Brokerage firm TopFX recently promoted Omar Al-Janabi to take on an expanded role as global head of sales and business development.
He entered the newly created position after a successful tenure with the broker’s business in the United Arab Emirates. This broadening of responsibilities considerably increases his oversight within the company.
Omar has been instrumental in leading TopFX’s efforts to secure its new presence in Dubai as it seeks to focus on providing customizable liquidity solutions to the region’s diverse clientele.
In a recent interview, Omar discussed many cutting-edge advancements in the company’s product suite. He also highlighted the innovations and new offerings TopFX has launched since joining the company as Regional Director in July 2021.
First, Omar noted that he landed at TopFX just as the company was expanding its retail offering.
“I saw this as an opportunity because our management had a clear idea of what they wanted to achieve and how they wanted to be different from their competitors,” he said.
While Omar’s role initially focused on penetrating the MENA region, the infrastructure he established within the MENA team proved “very effective” and culminated in his recent promotion.
“Since last year, TopFX has seen phenomenal growth in deposits and volume generated across all regions.”
Talking about his mandate to grow the BD team globally and what was the biggest challenge, Omar explains that it was about persuading contestants to choose TopFX over their rivals and renewing their faith in what they can accomplish.
“Brokers can often make unreal claims about offering uncapped commissions and a perfect working environment. Unfortunately, the candidates end up discovering that the reality is very different from what they thought. They lose confidence or simply give up on their dreams.
“I read recently that more than 75% of applicants would research a company’s reputation as an employer before submitting their resume. I consider this part a plus because TopFX’s reputation is solid.
TopFX digs deeper into the retail space
The Retail FX space has always been a crowded and diverse market, but it remains interesting to find out how players in this industry are able to differentiate themselves or meet customer demand. And, more importantly, the relevant regulations have changed drastically and thus opened a new path for the retail sectors, with more protection for customers and stricter rules for brokers.
Elaborating on this, Omar shared a bit about how TopFX has improved its retail-focused solutions, reduced spreads to an absolute minimum, and enabled partners to create customizable rebate plans. On top of that, he highlighted how being a liquidity and technology provider for 12 years has given the broker a competitive edge in terms of customizing trades and offering unbeatable trading conditions.
“We started as an institutional broker and offered our services to many other brokers before opening our doors to retail traders. We have been in the industry since 2010 and have team members who have been with the business for over 10 years.
And instead of hiding behind a big company that invests a lot of money in marketing in the hope that people find them, TopFX tries to add value to its potential customers as soon as possible.
“At TopFX, we know very well what investors around the world need and we strive to provide top-notch conditions for everyone. We improve existing markets by listening to our clients’ needs and conveying their messages transparently. to our leadership. We are on a mission to expand our global teams and continue to hire remote talent around the world,” he added.
That said, Omar shared his thoughts on how attending trade shows might seem like a cost-effective way to grow business. He added that TopFX plans to participate in many world-class exhibitions in many parts of the world.
“In addition, we have planned to attend as many exhibitions and trade events as possible, hold seminars, and meet with our customers and partners to shake hands and establish a positive working relationship.”
Meanwhile, Omar explained the company’s methodology for attracting a top-notch talent pool amid fierce competition for the right candidates.
As he says, “Our corporate culture encourages collaboration within our team and departments over the competition. When hiring, we focused on identifying the right talent and integrating rising stars; I like to use the term ”Galacticos” to show my belief in the potential of our employees as well as the opportunity that TopFX offers.
What it takes to stand out
Despite cementing a leadership position in a crowded industry, many brokers face the same issues plaguing their competitors. The difficulty of penetrating new markets has also caused many companies to seek alternatives.
Omar explained what exactly sets their offering apart when it comes to existing and new brokers entering the market.
First, he acknowledges that the industry has become quite saturated and overly competitive while struggling with tighter regulations. But he thinks there’s still plenty of room for any vendor to set their offering apart from the crowd.
In addition to education, to be successful, Omar says any broker must build trust with their clients by providing world-class trade execution, pricing and customer service. Financial literacy, he continues, is also hugely important these days, so having the right tools, resources and knowledge about what’s happening in the market is more important than ever.
As new segments of the market become aware of their finances and begin to make their own investment decisions, especially those of new investors, consumer expectations and demands continue to change and evolve. It is then up to them, as a company, to change and evolve products and services and adapt the way they interact with consumers if they want to remain competitive.
“We focus on all markets equally and are looking for partners and educational academies to work globally. Taking into account that young traders are showing interest in the forex market and that Forex trading is becoming more and more accessible via mobile apps, we have optimized the TopFX cTrader mobile platform by adding new features such as push notifications.Of course, we offer many other tools such as signals from well-known providers Central Trading and AutoChartist.