In an interview with Crypto Voize, Suresh Yezhuvath, the CEO of Axiory Global for the Middle East, speaks about the Forex markets in the region, the challenges involved and how investors could overcome those challenges
What is your career history to date and key career achievements?
I started my trading career with an Indian Stock Broker named Select Securities Ltd in 2000 and became a Director in the company by 2005. Doha Bank took a majority stake during 2006 and the company was renamed DBFS. I was in charge of Franchisee development in South India till 2010 and later transitioned to institutional business based out of Mumbai. I was instrumental in developing more than 50% of the franchisee business for the company Subsequently I moved to Dubai in 2015 and was the Director of Business Development for DBFS Dubai before joining Axiory Global in 2019.
What are your roles and responsibilities in your company?
I am heading Axiory Global Rep Office in Dubai which became operational in 2019 to develop the business in the Middle East. My primary responsibility is to develop Axiory as the preferred broker for the Middle East investors with Dubai as the hub and also to promote Axiory in the GCC region.
What is the biggest challenge facing the trading industry in the region?
The biggest challenge is the misconception by people about what trading activity is, as proper knowledge would allow them to avoid being misled by aggressive market players. The social media is replete with ads and writeups from different brokers and money managers positioning forex trading as a way to earn fancy returns by merely investing a very small sum of money. The reality is far from this propaganda as trading is a highly skilled job. This false promotion of forex trading as a way to earn easy money needs to be addressed immediately or else it will impact on the industry growth potential.
What sort of challenges have you come across in your Forex/trading career and how did you overcome those challenges?
One of the main problems is the unsatisfactory outcome of the trading activity for novice traders, linked to unrealistic expectations and the lack of thorough knowledge regarding trading dynamics. We are investing time and money to educate the clients in general and in particular about the risks involved in leveraged trading. We have a senior analyst based in Europe and another one based in UAE, both of whom provide free webinars and classroom training.
If you could improve one thing about the Forex business what would it be?
I will be delighted if I could increase the profitability of retail trading clients becoming a leading institution in this industry in this respect. Most of the retail clients are not achieving the level of profitability they look for in this market. Given that my aim is to increase the profitability for Axiory clients in the Middle East
How according to you should vendors and partners work with CXOs to make their lives easier?
Vendors should propose innovative products which in turn can help the Sales, Accounting and Marketing teams to perform their jobs in a much more professional and efficient manner to generate better results.
The Introducing Partner should educate the clients, explain the risk involved and convey the company policies, therefore, offering a fair and transparent service to their clients. This will significantly enhance the perception of the industry and provide a valuable service to the investors’ community.