With the news of England’s vote to leave the European Union, world financial institutions have been thrown into a relative panic. Among the most affected industries is the foreign exchange market, in which the British Pound has plummeted in value. Nonetheless, foreign exchange broker FXTM is optimistic about the market’s return to stability, introducing a new loyalty program on Friday—the very same day as the Brexit voting results.
Jameel Ahmad, VP of Corporate Development and Market Research at FXTM, spoke about the new program, emphasizing the program’s function as a source of added value for its most loyal traders.
“Our new loyalty program is a great way for our active clients to earn more from their trading,” said Ahmad. “We place a lot of value in our traders' loyalty and remain firmly committed to nurturing an experience that is enjoyable and rewarding for our traders. The FXTM Loyalty program is our way of saying 'thank you' for trading with us.”
The world of forex trading is one that is steeped in risk, and creating a broker-specific loyalty program is a unique step toward encouraging traders to invest with FXTM. Especially in the wake of the Brexit vote, firms will be jockeying for position following the tailspin created by Britain’s withdrawal from the EU.
The program, called FXTM Loyalty Cashback, prides itself upon giving traders real, withdrawable money, as opposed to more obscure loyalty program currencies. This design decision is likely due to the ability for traders to put rewarded money back into more investments, creating a “self-fueling fire” of sorts for the firm’s customers.
FXTM Loyalty Cashback is centered on five tiers, each giving customers more value as they trade with the brokerage firm. The tiered system makes sense given the industry, as the small element of gamification added by loyalty tiers fits directly with the adrenaline-fueled trading experience.