The FX Brokerage business during the pandemic and how TopFX has grown during this period

Our Head of Institutional Sales, Michael Nichols, shares his expertise regarding the increased business inquiries during the pandemic and explains how TopFX has not only managed to survive but also to expand.

How has TopFX managed to not only sustain its current business but expand during the pandemic?

It is not a secret that brokers and liquidity providers have all reported high revenues during the time of the pandemic. This is partly due to the rise of the “work from home” economy which has enabled people to save time and energy on commuting and focus on learning new disciplines and industries. Besides these circumstantial factors that favoured all online activities including trading, the financial markets offered ample opportunities at that time, and traders couldn’t help but take advantage of them. As a result, we witnessed increased trading volume as well as a surge in the number of business inquiries about our liquidity services.

Localised efforts & competitive programs

The short lived time where all brokers had a smile on their face slowly collapses as people go back to their usual lives. At TopFX, we realised that we can capitalize on the opportunities that these challenging times present and enable optimal “work from home” conditions for our global teams in South East Asia and Africa. We owe a part of our success to our country managers who bring fresh views and are eager to expand their success on a remote basis.

We have also launched very competitive partnership programs under our FSA jurisdiction and we keep adding new features that improve the quality of our services and reward potential of our partners.

Comprehensive solutions to accommodate the increased client inquiries

We have seen a substantial increase of clients and client inquiries about our products during the pandemic period. Brokers have now more than ever understood the need for flexible prime brokers who offer comprehensive solutions that are catered to their business needs. Our accumulated experience in the market has guided us to adapt quickly in order to not only survive but continue our global expansion. We continue working closely with other providers, as well as professionals in the industry who understand the implications of maintaining a solid company reputation. We used our name and network to continue doing what we do best, providing brokers and clients a place to trust and work with for life.

Marketing new products

As I am sure everyone has seen in the past couple years, TopFX appeared at multiple expos and conferences on a global scale, which propelled our success to a new level. With this method of networking out of the picture due to the pandemic, we had to adapt and instead focus on strategic marketing and continued team expansions where others were making cutbacks. Last but not least, we continued finding ways to improve our offering such as launching our proprietary payment solution (TopFX Pay) and our proprietary CRM (TopFX Portal). All of these reasons contribute to the recent success of TopFX. We always strive to put our clients first and aim at shaping the industry as we know it while setting standards of customer service for others to hopefully follow.

Is this a good time to launch a brokerage compared to before the pandemic?

Life before the pandemic was definitely easier with regards to opening a brokerage because meetings were easier to conduct. However, the pandemic has created a unique situation which does not happen very often. As mentioned before, brokers enjoyed the revenues and rewards of people actively trading. This is an interesting question and can only be answered with further data; will the revenues continue on? In my opinion, it is clear that in any global situation there have always been those who saw that opportunity in these hard times and seized it. That being said, there may be brokers who will not survive these turbulent times. The question is how well you can differentiate yourself in an ever-changing market. We have a unique time where people are now looking forward and hoping to create passive incomes. That's why it is critical to partner with companies that are always innovating and offering your clients quality services. If you are able to offer a safe environment with leading technology, you are one step ahead from your competitors.