Harborx: Changing the Face of Forex Trading, One Smartphone at a Time
When it got its CySec license in 2014, Harborx wasn’t different from other forex brokers, of whom there are many registered on the Mediterranean island of Cyprus. Two years later, the company is changing the face of forex trading as it has switched to its proprietary fully-mobile trading solution in February 2016.
It is no secret that the world is going mobile, with the overwhelming numbers of users and businesses from different industries increasingly relying on mobile solutions for their day-to-day digital operations. Yet, forex trading has remained relatively conservative in the move, in spite of more and more brokers introducing their mobile apps.
In 2016, Harborx went ahead to pave its own way by becoming the world’s first mobile-only trading solution. While the change wasn’t for everyone, a high percentage of the firm’s clients moved over from web-based to the iOS platform as it was launched in February 2016. With the introduction of its Android solution in October, Harborx is quickly expanding its fully mobile client base, bringing forex trading to those who never considered joining the bandwagon.
We sat down with Harborx Managing Director Wissam Sabbah to discuss what makes Harborx unique, and who is the target client for this (what some could say strange) mobile product in one of the most misunderstood industries in the world: forex trading.
-Going from a traditional desktop trading solution to a brand new mobile app in a day — that was a bold move. What motivated this business decision?
-It definitely was a bold move, but such moves are the ones that get noticed and eventually lead to establishing a quality product with a solid client base. At Harborx, we didn’t want to provide the same services as dozens of other firms, so we went for something entirely different, something that could be accessible to a more diverse audience.
-So who is your audience?
-Everyone! Just like a buzzed-about mobile game can be popular with people from different generations and walks of life, so is our app. Harborx offers simplified forex trading, and while some of our clients have background in forex trading, others don’t. They approach it as a fun game they can play on their smartphone here and there throughout the day. People spend lots of time and money playing popular games we all have in our phones. Harborx is an alternative that lets you make money instead.
-Can you actually make money on the app and get them into your bank account?
-Yes, and this is what our clients do! Harborx users can place a withdrawal request as soon as they make their first USD100 in profits, and we see it happen all the time. We see our clients double and triple their account balances. That’s not to say it’s easy, and traders have to be persistent and willing to learn, but that’s part of the fun. And this is where the growth happens.
-In Harborx, deposits start at only $50. This is ridiculously low for forex. Do professional traders take you seriously?
-Professional traders, who understand the market, know what can be done with any amount, be it 50 US Dollars or 50,000 US Dollars. Many enjoy unwinding after a long day with literally tiny amounts and simple trades. Coming from a finance background myself, I can say that I get the same kick from ‘smaller’ trades on the app as I did from bigger amounts and ‘professional’ platforms back in the day. When you do not trade millions (that usually belong to someone else), you can relax, kick back and have fun.
What’s more, we should remember that while 1,000 or even 5,000 US Dollars may seem like a low amount for professional traders, this figure is very high for amateurs. And, as a general fx trading rule goes, one should never invest an amount higher than what they are prepared to lose. At Harborx, we keep deposit requirements low, so a beginner can start with as little as 50 US Dollars.
-How can an absolute beginner start trading forex?
-They can, easily: all it takes is downloading our free app and following a simple registration process. We assume that everyone has some understanding of currency exchange: people shop online, they travel, exchange some cash for trips abroad and so on. As many countries’ economies depend on world’s major currencies, exchange rates and market situation often make it to world’s top news. It means that understanding forex market is a lot easier than stock market, not to mention some other financial instruments.
-So what does the first day on the app look like?
When users come to the app, they get a small welcome bonus, enough to place a few trades. The easiest way to start is by following Harborx Stars, our star traders, who provide what is known in the industry as forex signals. This is also a good way to learn as users see how market moves and how their trades perform. Of course, there’s an option to trade independently. The app includes basic charts that illustrate movement of the currency pairs, which is popular with beginners and professional traders alike.
What makes Harborx unique is the opportunity to learn and make money on the smartphone, as opposed to wasting money and time on the phone: this is what we call #SmartNotSilly. We believe that any time you have can be your #TradingTime, after all, the market is open Monday through Friday. As a team, we see Harborx app as an important step towards democratization of forex trading. We are genuinely excited to help clients change their perception of forex trading and help take the industry of currency trading mobile.