward to present you our new top-notch developments. You can expect more exciting promotions. And our trading conditions will allow clients to trade more comfortably and profit with OctaFX.
This year, OctaFX has been recognised for making an Outstanding Contribution to the FX Industry, and awarded Best STP Broker for 2015.