Raj Reddy gives us his insight into what makes marketing work and his expert advise in starting an offshore business
1. The readers will not be aware, but we met each other a long time ago when you lived in Cyprus. Can you give the readers a bit about your background in FX?
When it comes to Forex Industry , I have more than a decade experience. I started as a trader back in 2006 trading FX, then I happen to work with multiple forex brokers who are very popular in the Industry, in the recent past I worked with ForexTime as Chief Representative Officer & Fidelis Capital Markets as Global Head Of Marketing.
2. You have a huge amount of experience in marketing. What do you believe makes some great in this field, as I do tend to see a lot of mediocrity?
Well when it comes to experience in Marketing, I started as an online marketer back in 2003 where things were just at the beginning and the internet was not as matured as it is today. If I look back into the past and see constant development in online marketing, it is pretty much evident that the online space has taken things into new level, with that being said one should be willing to constantly learn and adopt to the changes that are happening.
Also the consumer behavior is evolving from time to time. So my point is; if someone can provide great value to clients by solving their current problems by providing efficient solutions, then it makes it a lot easier for any marketing to work.
3. As an owner of your own company now. What advice would you give to people looking to start their own enterprise?
Many people get overwhelmed in the early stages of starting a business, they need a good idea, the right amount of capital and the creativity. They need to have focus, patience, determination and capability to plan things. The key is to have a good working plan and stick with that. Keep things as simple as possible.
Think about what value you can deliver to the client & how you can change their current situation by offering your product or service. Exchange Of Value makes a big difference. Apart from those they need:
1. Thorough knowledge and experience.
2. Understand the risk and be prepared to face it.
3. Be passionate about it.
4. On a daily basis you come across start up brokerages as you help register and regulate them. What in your opinion will make or break a startup brokerage?
We come across many different clients with different goals. After working with many of these clients, we observed that the key factors are the understanding of the industry and the clients needs are very important. One needs to understand what segment they are targeting, the USP which they have & whether they are really giving the instruments that their clients are looking for with the kind of conditions they wanted.
Also upgrading their brokerage to the next level with the industry changes is a key factor. Regulating the brokerage with reputed jurisdictions which really changes the confidence in the clients minds. The above points are the things which can really decide the brokerage future.
5. PSP’s are becoming harder to obtain for off shore start up brokerages. How can you help this huge segment?
When it comes to financial industry, especially forex brokerages, PSP’s are very very cautious & very reluctant to accept clients. It is due to the fact that there is huge amount of risk which they need to absorb.However we are connected with PSP’s who work with different set of clients, from low risk to very high risk.
Here startup’s will come under very high risk, where their charges with PSP’s will be higher than others & also the terms can be little bit squeezed. But after sometime if these companies really show up with the things that they kept on the papers, it will enhance them to relax the terms later by calculating the risk factors.We have solutions for startups & we can help them get started.
6. There are huge regulatory changes coming for FX. Is there a specific jurisdiction you direct a start up to go to?
There are many changes that are happening in the forex industry by various regulatory bodies across nations. While we work with many jurisdictions, but choosing a license is really dependent on many factors, such as where the client is looking to operate, the target client, what kind of budget they have & the business the plan.
From our experience and by currently looking at the changes that are happening we feel that Mauritius is the most suitable license for start-ups to consider as it covers all the required regulatory framework for a forex broker to operate.
About Starting Offshore
Starting Offshore is a Corporate Service Provider , we established Starting Offshore with a mission of making offshore solution as simple as possible.We are a client driven company & customer experience is a heart of everything we do. We take our customer feedback very seriously and continuously put our efforts to make our services better.
We are committed to enhance your experience when it comes the process of offshore & legal solutions providing quality services across an array of industries. Whether you’re a new start-up broker or have an existing brokerage and are looking for licensing, banking or payment solutions, our team of experts will be able to understand your requirements and help you drive your business to new heights.
Our main areas of specialisation are incorporations, financial licensing & banking.We provide wide range of offshore incorporation services , banking , payment solutions for financial companies & startups as we have extensive experience in marketing & brokerages, we offer digital marketing services from our child company Digital Primus www.digitalprimus.com and Forex White Label & Technology Services through Starting Brokerage www.startingbrokerage.com