B2Broker COO Evgeniya Mykulyak talks CySEC license, how expos elevate brand
As the iFX EXPO Dubai 2022 opened its doors to the investment world, crowds flocked to the spectacular Za’abeel Halls at Dubai World Trade Centre, eager to witness first-hand the first major show for the new year.
In an exclusive interview with FinanceFeeds, Evgeniya Mykulyak, Chief Operating Officer at B2Broker, discussed recent cutting-edge advancements in the B2B ecosystem. She also highlighted why they were so eager to attend this expo each year to elevate their brand.
FinanceFeeds Editor in Chief Nikolai Isayev asked B2Broker COO about her impression of this particular show.
Evgeniya said that excitement levels were already high before the gates were opened, with visitors lining up after traveling from all over the world to be among the first to attend iFX EXPO Dubai.
In this year’s edition, B2Broker secured diamond sponsorship to ensure a dynamic involvement throughout the prestigious event. The company was one of the expo’s critical participants to exhibit its range of technology and liquidity solutions.
In our conversation, Evgeniya said that B2Broker’s booths were staffed by their team of experts who were available throughout the expo to showcase the company’s products and services. They also had productive talks with potential clients about a variety of issues and gave them a demo of its solutions.
“We visited this expo for the first time back in 2015. Since then, it has become one of the trade shows that we are trying not to miss every single year. Interestingly, when we started to visit the Dubai expo seven years ago, we rented a small booth. In this year’s edition, we were one of the main sponsors. So yes, this is one of my favorite FX shows.”
Moving on to the business side, we spoke a little bit about their turnkey software solution that helps entrepreneurs launch a new FX brokerage with minimal effort, maybe even in a month.
Ms. Mykulyak explained that there is no need for a start-up company to develop any components of a brokerage business as B2Broker has a full-package of products which are built to work together. She describes the offering as a broad and multifunctional cabinet, suitable for every type of financial business. Everything a company needs falls under one roof with B2Broker, including integrations with payment services, trading platforms, support systems, KYC procedure and marketing tools.
“Excluding the regulatory and legal matters, the technical setup from our side will take approximately one month, and it will include a white label of MT4 or MT5 platforms, a multi-asset liquidity covering Forex, crypto, CFDs, etc, as well as Back Office, CRM, and social trading system, if this feature is embedded into the client’s business model. We can also help with building a professional website.”
Back in November, B2Broker broadened its global reach through B2Prime, a Cyprus-based financial institution registered and supervised by the CySEC. When questioned about the rationale behind the expansion into the heavily-regulated EU market, Evgeniya noted that B2Broker has been highly active over the past few years in terms of expanding its business footprint.
Concerning what the new licenses mean for clients, she explains that being a CySEC regulated broker means that they must adhere to the strictest financial market regulatory standards, including capital adequacy requirements, segregation of client funds and transparency of business operations. In addition, the new approvals allow clients residing in the EU, UK and other jurisdictions to be safely onboarded under the EU MiFID II regulatory standards.
Expressing her excitement over this milestone, Evgeniya elaborated that “licenses are very important to work with local companies, and also for bank transfers. Also, we are building a multi asset liquidity and technology business, so I believe this strategy helps us to have more and more clients from different countries. Right now, the only continent from which we don’t have clients is Antarctica.”
Headquartered in Limassol, B2Broker has 9 offices in 8 countries across Europe, Asia and MENA. A total of 7 licenses including from FCA, AEMI and CySEC allows B2Broker to serve clients across 50 countries, offering liquidity distribution and a range of other services to the forex, crypto and securities industries.
Back at the product side, we also asked Evgeniya about their flagship product, B2Core, which reportedly costs something like $1,500 a month to use.
Formerly known as Trader’s Room, Evgeniya explained that B2Core enables brokers looking to start their operations to streamline basic functions such as conducting real or demo account opening, as well as payment processes including deposits and withdrawals, and transfer funds between accounts. She added that a new generation of the professional software helps brokers and exchanges manage their customers, admins and IB-partners in one place. Evgeniya emphasized the product turns out to be exceptionally useful for FX and crypto brokers, crypto exchanges, margin trading platforms, EMIs, and even banks.
“This is the first product that we developed back in 2014. Of course what you see right now is completely different, because we upgraded a lot and every single month, we add more and more features. It offers an all-in-one solution, as business owners get an ultimate CRM, trader’s room, and client’s portal. The chosen package is customized in accordance with your business goals and needs. There is no setup fee, but it costs $1,500 per month, which is less than half the salary of one developer. But at the same time, you get everything included such as mobile applications for both iOS and Android devices.”
Toward the end of his conversation, Ms. Mykulyak shared her thoughts on how attending trade shows might sound like a cost-effective way to build business. B2Broker had reportedly spent around $1.5 million on participating in these kinds of events.
Although she didn’t confirm these figures, the company’s COO said one of the major benefits is that these expos implicitly confirm that your brand is still up and running – simply because you attended it.
Evgeniya also believes that when you go to an event in your brand’s niche, you are able to interact with other like minded individuals. This is one of the easiest ways to build up new professional connections in a new place.
Networking is always good for business, but the real triumph usually goes to the marketing side, she notes.
“Our marketing right now can be divided into online and offline. For us, expos help a lot, but its great advantage is to increase the brand awareness rather than generating more leads. At the end of the day, the main idea is to remind market participants that we are still here, we are still working, we develop new products, and you can come and see it.”