Exclusive: GO Markets’ Khim Khor on CFD trading, trader education, and more
FNG Exclusive Interview… Australia based Retail FX and CFDs broker GO Markets has recently celebrated its 15th birthday, and has grown to become one of the leading brokers down under (and, in other jurisdictions). So we thought that it would be a good time to catch up with GO Markets’ Executive Director & COO Khim Khor about the state of the FX trading market, managing a global organization through COVID, Australia CFD regulation, trader education – and, what the next 15 years might bring!
FNG: Hi Khim, and thanks for joining us today. We understand that GO Markets is celebrating 15 years in business – that’s a long time in the FX and CFDs space, and you’ve surely seen a lot. What has stood out in your experience? How has the industry changed – and specifically over the past year as we all deal with COVID?
Khim: Over the years we’ve seen huge advances made by tech and platforms. Today’s traders have a lot more choice in the tools they use, the power these tools have and can apply more personalisation.
With trading becoming more complex all the time, education just gets more important. In keeping with our mission to provide the best possible trading experience, we look to constantly upgrade our client education.
COVID brought about an increase in trading – both from established traders and people interested in FX and CFD markets for the first time. Along with education, we moved to ensure we meet client requirements with online resources and dedicated support.
FNG: The past year has seen a record number of new client signups at FX and CFD brokers – and we understand also at GO Markets. Which also means a record number of new traders to the industry. How does GO Markets help educate and get new traders up-to-speed?
Khim: GO Markets has always recognised the importance of trader education, and has established ground-breaking initiatives that have positioned us as an education leader. We offer free learning that clients would have to pay hundreds, if not thousands of dollars for elsewhere.
In recent years we decided to further our offering. We appointed a Head of Client Education and Training, and formed the GO Trade Academy to strengthen our learning resources.
We offer high quality, free online courses specifically catering for both new and intermediate traders. Intermediate traders can also access monthly ‘trader clinics’, which help them understand FX and CFD markets and outline what’s needed to create trading systems, plus much more.
Our LIVE market updates let clients see the theory we teach in the reality of the market. We run special webinars on ‘hot’ market topics and invite industry experts to enhance our education.
Client feedback continues to be exceptional, and our education has been recognised with ‘Investment Trends’ highest satisfaction award for two years running.
FNG: What are your views on cryptos, which seem to becoming a mainstay for retail traders? Is that something we’ll likely see from GO Markets?
Khim: Cryptocurrencies are a very exciting sector where we’re looking at developing the right product offering. There’s no doubt we’ll see major development in cryptos as an investment vehicle going forward – we want clients to see us as a place to get knowledge that enables informed trading choices.
We already offer articles on trading cryptos. With ever-increasing trader interest, we’re currently in discussions about developing a high-quality online course, similar to those we run for other vehicles.
FNG: In your home market of Australia the regulator has recently implemented new CFD trading rules, including capping leverage at 30x for retail traders. Has the change affected your trading volumes? And more globally, are you now putting more emphasis on GO Markets’ international operations?
Khim: It’s worth emphasising effective risk management, including appropriate management of trading leverage, is an important foundation our client dealings. This applies one-on-one, or through conversations via our education programmes. We see this as a crucial part of the service we offer.
As you indicated, ASIC have understandably reviewed and subsequently altered the leverage allowed for retail traders. There are also specific, strict criteria in place for those who qualify as GO ‘professional’ traders in Australia, and therefore access higher leverage ratios.
Regarding trading volume after the implementation of new CFD margin rules, it will take a few months really to see the impact. We’ve not experienced any trading volume reduction up to this point, in fact we’ve seen a slight increase in volume.
FNG: What else can we expect to hear from GO Markets in the coming months? Any specific initiatives or new products planned?
Khim: We’re continually looking at our CFD products to ensure we’re responsive to clients. Already this year we’ve expanded tradable US share CFDs and added a Copper futures CFD to our commodity suite.
We’ve improved client engagement through new communication channels like WhatsApp and Messenger. Client experience has benefitted from additional portal features, and improved education. We always look to enhance online trading, through new trading platforms and tools.
We’re also looking at broadening our product suite to include non-CFD asset classes, as well as incorporating new trading markets to cope with demand.
Other initiatives being explored are the ideas of specific interest trading groups, assessing education’s impact on trading performance and an international education conference.
Of course, marking 15 years in trading creates exciting activity. We’ll be celebrating with a special client event and driving client engagement. We’ll also be growing brand profile through our great partnership with Chelsea FC, and exploring other opportunities to promote GO Markets.
FNG: 15 years in for GO Markets – what’s your vision for the next 15 years?
Khim: The market will continue to grow in terms of products, complexity and providers. Whatever changes are on the horizon, we’ll stay committed to the core strengths we’ve always maintained: tight spreads, transparent pricing, wide range, powerful platforms, quality education and best customer service!
We want to continue to stand out by offering clients a trading journey that goes beyond expectations.