There’s no article this week but we do have a new podcast with Jonathan Baumgart. We talk about the fallout from the My Forex Funds debacle and what it means for the prop industry moving forward.
We also discuss the fake regulator in the Comoros Islands and what went down there. We then move on to look at what the options are today for someone looking to start a broker today when it comes to getting a licence.
You can listen via the buttons below…
Join the TRAction team at Parklane next Tuesday in Limassol, share ideas with other leading executives and make sure you’re ready for EMIR Refit 2024. Sign up here to claim your spot.
Tips and tricks for the iFX Expo
Some of you may know that the iFX Expo is this week. If you are really looking to take advantage of the biz dev opportunities that it offers, consider the following growth hacks that you can use to take your expo experience to the next level.
1. Don’t wear blue shirts
Cyprus is a lot like Southgate, except it’s hot and it doesn’t take ages to get there on the Piccadilly Line. And because it’s hot, remember that blue shirts will mean your sweat patches are more visible during the day. Consider wearing a white shirt to prevent this from happening or even a tank top.
For locals that are accustomed to the heat, be prepared to be overwhelmed by people from the UK saying stuff like, ‘corr, it’s really hot isn’t it?’. Don’t be fooled by this devious Anglo-Saxon trick. It’s a way to trap you in small talk so that they can sell you liquidity.
2. Take a ride in an Exness taxi
It’s common to see Exness-branded cars all over Limassol. What you may not know is that these cars are for everyone in the forex industry. Basically, you can get in them and they will take you wherever you want to go.
You can try hailing them but Limassol is a ‘hustle and bustle’ type of city. As such, what these taxi drivers prefer is that you jump into the back seat when they’ve stopped at a red light and then shout ‘davai brat!’
Alternatively, if you feel like a slow trip along the promenade, XM has donkeys and carts.
3. Always take your shoes off when visiting offices
People visiting the island may end up taking a trip to broker offices. Remember that it’s considered extremely rude to not take your shoes off when you visit. Take them off as soon as you come in, preferably when you are in the lift, and ask the secretary for some tapochki when you come in.
Remember to refrain from whistling inside as well. This will bring bad luck for the broker and may end up bankrupting them. Consider also bringing a piece of wood that you can all touch for good fortune when concluding your business.
Good luck!
