Foray into the retail space: Q&A with LegacyFX CEO Mariano Obludzyner, and Leverate VP Marketing Nicc Lewis

Following the FinanceFeeds exclusive report this week that LegacyFX, a newly founded FX brokerage in Cyprus, had been established using Leverate technology and funding from some of the shareholders of Leverate, the company’s CEO, Mariano Obludzyner, who now heads LegacyFX after a number of years at Leverate as Head of Customer Relations, and Nicc Lewis, […]

Following the FinanceFeeds exclusive report this week that LegacyFX, a newly founded FX brokerage in Cyprus, had been established using Leverate technology and funding from some of the shareholders of Leverate, the company’s CEO, Mariano Obludzyner, who now heads LegacyFX after a number of years at Leverate as Head of Customer Relations, and Nicc Lewis, VP Marketing at Leverate, have spoken to FinanceFeeds in order to take a look at the rationale behind the company’s establishment.

What were the main factors behind Leverate shareholders showing an interest in going into the retail FX sector as B2C brokerage, and what was your position with regard to pushing ahead with this whilst at Leverate?

Mr. Obludzyner explained “I had the idea of establishing a new retail FX firm, created the name, the structure and convinced all the parties to “buy” the business.”

How will Leverate manage the potential conflict of interest between its clients which are brokers in Cyprus and the ownership interest in LegacyFX?

“LegacyFX is a customer of Leverate, therefore there is NO conflict of interest. LegacyFX will operate as an LXLite brokerage, which is the category of broker that uses Leverate’s CySec license to comply with regulatory requirements, as per other brokerages and will receive no special treatment” said Mr. Obludzyner.

Logo4

Mr. Lewis concurred “We view LegacyFX as we view any client. There will always be suspicions, that is just human nature. LegacyFX will need to stand on its own merits. One of the benefits our clients will get is the results of close cooperation on developing some of our products like SIRIXActive and having a test case for success.”

What is LegacyFX’s USP and value proposition in an increasingly crowded retail sector?

Mr. Obludzyner, an industry veteran, explained “Value proposition is a matter that most retail FX firms face these days, however we can remain strong by using an excellent new technology which in this case is Sirix Active. In particular, as the CEO, I have over 10 years of experience working with some of the best brokers at the industry from a B2B perspective as well as on the brokerage side, therefore am able to select the best partners and the best team.”

Leverate’s VP Marketing, Nicc Lewis

Mr. Lewis said “I think it is more a question for Mariano. Like all Leverate clients who have taken SIRIXActive, LegacyFX will have an advantage when it comes to optimizing conversion and retention. SIRIXActive is a powerful tool that will allow our brokers in general to have further reach with proportionately less spend.”

What client base and regions is LegacyFX centering its attention on?

“We are not ready to disclose the regions that we have in mind quite yet” said Mr. Obludzyner.

As a platform and tech provider, how do you see the future of Cyprus FX and how will it evolve in the next year?

“One of the more recent events was CySec regulating Binary. This is not by chance. We have seen a move towards convergence of Binary and FX” explained Mr. Lewis.

“The technology is closing the gaps. Binary platforms like BX8 offer long term options, candlestick charts and trading tools. Bot trading is trending and becoming more like algo-trading on FX.”

“By the same token we have seen FX lower barriers to entry with Social Trading like SIRIXSocial, one click trading and SIRIXActive that automates parts of the conversion flow. We already have strong interest from Binary brokers looks to add FX and more recently FX Brokers wanting to add Binary.”

Mr. Lewis said “CySec is certainly leading the way when it comes to Binary regulation and is showing leadership.”

“I would say that EU regulation is becoming more and more important. The FX market has matured. We see this with crowded market space. Traders are also maturing and looking for regulated brokers. CySec offers a sensible option for many brokers and I see Cyprus growing in 2016” concluded Mr. Lewis.

Featured Image: Mariano Obludzyner, CEO, LegacyFX

 

Read this next

Institutional FX

CLS FX volume continues downward trend in August

Total daily traded volume submitted to CLS for settlement took yet another step back in August.

Digital Assets

Huobi taps AstroPay to facilitate fiat-to-crypto payment in Latin America

Huobi, the world’s sixth-largest crypto exchange by trading volume, has recently partnered with payment solution provider AstroPay to launch local currency account deposits and withdrawals in Latin America.

Digital Assets

Crypto exchange FTX to raise $1 billion at flat valuation of $32 billion

FTX is reportedly in discussions with a clutch of heavyweights from traditional finance to raise up to $1 billion in fresh funding to fuel more deal-making.

Digital Assets

Revolut US launches trading on Avalanche, Solana, and Dogecoin

British fintech and banking firm Revolut has further expanded its cryptocurrency offering in the US with the addition of 29 new tokens.

Digital Assets

Bahrain greenlights eazyPay to launch Binance Pay

The Central Bank of Bahrain has blessed a new partnership inked by Binance with Eazy Financial Services ‘eazyPay’, a local POS and online payment service provider. The greenlight enables EazyPayto to launch Bitcoin and cryptocurrency payments in the region.

Digital Assets

Coinbase approved to offer crypto for Dutch users

Nasdaq-listed crypto exchange operator Coinbase has been handed regulatory approval to operate as a crypto service provider in the Netherlands.

Metaverse Gaming NFT

AC Milan partners with Solana-based NFT football game MonkeyLeague

“Partnering with champions like AC Milan, an absolute iconic Club throughout footballs history, is another testament to what we are building and where we are headed as a game and game studio. It also represents a key step in our plans to bridge the Web2 and Web3 worlds.”

Digital Assets

Shariah-compliant Islamic Coin to support SDG-compliant ventures, green projects, and philanthropy

Shariah-compliant Islamic Coin has recently launched a collaboration with the World Green Growth Organization and the International Youth Conference 6, taking place on September 22-25th and September 30th-October 1st, 2022, in New York. 

Market News

Week ahead: US core PCE and eurozone CPI 

We heard from a range of central banks last week and the update sparked big moves in the markets, and the bulk of the volatility was in currencies.

<