Interview with Forex.ee CEO Vlad Karpejev.
Vlad Karpejev, the CEO of Forex.ee, answered the questions from our marketing department telling about the most notable changes in the company, current promotions and sharing plans for the nearest future.
-Vlad, it’s been three months since we met to discuss the company’s development . What has been happening at Forex.ee since then and what achievements can you impress with?
We have seen plenty of developments over this period of time:
Taking into consideration the preferences of cryptocurrency users, (the number of which is steadily augmenting), we allowed clients to have bitcoin as the base currency of their trading accounts.
We also launched the Analytics section. on our website, which is dedicated to publishing daily economic digest. This feature allows clients to focus exclusively on our own content without looking for something similar on the side.
And, finally, we implemented the long-held wish of many traders – now it is possible to place orders of 0.01 lot on ECN accounts. This means that even the most careful and conservative traders are now able to use our services with minimum risk.
-You touched on the subject of trading conditions. How do you assess the quality of service today?
As per our internal criteria, we have achieved a fairly high quality of service, which is also reflected by the feedback from customers. The number of complaints is steadily declining comparing to the total number of trades. We continuously test new liquidity providers aiming to keep in line with the best standards and practices of the Forex industry when it comes to cooperating with LPs and providing service to clients. The results of such work are also easy to spot looking at improvements in trading conditions. Currently, the total EUR/USD spread on our platform can be below 1 pip including the commission! The positive dynamics can be tracked on other currency pairs as well – last month the average spread on EUR/CHF narrowed from 2 to 1.7 pips; USD/CHF – from 1.7 to 1.6; EUR/USD – from 0.5 to 0.4. The spread statistics are always available on our website. Apart from that, it has become more convenient to trade in periods of higher market volatility, including the news announcement time. The precision of order execution is growing with average execution speed currently at around 200 ms.
-We are aware of the fact that Forex.ee campaigns attracted attention of many traders. Tell us about the promotions that are available now and how they differ from what is available on the market.
We carried out a campaign called “Feel the difference”, which made it possible to trade on ECN Advanced account with commission rate of the Premium account. This was interesting for clients with bigger deposit sizes.
We still offer our no-deposit bonus to a certain category of traders. It is worth pointing out this campaign has become very popular and some clients traded successfully to increase the capital and withdraw the gained profits.
Undoubtedly, our main promotion this summer is the one that allows clients trading on ECN account with $1 commission per lot. At the same time, the minimum deposit is just $200. We are sure this opportunity will be appreciated by many algo-traders, HFTs, scalpers and all those who are interested in cutting their overall trading costs. Clients who place many orders and those who benefit from short-term price fluctuations can be better-off and truly feel the difference by joining this promotion.
-Does this mean that clients trading on ECN accounts not just use the Interbank liquidity, but also have the commission size available only to the professional market participants?
Exactly! It is very unlikely you will find a similar offer anywhere around, especially from a true-ECN broker. Considering the minimum size of our spreads, we are only interested in clients’ successful trading results and further increase of their trading volume.
-It was said that you are ready to negotiate the trading terms on individual basis with every client. Is that so?
Yes, that is absolutely correct! We are always open for negotiations if we see client’s potential. As previously mentioned, growth of client’s trading volume is the point of high-priority in course of our cooperation.
-Cryptocurrency trading can be considered as one of the latest things in the Forex market. What are the specifics of trading on Crypto accounts? Was there a change in demand for such instruments in the recent past?
It is only allowed to trade crypto pairs on this type of account, but there are not too many instruments available yet. At this stage, the leverage available on regular accounts cannot be provided for Crypto accounts, so 1:3 leverage is the current maximum.
As for demand, yes, the number of new accounts is growing, but it is too early to compare the volumes with those of the regular accounts. However, we see the perspective in this, as teenagers and students who are more exposed to using cryptocurrency will be showing more interest in trading such instruments in the future.
-What are your plans for company’s development in the nearest future?
Forex.ee team is planning to launch PAMM-service, which is considered as one of the crucial points in company’s development. We are also oriented towards increasing the accessibility of our services in various regions. Having introduced the Polish-language version of our website, the next step will probably be the launch of swap-free Islamic accounts.
We are counting on further broadening of our partnership network by means of multi-level partnership program. We have seen a rapid increase of demand for our affiliate services as traders are becoming more educated and savvy to choose brokers with convenient service and better trading conditions – not those offering big bonuses and very doubtful trading prospects.
Your premier ECN broker,
Sincerely, Ekaterina Fechina. Company representative Forex.ee