New FX & CFD broker TIOmarkets is the latest brokerage to try its hand at providing trading services to consumers of financial services
Offering nearly 200 FX & CFD instruments on both MT4 and MT5 platforms, and being one of the first FX firms to offer crypto as a base currency, company CMO Helen Astaniou has stated that they plan to do things differently.
"Despite the forex market still being the largest and most liquid market in the world, traders and industry participants are fatigued", Helen said. "The industry is so well established that there is little room for innovation. Campaign ideas, products and services are recycled, reformatted and regurgitated from one company to the next."
She continued, "We believe that there is still a huge gap that hasn't been sufficiently addressed by any industry player to-date".
This differentiator for TIOmarkets is two-fold. Firstly, it will be launching a subscription model to any clients wishing to pay monthly. These monthly, upfront costs will replace any ongoing trading commissions, or ad hoc trading fees.
Clients who subscribe to the monthly or quarterly packages will also gain access to a range of services including but not limited to the TIOshield - an insurance service allowing the trader to reverse any bad trades, and the TIOreimburse - a service returning 50% of the trader's first time deposit to the client if stopped out within 30 days.
Secondly, the company, will utilise frank and open language to its clients through any comms and content. This down-to-earth and layman way of communicating has been coined by the company as its "no-nonsense" approach.
Through this approach, the TIOmarkets team believe they can correctly communicate any information which is absolutely vital to the trader, thereby avoiding the dilution of any important messaging through complex financial jargon and legalese.
This honest messaging style is already seeping through company communications with frequent references to the high risk of trading, the high cost of trading, and by drawing attention to some of the so-called nonsense practices currently prevalent in the FX industry.
Despite the obvious regulatory restrictions prohibiting the company from promising wealth to its clients, the management team of TIOmarkets believe that a painfully honest approach about the risks of being a consumer of financial services, specifically in the FX industry is essential to building a high-quality and steadfast customer base.
The first campaign launched by TIOmarkets epitomises this philosophy. A controversial video was issued promising the next generation of virtual reality trading experiences using hyperbolic language. Users wishing to sign up for these 'incredible and unbelievable' services were led to an April Fools' web page detailing the dangers of falling for unrealistic offers from FX brokers. "If it seems too good to be true, it probably is because it is too good to be true", the webpage explained.
Giving TIOmarkets another string to its bow, despite being a new entrant to the industry, the company will thankfully avoid suffering any teething problems commonly experienced by startups and others unfamiliar to FX. From the board and shareholders down to the client-facing staff, the team have experience in the FX world and are all very keen to disseminate the company's no-nonsense approach through everyday operations.
In celebration of its pre-launch, TIOmarkets is offering 3 month-free subscription for its VIP and VIP Black accounts to the first 10,000 sign-ups.
TIO Markets UK Ltd is regulated by the Financial Conduct Authority (FCA) in the UK.
This article was submitted by TIOMarkets.