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“The former Yugoslav Republic of Macedonia”: presidential election and early parliamentary elections

Thursday, April 24, 2014
News Making Money

MFX Group Enters the Georgian Market

Written by Madona Gasanova, The FINANCIAL

07/10/2013 00:00 (199 Day 02:48 minutes ago)


The FINANCIAL -- MFX Group, the financial holding that owns stock company MasterForex, is now offering Georgians the chance to trade on stock markets and acquire the professional title of trader. The company’s management is optimistic about the potential of the Georgian market. At this time MFX Group is facing a shortage of qualified brokers.


By the end of 2014 MFX Group plans to open a total of 20 new branches in various cities of mostly CIS member countries and also Latvia. The company is in the process of receiving its EU license.

Interested individuals can visit the company’s website and follow the guidelines posted there. Otherwise, Eugene Zhidkov, Manager of the CIS and Baltic States at MFX Group, suggests that people can actually come to their office and listen to free introductory lectures if they are interested in acquiring a basic knowledge of the company and profession.

The majority of MFX Group’s clients are adults over the age of 30, as well as teenagers who are looking to pursue a career in the field.

“The mentality, moral fibre and stability of an individual can help us foresee whether that person could be a successful broker. If a person is highly emotional we recommend they not do the trading themselves but rather invest money and let a broker manage their money. It is easier to succeed in this business if you can keep control of your emotions even in times of stress,” Eugene Zhidkov told The FINANCIAL.

The company’s new representative office in the country has now opened in the business centre Pixel. MFX Group has invested over USD 3.5-4 million in all CIS countries. The most interesting part about the new office in Georgia is that it was established with the help of outside investors, clients of the broker. The company’s original business plan was entitled ‘the office co-investment service’; anyone willing to co-own a stock business can actually do it. Clients of the company can apply to open a representative office of MFX in a location of their choice and invest a certain amount of money thereby becoming co-owners of the new business. The size of the investment varies. Co-owners get to receive annual interest of between 30% and 50%.

“The first USD 500 for the Tbilisi branch was issued by a Chinese resident. This example illustrates two things: first - that people trust us; second - that we are helping to promote your country. We are not aiming to attract a co-investor with big finances, as we do not plan to sell our business,” said Zhidkov.

The biggest advantage, reiterated by MFX Group, is that you get to benefit from your own business instead of simply placing your money into the hands of a manager.

The plans for the Georgian outlet came about after the company successfully launched a representative office in Azerbaijan’s capital of Baku on 5 September.

“My main goal is to accurately deliver our services to each country, mostly members of the CIS. Diverseness of religion is one of the factors that determines people’s differing attitudes towards money. Understanding access to money also differs. Azerbaijani Muslims cannot invest money and receive benefit from it. The Quran forbids it. But people by nature are programmed to make an income. So, our main task in Azerbaijan was to adapt our desires according to the reality of the local situation,” said Zhidkov.

In Zhidkov’s words, the company’s management addressed the State Economic University of Azerbaijan and asked not only to translate the study guides in to their language but also to adapt to their demands.

“We are making a specialist out of a trader. The Azerbaijani market already understood that. The rector of the University told us that leading companies mostly linked to the oil business are asking for traders and offering high salaries for them, exceeding the average salary by 15-20 times. Our company is now operating effectively in Azerbaijan. We have a concrete position towards education; we know what to do and how to do it. We managed to attract people that were trading on other platforms. That is actually fairly difficult to do as traders get used to their dealing centre and changing from that is not easy,” Zhidkov said.

A trader is a true professional. They should actively avoid being overly emotional or having emotional outbursts and demands. They must be able to accurately evaluate a given set of facts and react accordingly with concrete decisions. To some people traders might simply seem to be getting money by clicking buttons. However, what is not widely known is that in actual fact before they make that final click the trader might have spent three sleepless nights ensuring that they are making the right decision. The situation on the trade market is dependent on news regarding companies. The stock exchange market is different.

MFX Group’s new marketing campaign offers the chance to double your money. Under its terms the company is issuing so-called welcome bonuses. The company doubles your budget when you open an account and put in a certain amount. “If we just charged people’s accounts with our money they would come in to the office more likely to be frivolous. However, when they pay with their own money they approach everything more seriously.”

The management of MFX Group met with the representatives of two universities in Georgia. “We can invite good specialists to come to work in the Georgian branch, but they will not be able to stay here always. So we are aiming for the education of people locally. We are facing a real shortage of qualified traders in Georgia,” said Zhidkov.

“In Azerbaijan the situation is better as there are world leading companies dealing with the monetary stock market that have been operating there for a long period of time. There are several middle range companies which are not supplying the global process of education. We will launch our education programme MFX Academy globally in six months’ time. As a result of that we will be offering live, online seminars in different languages,” Zhidkov said.

Another initiative of MFX Group includes an investment banker. Here youngsters that have business know-how can present their ideas and interested people can finance them and they can do business together as a result.

“Many experts consider the stock market to be the greatest yet hardest business of all. Our goal when cooperating with newcomers is to explain how rewarding yet risky it can be when dealing in this business. We offer advice on how and what to buy but we cannot guarantee that your preferred stock will double in a day. We can advise someone for example to buy the stocks of Samsung and Nokia but even after that we leave the final choice up to the traders. In everyday life everything that people do is ultimately down to their own choice,” said Zhidkov.

The company’s share varies depending on the deal. “The benefit for us is similar to currency exchange companies. They buy and sell different amounts and benefit from the margin,” he explained. Many people are cautious when it comes to brokers and dealing centres. They say that we want them to lose money. Thus I feel I must state for the record that I am not aiming for people to suffer losses as it is only after their wins that I receive my share of the profit,” he added.



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