An Exclusive Interview with Moneta Markets’ founder David Bily
It’s been two years since Moneta Markets launched, how has the company evolved throughout 2021?
Since our inception we really had to hit the ground running, and 2021 has been no exception. While we had a very successful maiden year, we gathered a lot of valuable feedback from clients and our network of partners, so 2021 was all about taking what we had built, refining it, and continuing to build upon it.
The first major milestone was breaking into the MetaTrader 4 and 5 market, which at present is arguably the largest forex demographic. Whilst we are seeing a strong shift towards web-based platforms, like the Moneta Markets WebTrader, we were still missing out on a large piece of the pie. Since adding the MT4 and MT5 platforms as an option for our clients we have noticed a steady and noticeable increase in onboarding and trading volume.
The MT4 and MT5 markets are quite saturated, has it been difficult to break into an already competitive market?
Absolutely, but the challenges we face are an exciting part of what we do. As a fairly new broker, our competitive edge has to be delivering a superior product for all clients, no matter what stage of their trading journey they are at. Not only do we want to attract new traders, but we want experienced traders to ditch their current broker and come to us, and to do that we need to give them a damn good reason to.
The first phase of this was optimising our product range. This included adding new products based on client and partner demand. As most people are aware, we’re a subsidiary of the Vantage group of brands, and with over a decade of customer feedback, we have been able to gain valuable insights into what traders want, and then act on those insights. As such, we introduced a range of new FX pairs, Indices, Share CFDs and Crypto CFDs.
Then, the next move was to steamroll our competitors by cutting the spreads of every single product to its bare minimum, and higher leverage across a range of products. Clients want lower trading costs and leverage, it’s a simple formula that is no secret, yet so many brokers neglect to act on it. This meant we had to find the best liquidity providers and technical infrastructure in the industry, which of course comes as a cost, but it’s a cost we are happy to wear when it’s of great benefit to the client and sets us apart from the competition.
An often overlooked component is customer support. We have assembled a fantastic, award-winning support team who are there for our clients 24/7. And, our account managers are second to none when it comes to being there for their clients. Whether over the phone or via email, there is no hesitation to go the extra mile to ensure our clients are satisfied, and this is crucial to us maintaining such a high level of client retention.
Since these changes were implemented, have there been any noticeable results?
The results have been incredible. We put the challenge out there for traders to compare us with their existing brokerage, and are continuing to see a fantastic increase in client acquisition. As mentioned, we have a great client retention rate, and are seeing double digit growth month-on-month on all numbers across the board – deposits, client onboarding, trading volume, our financials, so it really goes to show what a difference it makes when you listen to your clients and act on their feedback.
We want to be the best, and it’s an ongoing process to ensure that we are continually improving.
Another thing we have noticed as a result of this evolution of improvement is that we are rapidly expanding into new regions that weren’t initially being targeted. This has led to us working with our technology partners and payment providers to integrate local and regional deposit methods. For example, across South East Asia and Latin America we have integrated dozens of local financial institutions and cryptocurrency deposits that help to improve the customer experience in the sense that there are less delays, less fees, and clients can start trading sooner, which is what they come to us for in the first place.
What does the rest of 2021 and 2022 hold for Moneta Markets?
It’s an exciting time for myself, the team, our partners and our clients. At the end of the day, we are a FinTech company, so it’s vital that we continue to meet and exceed expectations as new financial technologies become available. We will continue to deliver as much value to our clients as possible through the improvement of our products, our trading platforms, the tools and educational resources available, and the technical infrastructure that allows us to provide an exceptional trading experience to all clients.
Again, it’s a continuous process of improving to stay ahead of the pack, we are about to launch our new IB Portal which we have been working incredibly hard with the Panda team on. We are also commencing work on stage 2 of our WebTrader platform which will see a host of new features as well as UX enhancements. We are dedicated to providing traders with the best web-based trading platform and app in the market, and the next update will see us get closer to that goal.
We are in this for the long haul, and are currently acquiring additional licenses under Moneta Markets, and while this is a lengthy process it is an important one. Clients need the reassurance that they are trading with a safe and secure broker that is strictly regulated in their region, and this will bolster confidence that they are trading with a true market leader.
It sounds like we have a lot to look forward to with Moneta Markets. Any final words you’d like to add?
As a fairly new broker, Moneta Markets is competing against the big guys that have been established for over 10 years, and while plenty of them have done very well over the past decade, to put it bluntly, they have completely failed to evolve with their clients’ expectations. While we may not have the brand recognition that some other brokers do, what we do have is the flexibility and agility to focus on actually delivering what traders want! The industry has grown stale with the traditional broker model and is ripe for disruption. Moneta Markets is here to push boundaries, stir the stale waters, and put fear into the eyes of our competitors. We completely cut through red tape, and are perfectly poised to give the industry a well overdue shake up!
I encourage traders of all levels to head over to our site to take a look and open a demo account to see for yourselves why we are one of the fastest growing forex brokers.
And, if you are in the industry, we are always on the lookout for top talent. We are expanding at an unprecedented rate, no matter what your role, if you are a gun with industry experience and a proven track record, I want to hear from you. We pay top dollar for top talent, so if you’re someone who’s worth their salt, reach out to me directly and let’s have a chat. Or, if you know someone who’s in the industry, we offer a juicy referral fee to anyone who sends us successful candidates.
The same goes for IBs and Affiliates reading this. If you are looking for a broker who can deliver more conversions and higher payouts, that’s us!
Moneta Markets truly is a broker that delivers something for everyone and it’s a great opportunity for traders and industry professionals alike to join one of the fastest growing CFD brokers. We look forward to ruffling some feathers and moving full steam ahead into the new year and beyond!
To get find out more about Moneta Markets, visit monetamarkets.com, or to get in touch with David directly, feel free to reach out here.