All those black Mondays, Tuesdays, Wednesdays, Thursdays and Fridays keep on haunting FX traders these days. It’s been around 6 months since the SNB unpegged the Swiss Franc, thereby triggering force-majeure in the Forex industry. Greece has been causing stress to FX traders as well.
On August 24th, we could see another case of abnormal market volatility. Major stock indexes crashed, currencies went wild. Was this another stress test for FX traders and even brokers? This is the question we asked the Forex-Market company.
FX Brokers Are Responsible For Their Clients’ Money
While there are many FX brokers whose business is selfish and focused only on the company’s interest, no long-term successful business in the industry cannot do without respect to the client. Indeed, you just have to be a client-oriented business if you want to survive and prosper in this highly competitive niche. Smart people learn by others’ mistakes instead of repeating them, Forex-Market experts say.
Suffice it to say that during the one of the latest market crashes some well-known FX brokers lost their money and their clients. Now it is next to impossible to restore their image and clients’ trust, not to mention taking the business to the next level. That is why under new circumstances contemporary FX brokers are obliged to predict future problems and avoid possible consequences.
In early August, Forex-Market experts noticed that major problems had started building up in the international market. In particular, the experts got concerned about the financial challenges seen in Turkey and some other countries despite the fact that this was almost completely ignored by mass media. On August 6th, the company published a warning about unstable markets and the possibility of lower liquidity. The warning also contained the information about possible changes in leverage and margin conditions for some financial assets in order to cap the overall risk and enhance the stability.
On August 24th, which is now known as the Black Monday, the company was forced to get down to the mentioned steps and introduce some temporary limitations and change. Some currency pairs including USDCNY were switched to the “close only” mode. This allowed the company to insure itself and its clients against major risks and possible losses when the volatility started peaking. We remind you that on that day, Asian as well as European and American indexes plunged as the Chinese economy showed an even bigger slowdown. Most currencies went volatile under the overall market panic. The next day, the situation started stabilizing and the traders were allowed to go back to the normal trading mode.
This is the approach that allowed Forex-Market to build up a pretty decent client base while enjoying reputation of a client-oriented and reliable FX broker. Over the last few years, the company’s turnover has grown by over 1000%. The company managed to come off clear even when other major brokers went bankrupt or suffered losses. There were some challenges as well but they were short-term and were easily overcome.
According to several independent experts, the dynamic development allows Forex-Market to stay among the industry’s leading companies. Innovative technologies and highly skilled team of experts working for the company make it possible to expect decent quality of services and long-term success when cooperating with Forex-Market and trading with it.
