An acquisition and an almost failed brokerage: Former SunbirdFX exec Gabriel Weinstein reports from inside
Former Leverate executive Gabriel Weinstein joined retail FX brokerage SunbirdFX in August 2014 as White Label Manager, and was part of the firm’s senior management during its acquisition by Aviv Talmor’s YouTradeFX. Mr. Weinstein, taking his experience within the industry gained at United Mizrahi Bank, one of Israel’s largest financial institions, and broker solutions provider […]
Former Leverate executive Gabriel Weinstein joined retail FX brokerage SunbirdFX in August 2014 as White Label Manager, and was part of the firm’s senior management during its acquisition by Aviv Talmor’s YouTradeFX.
Mr. Weinstein, taking his experience within the industry gained at United Mizrahi Bank, one of Israel’s largest financial institions, and broker solutions provider Leverate, where he spent two years between 2012 and 2014, has now entered advanced discussions with the educational side of a binary options brand, which he will provide more information on very soon.
In a detailed interview with FinanceFeeds, Mr. Weinstein elaborates on what it was like at SunbirdFX during the time of its acquisition of YouTradeFX from Aviv Talmor by Amos Barzilai, the owner of SunbirdFX.
Mr. Weinstein told FinanceFeeds “The new binary options brand is still in its early stages, therefore I will provide more information when it is ready to launch.”
With regard to his tenure at SunbirdFX, Mr. Weinstein said “I essentially assited Sunbird in the massive merger with YoutradeFX and the restoration of the various brands of the company. When I got to see the status of the firm it was on the brink of collapsing (due to poor management policies) and SunbirdFX at that time was a white label under Go Forex.”
“Both firms required a jump start to become something bigger than they were before. I established a new dealers desk while training a chief dealer which was to be in charge of both companies” he said.
“We merged the clients from both firms together, a task which anyone with a MetaTrader server can say is not an easy feat to achieve. It’s like moving tens of thousands of clients from one moving train to the other while not losing valuable trading data and their active trades.” – Gabriel Weinstein
“I have also helped in establishing the new site for Sunbird which used a very old format up until that point. All the while, training all the sales desks in forex. Most forex firms recruit sales specialists that have no background in the forex or the binary world and feel content with their skill level. However this knowledge gap comes into play and to their detriment when a professional client reaches the sales person and they get stumped when they start using forex terminology. After Sunbird I started creating a completely new binary brand along with the technology from Tradesmarter to establish a medium sized business from the get go” continued Mr. Weinstein.
“This was possible with the help of a new and well funded investor from L.A. who wanted to create a well organized firm and not the standard start up team that most investors do when they go into this world of online trading. I created work flows, business plans and the general structure of the firm and its staff.”
“Nowadays I’m more looking towards the education field and to be the head of a training department for an established binary brand. It’s true that the industry is suffering from a down slope right now and many firms are reducing staff and consolidating their resources towards niche markets and untapped regions where there is still potential to grow, unlike Russia which became a difficult market to operate” said Mr. Weinstein.
“In this field it is smart to diversify your career choices and embed yourself with a regulated and established firm that has strong financial and managerial roots. I do see the strong firms flourishing more in this environment at the expense of the smaller collapsed firms.”
“I mainly saw the aftermath of what happens when the owner becomes the CEO and is looking to maximize profits at any cost. Thats how you get a giant firm who used to have 250 employees and 5 international offices reduced into a shell of itself on the brink of bankruptcy and total brand destruction. It was sad to watch from the outside on such a thing.”
“I think today they are in better hands and management that knows how to operate in the forex world without resorting to scorched earth tactics” he concluded.
The opinions in this article reflect those of Gabriel Weinstein.