In-depth Interview with Terry Thompson, President of FXPRIMUS
Hi Terry, please introduce yourself and FXPRIMUS.
My name is Terry Thompson and I am the President of FXPRIMUS. I’ve been active in financial markets since 2000 after graduating from Temple University (Philadelphia, Pennsylvania, USA) as a BA Finance graduate. I worked initially in the equities market, and I have over 13 years’ experience in the financial markets.
I began my career as an equity trader on Wall Street earning my Series 6, 63, and 7 (NASD) licenses in the process. I earned trader of the year honours twice, at two different firms and after a great deal of success trading equities, I transferred my skill set to the currency market, starting a high-frequency Forex hedge fund in 2007 – called the Quant Technology Absolute Return Fund, which focused on high frequency Forex trading when high frequency trading was in its infancy stage. The Fund utilized Barclay’s bank as a counterparty to its transactions, and was able to navigate through the unprecedented market volatility in 2008 virtually unscathed. This was due in part to the foundation I built my career upon: sound risk management.
In 2009 I leveraged my relationships with the top Wall Street investment banks and my expertise in the brokerage industry as President of FXPRIMUS. I operate and will continue to operate under the premise that the ability to control risk is critical not only to executing a successful trading strategy but also a successful business.
FXPRIMUS offers completely remote trading services to any country in the world, with a range of tools and services to equip everyone, from the most novice traders to the most senior white label partners, and to help them work the market in their favour with ease and agility. As far as versatile brokers go, we have it all: from mobile trading facilities to intelligent solutions for all levels of traders.
We offer a range of tools for both experienced and novice traders. Our aim is to empower everyone to conduct successful trades, either through online education, teaching inexperienced traders the ins and outs of the business or through cutting edge tools that let even experienced traders navigate the markets more efficiently.
Two popular tools for beginner traders are Mirror Trader and Autochartist, both of which are designed to enhance the trader’s experience. Mirror Trader, true to its name, allows less experienced traders to automatically copy, or ‘piggy back’, other successful trading strategies developed by expert traders. This is especially useful for clients who want to get involved in trading, but may not have the expertise to make their own trading decisions. It gives them the freedom to adjust their lot sizes based on their risk appetite. FXPRIMUS also offers ZuluTrade, which provides a similar trade following service to Mirror Trader, but based on signal providers.
What initiatives and services help FXPRIMUS stay ahead of the competition?
The firm sets itself apart from other foreign exchange brokers by offering a transparent product with a strong emphasis on customer support and educational services. This helps create an even playing field for those wanting to trade the financial markets successfully.
We offer retail traders a level of trade execution, service quality and fund safety that is normally reserved only for the largest investors. We combine an unmatched level of fund safety via a Trust account option for all clients regardless of account size and independently administered segregated accounts with regular independent audits of company financials and Straight Through Processing, top notch execution with tight spreads, prompt and responsive customer support, ISO 27001 certification in information security, ISO 9001 certification in Quality Management and an industry-leading trader toolset that includes free access to powerful trader tools and personal coaching via FXPRIMUS Coach to deliver on the promise that FXPRIMUS truly is The Safest Place To Trade.
We pride ourselves on the outstanding levels of security, technology, liquidity, and trade execution we provide. Because the company was founded by a group of traders with in-depth understanding of what traders most need in order to trade successfully, we have been able to ensure our clients are operating with the best tools available.
Because FXPRIMUS is an STP (straight through processing) broker, it does not trade against its clients. The firm is well-regulated, and is licensed by the Financial Services Commission in Mauritius. In terms of fund safety, FXPRIMUS is one of the first brokers in the world to engage an independent fund administrator to govern the process of withdrawals and deposits. We are also the first brokerage firm in the world to offer trust accounts to all customers, regardless of account size. This level of security gives an edge over the competition as customers are assured their funds are secure.
FXPRIMUS provides traders with the highest standards of support, maintaining a market-leading position as “The Safest Place to Trade.” The team at FXPRIMUS also supports new and experienced Forex traders with 24 hour-a-day, 5-days-a-week customer support through live chat, email or phone regardless of their account size.
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?
We were cited as Most Reliable Broker Asia, and for Best Trade Executions 2012, by Global Banking & Finance Review and again in 2013, we were cited in two categories: Best STP Broker Asia & Best Trade Execution Asia.
We were chosen for our customer financial education excellence and strong hands-on customer service, as well as an ethical approach to corporate social responsibility and commitment to the local communities in which we operate, and for our transparent corporate governance, financial stability and a consistent balance sheet.
Because less experienced and beginner traders are just as important to FXPRIMUS as money managers and white label partners, the firm also offers a full tutorial and coaching service to better equip these traders.
We offer world-class education with unparalleled content in terms of tutorial videos, 1-on-1 coaching for clients at all levels, as we want our clients to succeed.
All traders who open and fund a live account receive 60 days free access to FXPRIMUS Coach, conducted by FXPRIMUS Training & Education division’s team of professional coaches.
Even new Forex traders get a level of trade execution, training and education, service quality and fund safety that are normally reserved only for large, sophisticated investors. FXPRIMUS Coach is a revolutionary service, in that it allows clients who sign up for it to receive access to an exclusive live 1-on-1 chat service where they can ask and receive trading advice or inquire about specific technical indicators. They can even ask about how certain economic events will impact the markets. The tool has already proven invaluable to beginners looking to break into Forex markets.
New traders can open a free 60-day practice account and practice with virtual money using live streaming buy and sell rates. During the 60 days, new traders receive free new trader coaching, video training for beginners and more from our professional coaching team.
How many markets does FXPRIMUS operate in? Do you have any plans for expansion into other markets?
We serve traders in 205 countries across 6 continents. FXPRIMUS is a Mauritius based FX and CFD broker offering traders access to deep liquidity on our MT4 platform. Though it is headquartered in Mauritius, we have a strong foothold in Asia where the firm has seen the success of our business model. FXPRIMUS has clients across the globe, with dominance in the Asia region where 70% of the firm’s clients are based, followed by approximately equal shares in Europe, Africa and The Middle East.
The firm is replicating its core values and conditions to similar emerging markets, and is the first broker to set up in Peru. We understand that Peru is in its infancy and our focus on client nurturing and education means that Peruvian traders can benefit from the FXPRIMUS package. FXPRIMUS also now operates offices in Mongolia – where the same principles apply, and in Nigeria.
Within the next 12 months, we intend to open six additional offices in Asia and Europe. It is important for us to create awareness around our brand in emerging markets and our strategy to achieve that is to establish a physical presence in a number of countries.
What impact if any has regulatory compliance had on business?
Because adequate compliance to regulation is arguably the most important tool for a Forex brokerage firm, FXPRIMUS adheres to the severest international standards. Since its inception in 2009 the Firm has taken exhaustive measures to ensure that it is fully compliant with all rules and regulations set forth by its regulator, the Financial Services Commission (FSC) of Mauritius. Whenever the FSC makes any change or modifications to their rule, FXPRIMUS is alerted by its third party administrator and makes immediate modifications in its protocols.
It is company policy to remain abreast of new rules and regulations in other key jurisdictions and to comply with them as much as possible. The Firm is continuously investigating new jurisdictions to become regulated in, and is planning by end-2013 to add at least three additional jurisdictions, as this is important from both a risk management perspective and from a marketing perspective.
The firm has worked to set itself apart by putting in place rigid risk management and safety measures. With an industry reputation today as The Safest Place to Trade, FXPRIMUS is now also the first and only non-Swiss based Foreign Exchange brokerage firm to earn both ISO 27001 certification in Information Security < http://Ez.com/mngg > and ISO 9001:2008 certification in Quality Management < http://Ez.com/uprv designations.
The ISO Certifications solidify the firm’s reputation for operational maturity and ensure that its platform and services are safe, reliable and meet the highest international standards. They reinforce a longstanding commitment to safeguarding the trust that clients place in the firm, and in securing the financial data that are clients’ most important assets.
FXPRIMUS prides itself on the outstanding levels of security, technology, liquidity, and trade execution it provides. It is also the first brokerage firm in the world to offer trust accounts to all customers, regardless of account size.
Because clients must have the assurance that their funds are safe, all the people involved must be able to stand by the broker’s reputation for safety of client funds. This must include money managers, white label partners, introducing brokers, affiliates and of course, the clients themselves. To provide the ultimate safeguard, FXPRIMUS trading accounts are held on state-of-the art servers featuring the latest secure data encryption in a high-performance network ecosystem. The firm’s servers are actively monitored to protect against any potential threats and the firm utilizes redundant “backup” servers to protect against server downtime when the markets are open. This level of security gives an edge over the competition as customers are assured their funds are secure.
As ‘The Safest Place to Trade,’ it is FXPRIMUS’ responsibility to its clients to fully abide by all rules and regulations mandated by the firm’s licensing in Mauritius. This includes an annual audit and as the company did in 2011 and 2012 (for fiscal years 2010 and 2011); the firm completed an audit to provide a true and fair view of the financial position of the firm.
While most brokerages are not obligated to undergo financial audits and do not go through the process, FXPRIMUS began implementing voluntary quarterly audits from the start of 2012 – which is another first from FXPRIMUS, for the brokerage industry.
Auditing is important because it protects the public from scams or corrupt business procedures. Undergoing an Audit ensures that the brokerage is using fair policies prescribed by law. Knowing this, clients can rest assured that their money is held in safe hands.
While it’s an arduous and expensive process for a foreign exchange brokerage firm to satisfy the requirements for an audit, FXPRIMUS feels that it is absolutely necessary to show its clients they are in complete compliance across all facets of their business.
FXPRIMUS maintains constant communication with all its liquidity providers, counterparties and vendors. The company fully scrutinises each third party it engages, and continuously monitors them to ensure constant oversight, with comprehensive implementation of stringent checks and balances.
FXPRIMUS feels that it is the gold standard for the industry when it comes to safety of funds, and the firm encourages the investing public to perform complete due diligence when it comes to choosing a brokerage to place their hard earned capital.
How do you address social media and does it change the way you interact with clients?
Social media is gradually taking charge in Forex. FXPRIMUS is online on all the main portals including Facebook and Twitter and has plans to implement a dedicated social platform for its clients. This is particularly useful for clients in emerging markets who spend a lot of time on social media portals. The brokerage uses this medium to inform and educate them.
FXPRIMUS also implements promotional campaigns on Facebook and on Linkedin, to generate interest in and seek support and endorsement for online marketing programs.
Discussion participation on various targeted online FX Forums is managed via multiple online customer service responders, while FX Forums are also essential media for broker reviews.
How do you address customer complaints?
Customer complaints are handled by well-trained professional support representatives with no automated responses. FXPRIMUS also has a strict company policy that all emails will be answered within 1 business day. We are fully cognizant of the fact that there are many options when it comes to selecting a Forex brokerage firm, and we feel by offering world-class customer support it gives our clients just one more reason to try and eventually stay with FXPRIMUS as their broker of choice.
What types of accounts and trading platforms do you offer?
FXPRIMUS is a Mauritius based FX and CFD broker offering traders access to deep liquidity on their MT4 platform. Because FXPRIMUS is an STP (straight through processing) broker, it does not trade against its clients, has no dealing desk, offers superior trade execution, and provides facilities for traders to trade from mobile devices and any browser on a PC, Mac or Linux computer.
The firm also offers fast account approval, prompt customer support by live chat and email, high leverage (up to 500:1), 83 tradable financial instruments, freedom to hedge and trade any style, maximum ease and convenience with micro, mini and standard lots all under a single account, choice of fixed, variable and ECN premier spreads, free coaching and training for experienced traders (more than 40 tutorial videos just for registering), client account funding from as little as USD100, and a free 60-day practice account.
New and experienced traders can open a live account by committing funding via credit card or other funding mechanisms – including a prepaid FXPRIMUS MasterCard, wire transfers, or local deposit at banks in 47 countries plus Liberty Reserve, Skrill, ClickandBuy, cashU, PaysBuy and other methods. Trading can be conducted on the FXPRIMUS MetaTrader 4 (MT4) platform from any web browser, and even from Android and iPhone/iPad devices.
What types of affiliate options do you provide?
We offer a generous 2-tier commission program to affiliates where they can earn a revenue share of the trading activity of their referred clients plus an over-riding commission on the referrals of sub-affiliates beneath them.
We are also the first broker in the industry to pay our affiliates and introducing brokers on a daily basis.
FXPRIMUS is also keen on encouraging its affiliate and introducing broker partners to expand their online referral networks to new levels. While not everyone has the experience or technical know-how to attract more business online, the Firm offers its partners a revolutionary and free e-business builder to all its affiliate and IB partners.
Partners who don’t even have their own blog or website can benefit from the many tools FXPRIMUS designed under its partner initiative program to generate income. Its EBBS or e-BUSINESS BUILDER SUITE is an easy to use “Copy and paste” set-up for affiliates and IBs to access many unique types of FXPRIMUS educational and promotional content and use it on social networks or on their own website or blog to engage with and convert leads.
The service offers simple and efficient online marketing strategies that partners can deploy, such as copy-and-paste marketing content for Facebook, Twitter and other social networks plus other materials that can be implemented on the partner’s blog or website. This makes it easy for partners to reach out to prospective customers about the Firm’s brokerage and the products and support offered.
Not only does FXPRIMUS update fresh content for its partners inside the EBBS each week, but it also offers a powerful mechanism where partners can send more than 20 updates per week to their Facebook, Twitter and Linkedin accounts automatically, without any manual intervention.
Do you have any current contests running?
We are currently running a free funding promotion that covers funding via credit card or bank wire. We cover the transaction fees when clients fund using these methods.
Please tell us about the current Corporate Social Responsibility initiatives that you are involved in.
Companies that operate in the financial world are often associated with a narrow focus on commercial aims; rather than on social values. But it is important to strike a balance between financial ambition and social goals, in order to give meaning to money.
The firm feels it is necessary to connect with the people of the respective countries in which it operates. One of the ways FXPRIMUS accomplishes this is through its charitable work. In early 2011, the firm established Primus Child Foundation, which assists underprivileged children throughout Southeast Asia, where the firm has quite a large number of clients and partners.
The firm does this under the PRIMUS Child Foundation (PCF), which is the social arm of the Primus Group Ltd – operators of the FXPRIMUS Forex brokerage brand. A charity foundation created to increase awareness and knowledge of child development, the PRIMUS Child Foundation aims to transform the lives of disadvantaged children worldwide through sustainable programs to bring them better education opportunities and fulfilling their basic healthcare needs.
PRIMUS Child Foundation redefines the meaning of social responsibility by showing that operators in the financial world are not only seeking to gross bigger profits year after year, but are also concerned with the well-being of the world’s underprivileged children.
The Foundation focuses on helping children around the world in developing countries, who are poor.
A non-profit, non-governmental corporate foundation, the PRIMUS Child Foundation maintains close ties with the PRIMUS Group, but is a separate entity that operates as an independent body in planning and executing projects on child development.
While not a welfare foundation that provides money, endowment funds, or personal aid, the foundation’s core efforts are focused on providing grant support for education and healthcare programs that contribute in helping impoverished children achieve their aspirations and potential.
The Foundation selectively provides start-up funds for new and innovative projects for disadvantaged childrens’ education and healthcare in Southeast Asia. Projects that demonstrate success and offer the potential for national or international replication are considered for grants on a year-to-year basis to determine the value and impact of on-going foundation support.
Started in 2011, PRIMUS Child Foundation gets involved in after-school programs for ‘at-risk’ children, holiday camps, breakfast feeding programs, awareness walk campaigns, mobile interactive learning, and other programs to give kids a semblance of family life. The Foundation is also involved in training programs for administrators of orphanages to give them skills that will help them handle children under their care, more appropriately.
The driving force of the PRIMUS Child Foundation is captured in its tagline: “every child deserves to dream”. PRIMUS Child Foundation hopes to drive home its mission statement of transforming the lives of children through the pursuance of its own children’s developmental and intervention programs, and through collaborations (including funding) with various committed organisations that have the same vision and goals as PRIMUS Child Foundation.
The firm plans on expanding this charitable work into these new countries it is entering. For more information, please visit www.PRIMUSChild.org
What can our readers expect to see from FXPRIMUS in 2013?
FX Primus Ltd is the largest subsidiary of The Prime Mantle Corporation Limited (PMC), a United Kingdom incorporated company that functions as holding company with four subsidiaries. The core business focus of the company is the provision of credible, well regulated financial services products and solutions through sustainable online platforms via its appropriately regulated subsidiaries.
Another subsidiary, BINARYProfits is also offering a trading platform for different financial markets, while subsidiary FX:1 Academy serves as a training school for FXPRIMUS’ and BINARYProfits’ clients. PRIME Mantle Services and PRIME Mantle Capital PMC offers some additional financial services such as Wealth & Asset Management to its customers.
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