UpTrader CEO and Co-Founder Vasily Alexeev talks about new ways to run a Forex company without large investments
Vasily Alexeev is a co-founder and CEO of the international fintech company UpTrader that provides software solutions for brokers and blockchain startups for over 10 years. Due to development of IT products and technological services by UpTrader over 30 Forex companies automated their operations and scaled their businesses. Moreover, for a decade of work the IT-provider has continuously been testing out its recipe of running a forex broker from scratch with time and cost savings.
Today, when we’re experiencing dramatic changes in the global economy. Do you think it's worth running a forex company?
Forex brokers seem rather immune to such crises. They act as intermediaries between private traders and large financial institutions, providing individuals with access to the global currency market.
The average daily turnover of the Forex market was 6.6 trillion dollars as of mid-2019. By the end of 2020, this number can reach $10 trillion. Experts say the currency market will continue to grow exponentially thanks to the globalization and popularization of remote work. Under these conditions, the brokerage business is more viable than the traditional one that can be pushed off-balance by inevitable economic fluctuations and crises.
How does a Forex broker generate income?
There are several ways to earn money from traders' operations.