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As a relatively new forex broker founded in Australia in 2010 Pepperstone has been gradually expanding it’s global footprint as well as offering more tradable instruments and moving on from the core Forex pairs in the UK and Europe.
In a world where it’s seemingly never been easier to set up a forex broker, brokerages and established brands must work hard to differentiate themselves from the competition.
We hear from Tamas Szabo, current Pepperstone CEO and former CEO of IG in Asia Pacific and Interim CEO of Australia and NZ about why he joined, what it’s been like running Pepperstone for the last two years and what Pepperstone is doing to differentiate itself from the competition.
Pepperstone is a relatively young forex broker. How has it been taking over from the original founders and in what direction do you see Pepperstone maturing?
I’ve really enjoyed the opportunities here at Pepperstone. I was always in envy of Pepperstone’s high customer satisfaction ratings before I joined – the quality of service is second to none.
The secret is that it’s simply ingrained in the culture of the company, which is very hard for competitors to replicate. We simply won’t be beaten on service.
We’re pretty busy: we’ve started introducing new features and products to our clients that we know they’ve been asking for, and there’s more to come.
Expanding our global reach is another focus of the business, which is already one of our strengths.
The thing I’m most excited about is that we’re building a greater level of bespoke technologies that will bring an even better level of sophistication to our client offering.
What’s been the best aspect of moving from a behemoth broker like IG, to a growing broker like Pepperstone?
IG Markets is a good company and I enjoyed my 20 years there, but I feel that Pepperstone is at a more exciting point in its evolution as a business, as well as for me as Group CEO.
It takes 12 months plus for a new idea to turn into a reality at some of the larger firms in the industry, whereas here at Pepperstone, one of our major advantages is speed and flexibility. As a smaller business, we’re nimble and we’ve got the ability to adapt more quickly to new client demands while still offering a personalised service.
There is a lot of untapped potential at Pepperstone – a great place to be while still growing at a healthy pace.
In the 20 or so years you’ve been running trading desks and brokerages, what would you say is the biggest mistakes traders make? Plus, what simple tweaks could they make to their strategies that would mitigate them?
It’s quite simple, really: The ingrained human condition of an aversion to admitting defeat is a trader’s worst enemy.
All traders make losses, but if your losses are smaller than your gains, it’s a win overall. It’s a very simple point but very easy to forget. So you won’t hear any magic solutions from me.
In the 20 years+ of my time in meeting with traders, the most successful ones have always seen trading as an unemotional activity, doing their homework and seeing numbers for what they are.
I also find it very unfortunate when I see reports of clients sucked in by ‘get rich quick’ schemes and the promise of high returns. It doesn’t matter if you’re looking at property investments, day trading with a traditional online broker or leveraged trading – if someone’s promising a high return, they’re very likely not an honest operator. My view on this is that people should always take any advice that they receive along these lines very cautiously.
With the plethora of Forex brokers and platforms available to clients in multiple jurisdictions, what do you think it is about Pepperstone that keeps on attracting new clients?
We really do have the highest quality execution in the market, and our clients know that we’re backed by a commitment to outstanding customer service, transparency, and honesty. We continually attract new clients because of our reputation for our quality products, speed and service.
We receive an extraordinarily high level of existing customer referrals, which says a lot.
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Richard founded the Good Money Guide (previously Good Broker Guide) in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.