2020 has been an integral year for many brokers in the forex market. As competition ramps up given a groundswell of new clients, the ability to stay on top is harder than ever.
Finance Magnates spoke with David Bily, Founder of Moneta Markets for his perspective on the company.
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What inspired the idea to expand Vantage International Group’s offering?
The idea to create Moneta Markets was developed based on years of client/traders’ feedback while working with Vantage FX. I spent years refining Vantage’s offering and branding.
And, while we feel we have perfected the MT4 and MT5 segment of the market, the traditional MetaTrader model still lacks some key elements which I think will restrict its ability to keep hold of the majority of the market in the future.
There is a large sector of the market that’s largely uncatered for, and it’s our vision to build Moneta Markets into the ultimate web-based trading platform to capture a significant portion of the market share in that space.
What elements did you find were lacking with the traditional MT4 and MT5 broker model?
There were a few components that created barriers for clients. First and foremost, despite the MetaTrader pedigree, the platform falls short of what modern-day traders expect, for example the download and installation experience is clunky and unnecessary.
And, typically the onboarding process isn’t as smooth as it could be, namely the disconnection between applying for an account, account/funds management and the trading platform could be streamlined into a single fluid system.
Another notable issue experienced by many brokers is that there isn’t really any brand loyalty.
You can easily argue that there really isn’t a lot to differentiate between MT4 and MT5 brokers from a product perspective, so if a client for one reason or another wants to leave there are no shortage of others they can choose from.
How do you see Moneta Markets being positioned in the market?
At its true core, Moneta is a client-centric FinTech company. The feedback we’ve received from clients and partners over the years had a fairly common theme, which was “why isn’t there a better way to streamline all the required components into a simple yet powerful trading platform, while still delivering an exceptional standard of charting and trading?”
While there are certainly components we’re still working to improve, we are dedicated to creating the perfect trading solution, the true benchmark for other web-based brokers to aspire to.
How will this product fit into the FinTech space?
Being a FinTech company, it was imperative that we could bring the latest in trading technology and trading resources to our clients.
By partnering with the best in the industry, Panda, Praxis, CellXpert, Marketo, GBG, Trading Central, and several others we have integrated every component of the clients’ journey into our WebTrader platform that’s at the forefront of our industry.
And, we will continue to optimize and evolve as new technologies become available to ensure we remain ahead of our competitors.
What are the benefits of your Next-Gen Webtrader?
A major benefit of the WebTrader platform is that it is a true all-in-one platform. In addition to containing everything a client needs from account opening, to funds management, promotions, and of course charting and trading, it’s completely web-based which makes it compatible across Windows, OSX, and Linux.
Also, there are no downloads or installation required, so it’s accessible anywhere and when we update the platform or add new features all a client has to do is log in and they’ve got everything they need ready and waiting.
Clients like to trade on the go, whether actively or just monitoring their current positions. Which is why we also created a bespoke AppTrader for iOS and Android mobile devices, enabling clients to enjoy the same trading experience as the WebTrader platform.
The AppTrader not only offers a great portable charting platform and trading capabilities, but just like the WebTrader it also has a built-in client portal that offers the same account and funds management functionality.
What does client-centric branding mean to you?
At the end of the day, clients and traders are the sole reason Moneta Markets was created. We have worked tirelessly to create a product that is a direct result of client and trader feedback that we’ve received over the past 10+ years.
As we continue to gather feedback from our clients and partners, whether it’s related to the platform, the trading instruments we offer, customer service, or any other facet of the company we will continue to build upon the framework created so far, our mission is to provide the perfect trading experience for clients of all levels.
What’s the feedback been like so far?
Our team has decades of experience in the industry, and expected that the feedback received would be positive. Over the years we’ve gather countless insights and learned a lot of hard lessons that have really been invaluable driving our ambition to fulfill the Moneta Markets vision to create the perfect trading platform.
Since the soft launch, we have received great feedback from our CPA Affiliate partners and IBs, most of which is themed around the simplicity of onboarding clients and enabling them to fund and start trading in just minutes.
It’s very satisfying to hear that type of feedback from industry professionals who have worked with multiple different brokers throughout their career.
The feedback thus far from our clients is fantastic. Being able to access everything in one platform was what they wanted, and now they have it.
We will continue to actively seek feedback from our clients to ensure that we deliver on our promise to provide the best web-based trading experience in the market.
Safety and education are a key requisite for all traders. In what ways does Moneta Markets help cater to traders in this respect?
Both safety and education are imperative for not only attracting clients, but retaining them. As a regulated broker we ensure all client funds are held in a segregated trust account with AA rated National Australia Bank, as well as adhering to strict compliance policies.
Reputation is paramount in this industry, so we’re extremely vigilant about giving our clients the safest and most secure trading environment.
When it comes to providing educational resources for our clients, we offer a wide range of options such as our Market Masters video tutorial series which features 100+ videos covering everything from day and trend trading, technical analysis, market timing, the stock market and more.
We also have daily market news videos, forex calculators, and a suite of tools that include featured technical trade ideas with a detailed description of the trade set ups.
We’re constantly striving to deliver more for our clients in terms of the products they can trade, tools and resources available, and of course providing a transparent, secure and safe trading environment.
What does the future look like for Moneta Markets?
Based on all the feedback to date, we are incredibly optimistic about Moneta’s future. In such a competitive space it’s imperative for us to build upon what we’ve created so far and continue to meet and exceed our clients’ expectations.
It is an exciting and fast paced industry that is constantly evolving, and although in our infancy we will continue our goal to provide the perfect trading solution for our clients.
Believe it or not, even though we’ve just launched, within the next 12 months, we’ll be commencing development on our new WebTrader and AppTrader platforms.
This is proof in and of itself that we are truly building this brand with the future in mind to become a major global CFD broker. We are building something that is a true next generation brokerage.
We see the inception of Moneta Markets as an integral addition to the Vantage portfolio of brands, which has us in a perfect position for expansion into a largely untapped sector of the market, and I look very forward to seeing us deliver on the brand’s potential!
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