In this exclusive interview, Daniel Byrne of easyMarkets has shares his outlook on the future of Australian Forex market and industry challenges.
31 August, AtoZForex – Continuing the string of our interviews with the modern Forex industry leaders, today I speak with Daniel Byrne, the new Managing Director of APAC for easyMarkets. Mr. Byrne is responsible for the management of all aspects of the easyMarkets business across Asia Pacific.
A closer look into the future of Australian Forex market with Daniel Byrne
While the Forex industry is currently undergoing certain regulatory changes, I decided to take the initiative and get the valuable insights from Daniel. easyMarkets is a brokerage with two key locations that are crucial for Forex market – Cyprus and Australia.
I got the exclusive opportunity to ask Mr. Byrne about his experience within easyMarkets, his creation ‘Active Traders Group’, and his view on the future of Australian Forex market.
Kristina Frunze: Can you tell me more about your work within easyMarkets? What is the key advantage that easyMarkets offers to traders?
Daniel Byrne:
‘I’ve been with easyMarkets, since May, joining as Chief Operating Officer. Now, I am serving as Managing Director of APAC since July.
A significant part of my role has been developing the Active Traders Program to help our customers become better traders. Our mission is to create better traders through the provision of quality service and education. Thus, the expansion of this program has been a real focus for me personally. More broadly, easyMarkets offers a number of benefits to traders that you won’t find elsewhere.
In particular, we offer a simple-to-use risk management feature called ‘dealCancellation’. This is an effective option on your trade to turn back time and undo a losing trade. Traders can enable this tool with the press of a button, both on our web and our mobile platforms.
We also proudly offer completely transparent pricing through fixed spreads and no slippage, even during major market events. So there’s no hidden ‘small print’ with us. ‘
Kristina Frunze: When you were serving as the COO at easyMarkets, you have created a project called ‘Active Traders Group’. Can you tell me what it is about?
Daniel Byrne:
‘Something easyMarkets takes very seriously, and which I believe is unique in the market, is that we prioritize the education and training of our customers. We strive to enable them to become better traders – equipped with the skills, strategies and market understanding of professionals.
That’s why I developed the Active Traders Group, which is designed to address the clear need for institutional-grade training, tools, and best practice amongst everyday retail traders.
As the program has grown in popularity, we’ve noticed a particular demand from SMSF Trustees – who recognize that they effectively fund managers and therefore should have the same access to the same sorts of markets and trading platforms. For this reason, we launched (in July) a dedicated program tailored to SMSF Trustees.’
Participants in either program learn institutional best practices. This includes elements such as risk management, fundamental analysis, how to avoid behavioral pitfalls, and how to size a position.
Particularly popular is the fact that every member is trained on three institutional-grade trading strategies with custom-built indicators and trading screen layouts. Traders receive their education face-to-face. Furthermore, these lessons are complemented by live trading webinars. They also are supported by a networking group, so members can learn and develop together.'
Kristina Frunze: ASIC regulatory framework is tightening in line with the rest of the global regulators. What is your vision of the future of Australian Forex market for the next 1 and 3 years respectively?
Daniel Byrne:
‘ASIC has basically had a freeze on issuing new licenses for the past two years or so. It is currently undertaking a detailed investigation into the business models of all Australian FX brokers.
We very much welcome this tightening, being an advocate for full pricing and practice transparency ourselves. I would expect to see some significant changes and new regulations imposed within the year as a result of this. For example, there may be new restrictions on the leverage that can be offered to clients for spot forex contracts and other leveraged markets.
I would also not be surprised if we see more controls imposed on overseas client profiles relating to Know Your Customer (KYC) and who can be accepted as clients by AFSL holders within the next year or so.
Looking over the next three years, with the sheer number of Forex brokers that now have operations in Australia, we can say that Australian Forex market is extremely competitive. As margins become tighter, with many brokers competing for business on price by lowering spreads, I would expect to see a smaller number of FX players remain in the Australian market.
To survive in the mid- to long-term, FX brokers will need to have a competitive edge. They will need to have something that genuinely sets them apart from the crowd, beyond tight spreads and fast execution. Those that wish to differentiate themselves will need to offer their client base real value. Perhaps measured not in the perception of lower pricing, but in delivering more successful trading outcomes for retail clients.’
Kristina Frunze: How would you describe EasyMarkets for those traders looking for EasyMarkets review?
Daniel Byrne:
‘If you’re serious about trading, you’ll like the advanced features on EasyMarkets platform. If you’re new to trading, these same features will help you learn and protect you when you’re just starting out. We’re not going to be the cheapest option, but our emphasis on training and offering the premium level of service. We don't have any hidden pricing. Our service is unique in its ability to help clients become better traders.
In tandem with our Active Traders Program, unique dealCancellation tool, and fixed spread pricing, we’re genuinely investing in the success of your trades, so it really is a win-win. ‘
Do you have any other questions for Daniel? Let us know in the comments section below!