LeapRate Exclusive… LeapRate has learned that longtime AxiTrader executive Dean Hyde has left the company, and is getting set to launch a new Retail Forex brand called (uniquely) Blueberry Markets.
Hyde had been with AxiTrader, Australia’s largest Retail Forex broker, for nearly six years, starting as a Sales Trader and steadily working his way up the ladder to become Sales Manager over the past 18 months.
So why leave AxiTrader now?
What are Blueberry’s plans – planned launch date, platform, market-maker vs STP, value proposition…?
And of course, how about the unique name Blueberry Markets?
We’re pleased to speak today with Blueberry founder Dean Hyde, who addresses all these issues and more.
LR: Hi Dean, and thanks for joining us today. Please let us know a little more about your decision to leave AxiTrader and set up your own Forex brokerage.
Dean: Thank you for having me, I appreciate your support of my brokerage and the industry as a whole.
My decision to leave AxiTrader was quite simple in the end. I reached a point where I needed to consider the next step in my career in the FOREX and CFD industry. I had been a loyal employee of AxiTrader for over 6 years where I started as a Sales Trader and then progressed to Sales Manager.
Throughout this period, I developed the knowledge base of various aspects of the brokerage. I decided, my next step would be to challenge myself as a professional and participate in the section of the industry which I enjoy most, which is client relations and business development.
The challenge of starting my own brokerage was the path I decided to take. This would allow me to put the knowledge I had gained into practice and also build a brand that would be an extension of myself and my personality.
LR: Why the name Blueberry Markets? (Personally I love blueberries, but that is somewhat of a unique name in the FX world.)
Dean: It is definitely a unique name, which was one of my objectives when deciding on a name for my brokerage. The design comes from two blueberries placed on top of one another to make the figure 8 which is also my lucky number.
A major reason for also choosing the colour blue as the central theme throughout my branding, is due to blue having a perception and emotional trigger in marketing. The colour blue represents a brand that you can trust, a brand that is dependable and a brand that has strength.
These three characteristics are the foundations for my brokerage. Firstly, a trust in Blueberry Markets as a financial institution. Secondly, a highly dependable and professional client service experience. Thirdly, financial strength ensuring that Blueberry Markets will be a market participant for many years to come.
LR: Which trading platforms will you be offering?
Dean: Blueberry Markets will be offering MetaTrader 4 for retail and institutional FOREX and CFD traders. Additionally, money managers or clients executing across multiple accounts will have the ability to trade on Multi Account Manager accounts which are also offered on the same institutional grade liquidity and execution as MetaTrader 4.
This will allow Blueberry Markets to service a wide segment of the industry, with additional platforms being implemented as the industry changes.
LR: Will Blueberry be acting as a market maker, or will you be clearing via one or several of the larger brokers?
Dean: Initially, Blueberry Markets will be clearing via larger brokers. We will then grow to such a level where we have the ability to provide a prime of prime offering.
This approach will allow us to solely focus on the client with the focal point being client services and business development. This means understanding exactly what the client wants from Blueberry Markets as a MT4 broker.
LR: The ASIC regulated brokerage market is quite competitive, with strong incumbents like your previous employer AxiTrader, Pepperstone, Invast, IC Markets… as well as strong foreign competitors like IG, CMC Markets and Saxo Bank to name but a few. Other than by name, how will Blueberry Markets differentiate itself with FX traders?
Dean: That is a great point and a common question that I have been asked in light of starting a brokerage. The response is very simple.
There are brokers that offer a low spread. However, the trade-off is that the tight spread coincides with a low level of client services. Then, there a brokers that offer a high level of client service but the compromise is a wide spread and high commission.
The opening I observed in the market was to provide a low spread brokerage with a high level of client service allowing the clients freedom to focus on their trading. This ensures that they are setting themselves up to reach their potential. Low spreads are achieved through careful selection of liquidity providers coupled with heavy focus on trading infrastructure. The high level of client service is achieved through doing the simple aspects of operating a brokerage correctly. This includes an intuitive client portal, a suite of funding methods, quick email response times and a live chat facility.
LR: When should we look for Blueberry Markets to formally launch?
Dean: I am thrilled to announce that Blueberry Markets is due to launch on the 15th of August, 2016.