On the eve of International Women's Day, Elena Berestovaya, CMO UpTrader, shared her prospective on female leadership and fintech trends.
07.03.2022
Hi Elena! Thanks for joining us at Fazzaco today! How did you get into the finance industry?
In 2011, a classmate of mine invited me to work at a Forex broker with which her training company was working as a partner, and which needed a Public Relations Officer. I was on the lookout for a job and a new field that would inspire me. After graduating from the university, I worked in public relations in environment protection for a few years but became disillusioned. I encountered many NGOs whose purpose was to make money out of environmental problems, not to solve them. It was not in line with my idealistic view of the fight against climate change. That is why I decided to look for a more honest industry, where the goals of all stakeholders are transparent and the desire to make money is not disguised as something else. So a job offer at a brokerage company was exactly what I needed.
Could you please share with us some highlights from your career with UpTrader?
I was the one to design the corporate identity and marketing materials and to organise the first international exhibition. I met Vasily Alexeev, CEO of UpTrader, when I was working at Grand Capital, their major client at that time. UpTrader was their main contractor, implementing the whole cycle of software development. At that time, UpTrader's management, having gained significant experience in custom development, began to think about cloud services. The company needed a brand, PR, a statement about itself in the professional environment. It began to grow, there was more and more work, and I was offered to head their marketing department. In 2017, UpTrader worked on the ICO Serenity-Financial project, the first blockchain escrow for Forex brokers. We took care of the technical and marketing support for the project. Now UpTrader is one of the major players in brokerage software.
In your opinion, what gives women an advantage over men in the Forex industry?
I would say that the more highly qualified the employee is, the less attention you pay to their gender or any differences at all. An employee in a managerial position at any company requires professional skills, the ability to delegate and lead a team, build relationships with other departments, strategic thinking, and emotional intelligence. However, the advantage of female leadership can be noted in greater caution: men are more prone to risk, which can lead to both ups and downs, while women are often more cautious in decision-making, which allows the company to develop more steadily and avoid unjustified crises. Women are also more receptive to the idea of creating good working conditions, taking care of the team, and motivating employees.
As a female leader, do you think it’s a challenge to get into the finance industry where men are still a majority?
No, I don't think so. On the contrary, there is a clear demand for workforce. According to my observations, there is always a shortage of qualified professionals in the finance industry. There are few of them on the market, so we often hire promising juniors or middles and train them. We do not engage in hiring from competing companies. We work in a small industry, we all know each other, so we do not welcome such behaviour. We have quite a big team in UpTrader, where people of different backgrounds, races, genders, etc. are represented. I think this is one of the strengths of the company. Recently, a 25 years old woman joined UpTrader's team as a main project manager, and she is the best candidate we have ever seen. She has excellent managerial skills and already has good management experience. She knows how to set goals and organise the work process perfectly. She pays attention to individual motivations of her team members, and, what is especially valuable, is able to delegate tasks, which means that she has enough time for management.
Reportedly, the first year of the pandemic knocked 54 million women around the world out of work. Out of the women who lost their jobs in 2020, almost 90 per cent exited the labour force completely, compared to around 70 per cent of men in the same situation. As an experienced female leader, what is your advice to those women who are striving for excellence in their workplace?
The pandemic is a difficult time for everyone. It has been a test for different industries, for employees and managers, and for families too. Judging by my close circle, some of those who have left the job market do not want to go back to a full-time job in an office. Many have discovered a part-time job and are happy in a remote mode. Some people moved to the suburbs during the pandemic, settled there, and do not want to go back to the old rhythm of life. All in all, to each their own. For those who are looking for career development, my advice is to better yourself, read professional literature, and to not be afraid of additional work or work that others do not want to do. And the main secret perhaps is to take responsibility. Being a manager means taking responsibility for both the team and the result. Few people are prepared for this, but this is a real challenge. Even if you are not competent enough, you'll have to get better to get results. Show your management that you are ready for responsibility, and you'll be noticed.
Do you have any role models that have inspired you?
My grandmother was always an example to me. She started working at the age of 15 as an assistant accountant. At the age of 20, she already defended her first report at a district party meeting. In the early years after the war, she was left alone to raise four children, two of her own, her younger sister and her husband's younger brother. She worked as a librarian and also as party secretary. She held all the district meetings where she highlighted the economic and social problems of the area, defended the interests of the townspeople, and demanded the budgets to be increased. This required a strong character and the ability to communicate well with different people. She was not afraid of working and never passed the responsibility onto others. That is why she worked her whole life as a manager.
In finance, my first boss was the model of an ideal manager for me. She had a rare combination of charisma, intelligence, and professionalism, and was willing to share her knowledge without begrudging it. She constantly learned, which made her different from the others. During interviews, she always took an interest in what the candidate was reading. She successfully managed a male team and I never heard her raise her voice or clash with anyone.
What are your thoughts on the fintech industry? Where should it be heading? And what role would UpTrader play in it?
Service development. Now, unlike 10 years ago, a small brokerage company has no problem finding cloud services, like Forex CRM or a copy trading platform. However, all Forex CRMs today have the same drawbacks: they are cumbersome to maintain and install, relatively highly priced for startups, and have insufficient functionality for large companies. At the same time, UpTrader is developing a bespoke cloud service, a kind of a multi-modular construction set consisting of different independent parts that may work together or separately: bonuses, affiliate programs, sales module, investment service, etc. We want large companies, for example, to find everything they need for their business and startups to be able to take advantage of the most basic features with a turnover fee only. We know that subscription fees are a big burden for emerging businesses, so we are working to ensure that such clients pay only based on turnover. It is more profitable for us to support the client at the start so that they succeed and stay with us as long as possible. We are also working on automating the integration of Forex CRM into our MetaTrader 4/5 server, so every client could download a distribution package and connect our free Forex CRM in just 5 steps. We have big ambitions in this niche, since we want to create a truly high-quality, user-friendly, and accessible product for everyone.
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The first basic version of the service for MT4 was launched in April 2021. The full version included a large number of functions which were added as the development and testing progressed. As of 2021, UpTrader Copy Trading Platform service was awarded by the prestigious Forex Rating Awards as the fastest-growing service on the market. Currently, the team has implemented all the functionality of the project architecture.
Now the Copy Trading Platform service from UpTrader includes:
1. CopyTrading for MT4 and MT5.
2. The possibility to choose a copy trading model: MAM, PAMM, or social trading platform.
3. The possibility to purchase the Copy Trading Platform as a plugin in the UpTrader CRM tool. You can also integrate it into your own CRM tool or terminal and customise the interface as you wish. UpTrader provides customers with API and full documentation so you can create your own interfaces.
4. A wide range of tools for investors and traders to flexibly manage risks and profits, such as rollovers, stop-losses, take-profits, the ability to disable strategies at any time, and many more.
5. The option to be installed as a native MetaTrader plugin which ensures precise trade processing.
6. Both A-book/B-book models and their variations. Any existing arrangement is available, including spreads and fees.
7. A competitive price — free integration, $1,000 per month.
You can find detailed information about this service on the UpTrader Copy Trading Platform page.
In addition to the obvious advantages, the service has several features that will allow your company to get more clients and managers to use the service:
1. Stability. No trades are lost thanks to its unique design. Unlike similar platforms, UpTrader Invest is a plugin that works directly at the MT4 core, ensuring the stability of operations and completely eliminating the possibility of missing trades, which is inevitable when connecting to MetaTrader 4 externally — and that is exactly how most similar solutions work.
2. Controlling your UpTrader Invest in MetaTrader Manager
Brokers can manage their UpTrader Invest plugins through the MetaTrader Manager mobile app. It offers full managing capabilities: opening new accounts, deposits, analytics, and much more.
3. Versatility. Investors can monitor their profits via all available methods for MetaTrader (desktop app, mobile app, web terminal) & via UpTrader Fx CRM
Learn more about the service on our UpTrader Invest page:
How does this service help you attract more clients and build audience loyalty?
Many novice brokers ask: Is there a simple service to easily increase sales? Yes, there is. One simple and popular way to activate a novice or hesitant audience is to offer them a copy trading platform with experienced traders.
Many traders who are new to the market are understandably concerned about the risk of losing their deposits and struggle to understand how to trade in general. A procrastinating client equals a lost client. Sometimes copy trading can help them take their first step. A clear rating system, transparent copy trading terms, risk limitation, and instant profit crediting to their account make the service attractive enough for a client to start earning with your company. The only problem to be solved is attracting traders to the service. Good trading conditions, user-friendly interface, and good rewards can help.
If you want to know more, click “Contact us” in the right corner.
06.07.2022
It is now possible to log in to UpTrader Trader’s Room via Telegram messenger. Now each broker can set up this feature for their clients in a few clicks in the Admin interface.
“Telegram is known for its strong position regarding free speech protection. That is why it has become the most popular messenger in the crypto community. UpTrader’s clients live in different countries and for many of them free speech means a lot, so they prefer to use Telegram. In the latest months Telegram popularity has been growing among lager groups. In respect to that we have made convenient authorization in the UpTrader Forex CRM.” - commented CEO UpTrader Vasily Alexeev.
More questions left? Contact us [email protected]
22.04.2022
The conflict between Russia and Ukraine revealed a global crisis of confidence and strained relations between countries. The US is talking to any opposition only to imply sanctions: "If you do not do as we say, we will impose sanctions against you, if you do as we say, we will lift the sanctions imposed on you earlier".
This rhetoric cannot help but anger world powers like China or Turkey, who see themselves as entitled to pursue their own policies. Markets react sensitively to each statement; country and sector indices, stocks, and currency are turbulent. While some are rising, others are falling. How does it affect the brokerage business?
Market turbulence and crises always attract investors. Some venture in to preserve their capital, others want to earn more money. In the last month, UpTrader saw an increase in the number of requests from companies in Asia which focus on trading gold and currency pairs. Gold is rising as a safe haven for investors during the storm. Others are looking at the energy sector, as Brent rose to $129.47 a barrel as a reaction to sanctions against Russia. Stock markets are falling. The currency market is far from being calm.
In addition, cryptocurrency and digital currencies are booming. Russia decided to make cryptocurrency legal in January 2022. Taiwan, on the other hand, introduced a ban on cryptocurrency payments, as China did a year earlier. But China's digital yuan is being successfully tested. Experts believe that it can successfully compete with the dollar in international payments in commercial exchange. After all, the dollar is losing the vote of confidence from many countries due to overusing sanctions.
All these developments are encouraging investors to open accounts with brokerage companies. An important trend that we noticed over the last couple of years is that small local companies are earning more trust and interest from customers while the giants are losing ground. As we can see, this is due to the fact that local companies are much more client oriented and aiming to meet the needs of their small target audience. They are also very flexible and quick to adjust to changes in trends, which big brokers do with a big delay.
It is common in Asia for former big Forex broker IBs to start their own brokerage companies. They have a reputation and loyal clients. To open a company, all they need is a MetaTrader server (recently, it seems, everyone only buys MT5) and Forex CRM. Separating from their former bosses allows them much more flexibility to serve clients and not depend on the policies of another company. All Asian clients who came to UpTrader in the past few weeks are asking for MT5 and Forex CRM.
Finally, working with Asian clients has always been simple and straightforward for us. This is another feature that makes working with Asia quite promising. And the time to enter the market is perfect, because it looks like the beginning of a new era.
30.03.2022
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