Photo: David Bily, Founder of Moneta Markets
2020 was a big year for you with the launch of Moneta Markets. Has the momentum continued into 2021, despite everything that’s going on worldwide?
So far throughout 2021, we’ve really tried to accelerate on what we built during 2020. We learned a lot in our first year that solidified our strategy for this year, and so far we are really starting to gain traction with not only an increase in onboarding but also trading volume too. Both are increasing month-on-month and as we continue to improve and refine our product offering, we hope to see that growth continue.
What were some of the challenges you faced in 2020, and how have you overcome them in 2021?
Moneta Markets’ vision has always been to provide an unrivaled FX brokerage solution. Initially, we went to market with our all-in-one WebTrader platform, which received a fantastic response. However, we underestimated the sheer scale of the MT4 and MT5 audience, and just how reluctant they are to migrate away from those platforms.
Over the past several months, we’ve been working quite hard with our developers and Panda to integrate both MetaTrader 4 and MetaTrader 5 platforms seamlessly into the WebTrader platform, so that now clients can trade their account from the platform of their choice with ease. Almost as soon as we’d launched this, we started to see a significant uptick in larger and more professional traders jumping on board, so naturally, launching an ECN account was the next step. But, we didn’t just want to offer the same as any other broker out there, so our risk and product teams started working tirelessly with our LPs to see just how competitive we could be in a fairly flooded market. The end result is that now we have the lowest spreads on all our major FX pairs and Indices in the market.
Also, with regulators starting to clamp down on the Forex industry, in terms of not only onboarding clients from particular jurisdictions, but even marketing in particular regions, we have started expanding into some of the less crowded demographics that quite a few brokers are yet to tap into. We have been working hard with Praxis as well as dozens of local payment gateways to ensure that no matter where our clients are, whether Asia, South America, Europe, or anywhere else in the world, we are able to support their local funding methods, and as such, we now accept 20-30 localized payments, as well as 20+ different crypto deposit methods.
Speaking of, are you seeing more of a demand for crypto-related products and services?
Absolutely. Initially, most of the demand was for introducing deposits and withdrawals in a range of cryptos, so naturally, we started with the most popular coins like BTC, ETH, XRP, LTC… the usual suspects, and then continued adding based on our clients’ demand.
Then, as we noticed an increase in the volumes that our crypto CFDs were trading, we again started working with our liquidity providers to see how we could improve the trading costs. So, we cut all our crypto spreads to some of the lowest of any FX or CFD broker out there, and also increased the available leverage to trade these instruments, which again, saw an increase in interest from our clients. As a result of this increased interest, we have recently opened our crypto markets for weekend trading as well as added a couple of new pairs to trade, and we’ll continue to grow this based on the ongoing feedback of our clients.
How do Moneta Markets deliver superior value to traders and industry professionals?
We want to ensure we are constantly meeting and exceeding the expectations of our clients, and we work hard to provide them with a product that is truly the best on the market. Whether it’s our trading platforms, product range, trading costs, or customer service, we want to be the best. Our trading infrastructure is superior to others, we’re at the technological forefront of the industry, and the increase in client acquisition just demonstrates that we’re doing things the right way by offering a product that beats our competition. And, we aren’t just attracting new or novice traders, established professionals are switching from other brokers to us, which is one of the biggest compliments we can receive as a new broker.
Our network of IB and Affiliate Partners have also been crucial to our continued growth. By working closely with them on an ongoing basis, we are able to leverage the feedback that they provide and constantly improve and evolve. We are seeing increased flow, and importantly retention from their traffic. We provide the trading tools, educational resources, account types and trading platforms for traders of all levels at the lowest possible costs. As a result, all our partners are seeing increased conversions. We want Moneta Markets to be a brand that’s easy for our partners to promote, and by coming up with an offering that’s better than our competitors, as well as industry leading CPA and rebates, we’ve been able to achieve that and attract a consistently increasing market share.
What does the future look like for Moneta Markets?
Well, as we’ve been doing since inception, we are building our offering based on the feedback we receive from our partners and clients. We have seen fantastic growth over 2021 so far, and we want that to continue. It’s a rapidly evolving industry and requires us to be very responsive to the changes that arise on an ongoing basis. We will continue to work closely with our technology partners, IB and CPA partners, and of course, our clients to ensure that we are always one step ahead of the rest. The future is exciting and we look forward to facing any challenges head on, and building on our position as a serious threat to the big guys of the industry. I encourage all traders, whether new or experienced, to come and take a look for themselves at what separates us from the rest. And, if you’re interested in partnering with us, don’t hesitate to get in touch.