Global Banking & Finance Review interview Olga Rybalkina the CEO of ForexTime to find out more about trading with Forex Time and what new traders should consider.
Hi Olga, thank you for taking the time to speak with us. Please tell us about yourself, your experience and area of expertise.
I’ve been working in the forex industry since its earliest steps, back in the 1990s. My career took off in 1998 at Alpari Russia, when it was first founded, and I have since held various positions across a number of Alpari offices across the world, prior to becoming the CEO of ForexTime, which is the position I hold today. I come from a financial background, having studied Financial Management at Kazan State University, but I have had experience in many departments throughout my career, including Back Office, Account Opening and Dealing as well as various management positions.
Can you tell us about the creation of Forex Time (FXTM)?
FXTM was founded more than two years ago by Andrey Dashin, who is renowned as an industry innovator having also been the founder of one of the world’s most successful brokers, Alpari. Forex Time was established to set a new benchmark in the forex industry by providing the most innovative and revolutionary products and services, and ensuring that clients derive the maximum from their most precious commodity, time. The company is run by an executive team made up of experts who share decades of experience in finance and, specifically, the forex sector.
Forex Time has taken a fresh and dynamic approach to forex trading and, as a result, we have seen the company go from strength to strength since our operations launched. We set out to challenge the market and set a new benchmark for excellence and we are now seeing this dream turning into reality.
One of the ways that Forex Time stands out from other brokers in the market is our diversity. We understand that each client has a different ambition and focus and they have differing levels of experience. As an international forex broker, we have identified the key demands of different types of customers and cultures and we have designed unique solutions tailored to each client’s needs, such as our unique Shariah compliant account that was the first of its kind to be certified by leading Islamic scholars. We also have a vast range of account options which means there is something for everyone; from Cent accounts to Fixed Spread and ECN Zero accounts.
FXTM offers two partner programs, Introducer and Affiliate. Can you tell us more about them and the advantages?
There are two different programs offered by Forex Time to partners: our Introducer and our Affiliate programs, both classed under FXTM Partners, our dedicated partnership platform. The primary difference between the two types of partners is that an Introducer (IB) is a person that usually cultivates a personal relationship with their clients, whereas an affiliate manages their marketing promotions online and therefore doesn’t come into direct contact with clients.
Introducers are rewardedvia rebates for referring clients to Forex Time. Each time a referred client makes a trade theIntroducer receives a commission on that trade. Affiliatesreceive a scaled commission where they can earn up to $1000 CPA.
Becoming a partner of Forex Time can be a lucrative business and the launch of FXTM Partners has made it possible not just for website owners but also for social media influencers to become part of the affiliate industry and reap rewards for their online promotions.
You currently offer four different ECN trading accounts. What advice do you offer new traders in selecting an account that will work for them?
In my experience I have learned that one size does not fit all in the forex business and this is why Forex Time offers a diverse range of trading account types. We currently offer four ECN trading accounts, each of them suited to the needs of each trader’s experience and personal style. I suggest every trader carefully studies each and every one of our accounts before making their choice, selecting an account based on their trading experience and financial ambitions.
What is consistent across all of the Forex Time ECN accountsis that traders truly benefit from instant execution and transparency. The standard Forex Time ECN account is the most popular of our portfolio as it is flexible with very low spreads starting from 0.1 as well as leverage options ranging from 1:500 to 1:25. For those just starting out in forex trading it is wise to start with a lower level of leverage and then to raise this higher as your experience and skills grow.
The ECN Zero account is ideal for those who prefer to trade without commissions, but still enjoy the flexibility and transparency of an ECN account. Meanwhile the ECN MT5 account is almost the same as the standard ECN account, but traders instead use the MT5 platform. This platform provides more in-depth market information to help traders make better informed trading decisions.
Finally, the Forex Time Islamic Amanah is a Shariah compliant trading account that is absolutely interest-free and adheres to the investment principles of Islamic Finance.
What tools does FXTM offer for ECN traders?
The tools available to ECN traders are the same as those provided to all Forex Time traders, and they include the likes of the economic calendar so traders can keep abreast of all of the important data announcements that can move the market; a forex news timeline that directly feeds live market news into the MetaTrader platform; and Trading Central, a technical analysis providerthrough which traders can carefully analyse the market and strategically plan their trades. There are also tools that help traders effectively apply risk management strategies, such as the margin calculator and currency convertor. In addition, Forex Time provides fundamental and technical analysis as well as insights into the forex market on forex news portal Forex Circles.
What distinguishes FXTM from other financial trading companies?
It is Forex Time’s fresh and transparent approach to forex trading that sets us apart from other competitors. One of the advantages of being a relatively new company managed by a team of experienced professionals is that we have carefully selected the best practices of the industry and applied it to the young character of our business. What this means for traders is that they benefit from trading services of the highest standard, and carefully tailored products that are focused on putting the trader first, which means the trader can maximise the time they spend trading.
What services do you believe experienced traders will appreciate most about trading with FXTM?
The majority of clients are pretty clear on what they want from a forex broker, and that is for the platform to be reliable, the spreads to be low and the broker to be trustworthy. Forex Time meets and exceeds all of the industry benchmarks in these areas but where we really stand out from the crowd is that we place clients’ needs at the centre of everything we do. The company’s name was decided for an important reason – time is the greatest commodity we have in our lives and something that is priceless in its value. We recognise that our traders don’t want to lose time to inefficiency or administration so we are focused on ensuring that everything we do maximises their trading so they can spend their time doing the things that are important in their lives.
Do you have any advice for new traders?
This is one of the most regular questions I am asked and one of the easiest to answer: practice. Just like anything new in life – from a sport, to a new language, to learning how to drive a car – the key to improving is to practice. While there are some novices who get lucky when they first start trading, the key to long term and sustainable success is understanding the market, recognising what events and factors influence the price of assets, carefully developing a trading strategy and sticking to it. It is also wise for newcomers to make a modest investment at first and to build up to more substantial levels. There is no such thing as a “risk free” investment so it’s always important for traders to protect themselves and to only trade as much as they can afford to lose.
What are the most common pitfalls that traders tend to fall into?
One of the most appealing things about trading forex is that the volatility in the market makes it exciting. During peak moments of volatility, forex can experience significantly large movements which can be taken advantage of by the savvy trader. But the key here is to have a carefully considered risk management strategy that has a balanced risk: reward ratio. One of the most common pitfalls for traders – particularly novices – is that they let their losses run for too long. There have been countless academic studies made on the psychology of investing and the power of the ego, and it seems that we don’t always follow our better judgment by cutting our losses early. Those traders who do enjoy a long and successful trading career all have strategies in place so that if a loss starts to run they close the deal and reconsider their strategy.
Note: The content in this interview comprises personal opinions and ideas and should not be taken or misunderstood as investment advice.
Disclaimer: The content in this article comprises personal opinions and ideas and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime Ltd, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability as to any loss arising from any investment based on the same.
Risk Warning: There is a high level of risk involved with trading leveraged products such as forex and CFDs. You should not risk more than you can afford to lose, it is possible that you may lose more than your initial investment. You should not trade unless you fully understand the true extent of your exposure to the risk of loss. When trading, you must always take into consideration your level of experience. If the risks involved seem unclear to you, please seek independent financial advice.