Q&A WITH DMITRY RANNEV, CEO GKFX ECN (RUSSIA)
Hello, Dmitry. Please, tell us few words about yourself and your guidelines in creating GKFX ECN Company.
Hello. I was born in 1970. I have 2 banking educations, 10 years of background in the National Bank of Russia and almost 8 years of background at Alpari (last position was Chief Operating Officer). I consider myself as a pathologically honest person and first of all I create GKFX ECN Company on the guidelines of honesty and transparency and also I try to wend the way of innovativeness. I’m not interested in creating a company, which is similar to the hundreds of others. My Company should be different.
What distinguishes GKFX from other financial trading companies?
GKFX is distinguished by the innovative approach to the retail forex. We all know that the most popular trading platform in the world is MetaTrader 4. There are some companies who offer a straight access to ECN where traders can see their limit orders, influence by them on spread and trade with each other, but almost all of these companies have their own terminals. Even if the access to the ECN system is offered through MT4, so usually it is done by the STP model and it means that the main point of the true ECN (a possibility to see own limit orders in the system, influence by them on spread and trade with other traders) is lost. GKFX offers a full-featured ECN, which is adapted to MT4 and which includes all the possible features of the true ECN.
What most important milestones, achievements and developments can you mention for GKFX ECN since the moment of approaching the market?
The most important thing is definitely the launching of GKFX ECN. At the current moment there are just a few companies at the FX-market where traders can see their orders in MT4 and influence on spread by them. We moved along and developed personal settings of ECN, which allow every trader to choose his own rules of orders execution. Traders can choose how to execute their limit orders, f.e. execute them like limits or like market orders, specify the maximal slippage and etc. We even developed the analogue of stop-limit orders in MT4. No one in the world did it before. Also of course we have very good trading conditions and fast execution. Now we’re considered to be one of the best brokers by the terms of trading, although we’re a young Company.
Transparency and quality are important to GKFX. Why?
Forex market is an off-exchange market and there is not a unital trading platform and that’s why prices and execution is different among all the companies and sometimes essentially, what allows different unfair companies use it in their sordid motives. Now at the FX-market we can see a big lack of transparency. Traders want to see and understand what happens at their accounts. GKFX ECN Company tries to build its business with maximal openness. For example, we developed a service which adds a value of slippage to the comment of every order, we publish the average amount of spreads at our web site and these spreads are calculated by each tick of the price. But the most important reason of our openness is that the customer of GKFX ECN can see his limit orders in the system.
Do you have plans to offer traders and investors any additional services? For example, now different signal services are on trend.
Yes, sure. Soon we’re going to launch PAMM-account service and signal services will be after PAMM-accounts. In services, which are presented at the market I see a lot of disadvantages and that’s why we try to create everything ourselves. We have a large experience and we’ll try our best to realize it in everything that we do.
Do you feel that beginning and on-going training and education are important for traders? In what ways do you assist traders in this area?
Sure, it is an important thing, but you should understand that just an education will never teach a trader to be a professional. For becoming a pro you should read a lot, trade, analyse trading and make conclusions. The experience won’t come to you at the moment. For education of our customers we have a course of articles for beginners and a section of analytics at our web site, which also helps traders to understand the logic of the price moving.
What is your forecast for the nearest years? What type of companies will continue to be in progress and what companies will inevitably become bankrupt?
I see a very serious tendency to the displacement of FX-business to the side of market companies. The scheme of market making, when a company doesn’t hedge the orders of its traders on the liquidity providers loses its allurement. Traders become more educated and professional. It is like with digital technologies and who will make a right choice to the side of high-tech solutions in the sphere of trading at financial markets – that guys would be on a roll in few years and others have all chances to repeat the Kodak’s destiny.
What advice would you give new traders in selecting a broker?
The main advice is to trade in the market companies which doesn’t have any conflict of interests with their customers. Only in that case the broker is interested in the profit of its customers, increasing the trading volumes by them and tries his best to do everything for expanding the profit of its customers. It is only possible to judge about a company quality when trading through it. To properly estimate a company trading quality, you have to analуse trading very attentively: measure the time of executions, the amount of slippage, spread, and commission. It is better to test few companies at the same time and accumulate your funds at that company where the trading is more profitable.
What are your plans for the future of GKFX?
Our plans are simple – never stop, always be in progress, add additional services, improve the quality of trading and widen our attendance in the world. We have a great team of professionals and we’re sure that everything will be great!