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Foreign Exchange Brokerage
Our client is an FCA regulated execution-only forex and CFD broker based in the City of London (Fleet Street), providing retail and institutional clients competitive trading solutions for a wide array of asset classes which include forex, shares, indices and commodities. Due to current expansion and growth of the business they have moved into larger premises and are looking to recruit a new team of experienced, or entry level, traders to be based in their dynamic office. We are happy to hear from experienced brokers or those looking to begin a career in this sector.
Catering to individual and institutional traders worldwide, they provide their clients with a diverse range of sophisticated trading tools and services. Clients can trade with one of the most popular and reliable trading platforms in the forex industry, MetaTrader 4, or clients can trade using their proprietary trading platform ProTrader. They provide trading services for more than 50 currency pairs as well as indices, CFD’s, gold, silver, oil and other commodities.
Due to current expansion they are seeking candidates for a range of positions from entry level and graduates through to senior brokers and team leaders.
If successful, you will be part of an established trading floor with teams of junior and senior level traders. You will also receive the benefit of intensive and on-going training in order to develop your skills and progress through the company. Whether you have experience in this sector or are new to the industry we will consider all applications for junior to senior level roles.
- Be making over 200 calls every day
- Be talking to financially experienced individual and institutional traders
- Be trained to open and close very large accounts with these investors
- Be earning uncapped sales commissions and bonus incentives based on performance
- Be trained to reach a senior level at the company within a 6-month timeframe
- Have the potential as a senior to be earning £5,000+ a month
Salary, Commission and On Target Earning Details:
The remuneration package can give you a substantial income whilst still in year one. Both your basic and commission can rise significantly in the first three months and again when you qualify and are promoted. You will be paid seriously high uncapped sales commissions designed to reward those sales people that are willing to put in the hard work.
You will be paid a varying spread of commissions with your basic dependent on the product/service you will be offering, this can be paid from the deposit the client places or the repeat business that is generated through their trades. Any client generated through yourself becomes part of your portfolio and as such any further trades are directly related to your income, meaning that you can and will receive repeat commissions.
What is the “Foreign Exchange Market”
The foreign exchange market is the market in which participants are able to buy, sell, exchange and speculate on currencies. Foreign exchange markets are made up of banks, commercial companies, central banks, investment management firms, hedge funds, and retail forex brokers and investors. The forex market is considered the largest financial market in the world.
The foreign exchange market – also called forex, FX, or currency market – trades currencies. Aside from providing a floor for the buying, selling, exchanging and speculation of currencies, the forex market also enables currency conversion for international trade and investments.
The forex market has unique characteristics and properties that make it an attractive market for investors who want to optimize their profits.
The forex market has enticed retail currency traders from all over the world because of its benefits. One of the benefits of trading currencies is its massive trading volume, which covers the largest asset class globally. This means that currency traders are provided with high liquidity.
Open 24 Hours a Day, 5 Days a Week
In the forex market, as one major forex market closes, one in another part of the world opens. Unlike stocks, the forex market operates 24 hours daily except on weekends. Traders find this as one of the most compelling reasons to choose forex, since it provides convenient opportunities for those who are in school or work during regular work days and hours.
The leverage given in the forex market is one of the highest forms of leverage that traders and investors can use. Simply put, leverage is a loan given to an investor by his broker. With this loan, investors are able to enhance profits and gains by increasing traders’ and investors’ control over the currencies they are trading.
For example, investors who have a $1,000 forex market account can trade $100,000 worth of currency with a margin of 1%, with a 100:1 leverage.
The Biggest in the World of Finance
In 2013, the Triennial Central Bank Survey of Foreign exchange and OTC Derivatives Market Activity provided statistics on the amount of currencies traded daily, and has stated an average of $4 trillion traded daily. The break-down of this amount shows that $1.490 trillion were traded in spot transactions, $475 billion in outright forwards, $1.765 trillion in foreign exchange swaps, $43 billion in currency swaps, and $207 billion in options and other forex products.
There is a lot of myth and misunderstanding on this but it is actually quite simple. An Act of Parliament has clearly defined that a Financial Service has to be regulated. It further defines exactly what a Financial Service is and therefore which companies have to be regulated. The regulatory body in the UK is the FCA – Financial Conduct Authority. The FCA regulate companies that trade in shares, consumer credit, banks, stockbrokers etc. If you fall under their definition you have to be regulated to trade. This company is an FCA regulated company.
Is there a basic as well as commission?
Yes, you will be paid a salary based on your experience. For the first 3 months’ there is a monthly allowance of £500 to assist with travel costs. After 3 months’ you will be paid a salary ranging from 12k – 18k and above depending on your experience.
Is there commission from day one?
Yes, you will be paid seriously high uncapped sales commissions designed to reward those sales people that are willing to put in the hard work. If your performance is average, you may only earn 20k in your first year however if you are prepared to put in the hard work than you will be looking to earn 5k+ a month as a senior.
Is there Induction training?
Yes, you will receive the benefit of daily intensive and on-going training in order to develop your skills and progress through the company. There will be a morning meeting to discuss the financial markets which will include reading the Financial Times.
Is there ongoing training?
Yes, on-going training will be in place whether you are experienced in this sector or are new to the industry.
What Qualifications do I need?
As an absolute minimum you should have five GCEs certainly with English and Mathematics. For the graduate level position, you will need a University degree at a minimum level of second class honours, or 2:2 in any subject (preferably in Economics, Finance, Business, Mathematics or similar)
What experience do I need?
- You must have experience in finance (FX, CFD’s, Commodities, or any type of broking OR
- have studied economics, business, finance or similar as a Graduate OR
- sales /telesales/customer service experience and an interest in finance.
Ideal candidates will have broking or finance related experience, or a degree in a compatible subject.
What is the interview process?
We are interviewing suitable people that have applied all on one Saturday. You have to be available on that date. There will be a presentation on the position and the company, some group role plays and individual exercises before 121 interviews. Offer decisions will be made on the day. Managers or Directors from the company will also attend as well as Success Moves personnel.
What are the key personal qualities sought?
You will need to be a strong, confident closer with a positive determined attitude. We also look for people that can demonstrate a clear record of sales success and a positive attitude, especially through obstacles. We are also selling investments and look for people with complete honesty and integrity. We look for stability and achievement.
What do I need to bring?
Two forms of identity, such as a passport or driving license. Anyone failing to bring these will not be interviewed. You also need to bring the contact details of two referees – one business, one personal. The former will be checked on the day the latter following an offer.
- How to Trade and Win – A beginner’s guide to Stocks, CFD’s and Forex trading by Kevin Bytes (Kindle Edition or Download)
- CFD’s – A Brief History and Insight by Samuel Morton (Kindle Edition)
- The Handbook of Investing in 2016 – Understanding today’s financial markets and asset classes by Alessandro De Cristofari (Kindle Edition)
- Rich Dad Poor Dad by Robert Kiyosaki
- Investing for Dummies by Eric Tyson
- How to Win Friends and Influence People by Dale Carnegie
- Advanced Selling for Beginners by Alex McMillan
- The intelligent investor by Benjamin Graham
- Warren Buffet’s Ground Rules by Jeremy Miller