The Silicon Review
The future of traditional stock investing institutions like banks and stockbrokers looks very bleak, and soon they will be replaced by fintech startups completely. In the digital world we live in, fintech companies are constantly outdoing themselves with innovation, and they are attracting young customers with easy-to-use and low-fee investment opportunities. Many companies have noticed the growing demand for investment and have created accessible and attractive trading opportunities. Various people claim that the rise of fintech companies is due to the development of new technologies. This sentence is only partially true. The new technologies are completely changing the outdated investment sectors by making it more attractive to seasoned investors as well as youngsters. But giving credits entirely to modern technologies would be unfair.
2020 has been an eventful year, to say the least for many brokers in the Forex and CFD markets. With many newcomers giving trading a go for the first time, competition within the finance sector has ramped up significantly, making the ability to stay ahead of the pack tougher than ever.
The Silicon Review spoke with David Bily, Founder of Moneta Markets. Below is an excerpt.
Q. What inspired the inception of Moneta Markets?
The inspiration behind creating Moneta Markets stems from years of client/traders’ feedback throughout my career at Vantage FX. Years were spent refining and optimizing Vantage’s offering, and while we feel that we have perfected the MT4 and MT5 market, it became clear that the traditional MetaTrader brokerage model lacked some key components that will restrict its ability to maintain the major market share in the future. We found that there is a significant sector of the market that is uncatered for, and it’s with this vision in mind that we want to build Moneta Markets into the ultimate web-based trading platform to become a major contender in the web-trading space.
Q. What did you find was lacking from the traditional MetaTrader based broker model?
In this day and age you really have to put a significant emphasis on breaking down the barriers for clients. And, despite the MetaTrader pedigree, the platform has failed to evolve in tandem with the technology available and as a result it falls short of the expectation of modern-day traders and investors. As an example, the download and installation requirements are unnecessary, and with traditional “installation” software, clients are then faced with compatibility issues, depending on their preference of operating system. This also means that the client’s journey from onboarding to funding to trading is disjointed when it should be streamlined into a single fluid system.
Another significant drawback is that there is very little brand loyalty. There isn’t really anything that differentiates MT4 and MT5 brokers, so if a client isn’t happy for one reason or another, there countless other brokers offering the same thing that they can choose from.
Q. As a CFD broker, how does Moneta Markets fit into the FinTech sector?
As a FinTech company, we put a significant emphasis on bringing the latest in trading technology and resources to our current and prospective clients. To achieve this we have partnered with the best in the industry including PandaTS, Praxis, GBG, Marketo, Trading Central and several others to integrate each component of a client’s journey into our WebTrader platform. We are constantly evolving and optimizing as new technologies become available to ensure we are firmly positioned ahead of the competition.
Q. What separates your WebTrader from the competition?
The major benefit of the Moneta Markets platform is that it is truly, a complete all-in-one platform. It contains everything a client needs from opening an account, managing funds, promotions, educational resources, and of course charting and trading. And it is compatible across all operating systems.
Being web-based, there are no downloads or installation which makes it completely accessible anywhere, and when we add new features or implement updates to the platform it is all there when the client logs in. There is no unnecessary action required from the client. Our analytics have shown that a significant number of our clients like to access the platform from their phone, so creating a bespoke trading app was important in improving the experience for a client. Compatible across both Android and iOS devices, we have enabled clients to enjoy the same trading experience as our web-based platform.
Q. What does being client-centric mean to you?
Clients and traders are essentially the sole reason Moneta Markets was created. We have put countless hours in to creating a product that is a result of client and trader feedback compiled over the past decade. As we continue to receive feedback from our clients and partners, whether it’s related to the platform, the instruments we offer, customer service, or any other aspect 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.
Q. What feedback have you received so far?
The Moneta Markets team has decades of experience in the Forex industry, and we went into this expecting that feedback would be positive. Throughout our careers, we have accumulated countless insights, as well as learned our fair share of hard lessons that have invaluable driving our ambition to fulfill the Moneta Markets vision of delivering the ultimate trading platform. Since the soft launch, we have quite a lot of feedback from our CPA Affiliate partners and Introducing broker partners, mostly about the simplicity in onboarding clients and enabling them to fund and start trading in just minutes. It means a lot to us to hear that type of feedback from industry professionals who work with multiple different brokers on a daily basis.
Client feedback so far has also been impressive. Being able to access everything in one platform was what they wanted, and now they have it. There has also been some constructive criticism which is always welcome, and based on this we have scheduled a number of updates. 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.
Q. What do the next few years hold for Moneta Markets?
Having heard the feedback to date, we are optimistic about Moneta’s future. In a competitive industry like ours, it’s key for us to continue to build on what we’ve created so far. It is a rapidly evolving industry, and although we’re new we will continue our vision to deliver the perfect platform for our clients. Despite just launching, we’ll be starting development on our new WebTrader and AppTrader platforms over the next 12 months. We have a commitment to truly building this brand with the future in mind to become a major global CFD broker, and will deliver something that is truly a next generation brokerage. We see Moneta Markets as an important addition to the Vantage portfolio of brands, which puts us in the perfect position to enter into a largely untapped sector of the market, and I look very forward to delivering on the brand’s vision.