LeapRate Exclusive… LeapRate has learned that a new FCA regulated Retail FX broker just launched operations under the fairly unique brand name of BlackPearlFX, a trading name of Black Pearl Securities Limited. The broker also seems to have social trading in mind.
We are pleased to bring LeapRate readers an exclusive interview with BlackPearlFX co-founder and CEO Francesco Porcu, who addresses everything from the company’s somewhat unique name, to which regions it plans to focus on, to how BlackPearlFX plans to differentiate itself in an increasingly crowded FCA regulated market.
Before founding BlackPearlFX, Porcu was in senior FX sales positions with Squared Financial, Hantec Markets, and ODL Securities.
LR: Can you please let us know a little more about BlackPearlFX, and the decision to launch a retail forex brokerage?
Francesco: The decision of launching a retail forex brokerage comes pretty much from listening to the frustration of the majority of retail clients. The retail audience seemed to struggle to find a firm that offered a pure STP liquidity at affordable costs. We identified this gap in the market and decided to fill it. BlackPearlFX wants to work with clients, traders and Money Managers to create a tailored solution for each one of them. That’s why we welcome all trading styles: scalpers, news traders, arbitrage. Our aim is to go above and beyond other investment firms by offering a bespoke forex service that stands out from other currency services on the market.
BlackPearlFX is regulated by the FCA and this allows us to offer to our retail clients a more secure trading environment, as all the money received from them are kept separate from company funds, in a segregated account and at no point treated as company assets.
The launch of the website is part of the company’s International Brand and Business Plan to expand in Asia and South America, hence the website has been translated into Cantonese, mandarin, Spanish and Portuguese and the consequent strengthening of the support desk for these countries.
LR: BlackPearlFX is something of a unique name-much different from other online brokers who have either initial acronyms (IG, ETX, LCG…) or more trading related names. Can you let us know how you chose the name?
Francesco: The name BlackPearlFx originates from the Chinese culture, of which I am very passionate about.
Pearls symbolize wisdom acquired through experience. They are believed to attract wealth and luck as well as offer protection. The pearl is also said to symbolize the purity, generosity, integrity, and loyalty of its wearer. Black pearls mean wealth and prosperity.
At BlackPearlFX we aim to offer the same: Our experience is at our client’s service and their capitals are protected.
LR: The FCA regulated online trading market seems to be a very lucrative one, but getting increasingly crowded. How will you go about differentiating BlackPearlFX?
Francesco: I strongly believe in the importance of having a competitive edge over other brokers as key to success in an industry that, as you said, it is becoming quite cramped.
Our partners and technology providers allow BlackPearlFx to have a very flexible trading technology architecture. Fast trade execution is key, but again the real competitive differentiation will be achieved by offering pre and post trade services in a way that supports client business process like they have never seen before. At BlackPearlFX we try to develop a coherent image of the company. High quality and superb customer service is our top priority.
LR: How did you go about building your management team at BlackPearlFX. Who have been your key hires?
Francesco: From the outset BlackPearlFX intended to differentiate itself, not only in terms of technology and pricing, but also in terms of the nature, character and expertise of our team.
Our IT Director Keith McCulloch is a roast-lamb hunting, rugby player and undercover geek. In the young days he was hoping to become an air force pilot but since acquiring his first computer at the tender age of six, he has rarely been seen without some sort of gadgets at his fingertips.
His technology career in the forex and IT industry spans 10 years.
Our young sales team has just been bolstered with a Spanish and Chinese speaker. Despite their still short careers, they know BlackPealrFX is the best place to work in the city of London and we are lucky to have them.
LR: Will you be solely UK focused, or are you looking at pouring marketing resources into other specific regions?
Francesco: We are strongly focusing in the Chinese market at the moment where we have relationships with brokers and professional traders. It is in the plan to have a representative office over there as well in the next future.