My name is George Koumandaris and I am the head of the HotForex analytical team. I have over 10 years experience of bonds and currencies trading. Before joining HotForex.com I was trading government and corporate bonds for a big bank as an institutional buy side trader. I traded bonds, bond options, commercial paper, interest rate swaps and currencies for years and helped hundreds of traders by sending trading signals both domestically and internationally. I have an M.B.A. specializing in Risk Management and hold a Certificate in Risk Management from New York University (NYU). I am also certified by CySec (Cyprus Securities Exchange Commission) and is licensed to Trade several Asset Classes within the European Union.
2. Who is your target audience?
HotForex has the capabilities to offer Forex, Metals, Oil and Indices trading to retail, high-net worth and institutional clients around the world via our MT4, Webtrader, PAMM and mobile trading platforms. Our target audience is both retail and institutional traders as well as Fund Managers and Investors that want to use our proprietary PAMM software.
3. Is the main focus of your business online or offline?
We focus on both online and offline. We offer 24 hour online support and even offer support during the weekends at specific times. We also hold training seminars in our various offices. The last seminar we held was in Dhaka, Bangladesh and it was a big success. Therefore we offer our services online but we also hold offline activities such as training sessions and seminars.
4. Why should traders choose yourself over another broker?
HotForex positioned itself as the forex broker of choice for traders worldwide, through its policy of providing the best possible trading conditions to its clients and allowing both scalpers and traders using expert advisors unrestricted access to its liquidity. We are also continually working towards offering innovative solutions to our clients. Art HotForex a client can choose amongst several trading platforms such as our MT4, Webtrader, Mobile Trading and we will soon be adding I-Pad Trading. We also offer our clients the use of our Proprietary PAMM software either as an Investor or as a Fund Manager. Furthermore, we operate flexible bonus policies to match many trading styles - which is not something every other broker offers.
Aside from foreign exchange trading, we also offer trading on a variety of products such as Indices, Commodities and Metals.
For new traders we provide an extensive education program with lots of video tutorials and training documents. Our education section is not restricted only to our Live clients but it is also available for our Demo users.
Our spreads are tight, which results in lower cost of trading for our clients.
Lastly, we strive to offer the best customer support possible in a variety of languages such as Chinese, Arabic, Spanish, French and many more. We have currently expanded our live support hours and we are now operating certain support functions at selected hours during the weekend.
5. How different is the forex market today from what it was 2 years ago?
The Forex market is constantly evolving as technology advances allow more and more people to access the Forex Market. Now traders can access the markets from a variety of mediums such as their phones and via any PC with an internet connection.
Also we see a rise in social trading where groups of people trade together through chat rooms, forums etc. We view this as a positive development since new traders will be able to learn from more experienced traders from the get go.
6. What advice would you give to someone who is just starting to trade Forex?
New Traders need to realize that trading Forex is not a ‘Get rich Fast’ scheme. It is a skill that can be learned with enough education and practice.
New traders should first concentrate in breaking even before concentrating on the profit side of the equation. So they should concentrate on developing solid risk management skills.
7. Who are the main competitors of your firm in the online forex market?
HotForex caters to both the new and the experiences traders as well to Fund Managers and Investors. We also offer trading on a multitude of asset classes. Therefore, our competition includes most online trading brokers.
The way we handle this competitive environment is by continually improving our offering and most importantly by placing great importance on client feedback.
We also have a very competent development team and we pride ourselves on being able to offer customized solutions to our clients and partners.
8. What do you think about Forex scam problems in the online forex brokers market?
It is true that there are a lot of scams within the industry. This is due to the fact that inherently it is easy to misinform when marketing via the internet.
Traders should perform their due diligence before joining a brokerage house and always make sure to join a regulated broker.
9. Where do you see yourself in 2 years from now?
We are continually improving our offering and adding to our services.
In two years from now we are looking to offer new and innovating trading products as well maintain our high standing within the industry.