Exclusive: FXPRIMUS appoints new CMO a year after Laoura Salveta’s departure

Leaving Orbex after a year as Head of Marketing, Vince De Castro becomes CMO of FXPRIMUS

The retail FX sector in Cyprus, which consists of over 150 registered entities ranging from small white label partners of larger brokerages whose management is largely not based in Europe, to vast, long standing enterprises with global client bases and international pedigree.

As the evolution of the Cyprus-based retail FX business has expanded laterally rather than evolved, the longevity of career among many participants is often punctuated by moving between the companies on the island.

Today, FXPRIMUS gains a new Chief Marketing Officer, superseding Laoura Salveta,  a very well respected marketing executive among Cyprus based FX firms, who left the company in October 2016.

FXPRIMUS soldiered on without a permanently appointed Chief Marketing Officer, temporarily standing Helen Astaniou in to lead the company’s marketing efforts until today’s appointment of Vince De Castro.

Mr De Castro joins FXPRIMUS from Orbex, where he was Head of Marketing for one year.

Prior to joining Orbex in January 2017, Mr De Castro held the position of Director of Digital Marketing at easyMarkets, one of the longest established retail brokerages in Cyprus, having been a major influential force in retail FX since 2003, and a development ground for a vast number of FX industry professionals who are now employed at other firms.

Joining easyMarkets in 2014 after a brief stint at LiteForex, Mr De Castro was Head of Marketing at Liquid Markets for a year and a half, leaving the firm in January 2014, a year prior to Liquid Markets having become insolvent following the Swiss National Bank’s decision in January 2015 to remove the peg on the EURCHF pair, creating an irresolvable exposure to negative client balances.

Mr De Castro spent a year and a half at easyMarkets (at the time easyForex) as his first tenure at the company, in the capacity of SEM Manager between 2011 and 2013, rejoining the company a year later after leaving Liquid Markets.

Educated at Ryerson University, Mr De Castro has a degree in Business and Information Technology.

Leading FXPRIMUS marketing strategy will be a distinct challenge, as the firm’s commercial image has been one of distinction in terms of its approach and product ranges, often aimed to engage clients in a more abstract way than is the case with other CySec regulated MetaTrader 4 based companies, as well as instilling confidence in a post-MiFID II environment.

FXPRIMUS has undergone substantial metamorphosis over the years, having moved its entire operations to Cyprus, and having waved goodbye to some very senior talent including former COO Stephen Leahy, one of North America’s most respected retail FX experts who is now head of Cryptocurrency at New York-based consultancy Shift Forex.

The firm also made prominent news last month when its booth at the vast Shanghai Money Fair was left derelict after an altercation with clients saw the early retraction from the expedition by FXPRIMUS representatives, the company having spoken to FinanceFeeds exclusively about the incident at the time.

Marketing within the fiercely competitive Cyprus based retail sector is as competitive as ever, and with value propositions being a very big consideration, as well as costs of acquisition and retention, this is a position and challenge not to be taken lightly.

 

Read this next

Industry News

Celsius $750m insurance claims are fraud, says lawyer seeking EU crypto superfund

“It is an intentional deception in aid of a billion-dollar securities offering.”

Institutional FX

DGCX brokers authorized to provide derivatives trading and clearing services

The DFM is looking to provide multiple asset classes such as; equities, ETFs, equities’ futures, crude oil futures, etc. to meet the growing demand from its diversified base of local and international investors.

Digital Assets

EQONEX leaves “crowded crypto exchange space” amid crypto winter

“The recent extreme market volatility and declining trading volumes have added to the headwinds being felt by exchange operators. We take a realistic view that our exchange will not move the needle for us financially over the near-to-medium term.”

Digital Assets

FTX and Paradigm partner for spreads trading: lower risk, lower fees

“This structured spread trading product is the first that will enable crypto investors to utilize cash and carry trades through FTX and Paradigm.”

Industry News

SEC uncovers online retail brokerage hacking scheme

Fraudsters were able to sell their holdings at artificially high prices and reap more than $1 million in illicit proceeds, the SEC alleged. 

Executive Moves

Cornerstone FS taps James Hickman as CEO

“I see great potential in the business from its proprietary technology to its regulatory permissions. It is already delivering an exceptional service to its SME customers and the scalable platform is ideally positioned to add further product capability.”

Retail FX

FCA warns of Lite Forex Pro as crackdown on clone scams continues

The UK Financial Conduct Authority has put out a press release that warns about a new ‘clone firm’ investment scam impersonating LiteForex‎, which rebranded last year as LiteFinance.

Digital Assets

Novogratz’s Galaxy Digital backs out of $1.2 billion deal to buy BitGo

Crypto merchant bank Galaxy Digital would not move forward with its bid to buy digital-asset custodian BitGo.

Executive Moves

OctaFX elevates Nikolas Charalampous to executive director role

OctaFX has promoted its head of dealing, Nikolas Charalampous, to the role of executive director, which saw the expansion of his day-to-day responsibilities and oversight.

<