MarketSimplified, a leading global provider of mobile platforms for the financial services sector, is pleased to announce that recent data demonstrates that FOREX traders are the fastest growing segment of the trading population using mobile applications. As part of its expansion in this sector, Market Simplified recently opened an office in the US, to be headed by David Waring, Managing Director, Business Development and Strategy.
âWith David joining the team, we will actively be looking to increase our client base and capabilities for FOREX trading firms in the US and globally,â said Venkat Rangan, Co-Founder & CEO of MarketSimplified. âFOREX is a rapidly growing segment of the mobile trading landscape. We recognize the importance of having a compelling user experience that will lead to more trades on mobile applications and we strive to bring this capability to our clients.â
As a market segment, FOREX trades on the MarketSimplified platform grew 350% between Q1 2010 and Q1 2011, which was proceeded by a massive hike in trades of 1300% between 2009 and 2010. The number of FOREX traders grew 156% between 2009 and 2010 and comprise 35 % of the MarketSimplified universe of traders.
âI am delighted to join the MarketSimplified team and to be expanding our North American client base, which already includes many of the top firms in the industryâ said Mr. Waring. âThe FOREX sector is strategically important to the firm, and we have a proven track record of developing the best custom labeled trading applications for firms that want to provide an optimal trading environment on any mobile device."
Mr. Waring brings a wealth of experience to the firm including roles in management, sales, and business development with both institutional and retail FinTech firms as well as FOREX. Most recently he handled sales and implementation for bulge bracket banks and large hedge funds for Pivot Inc., a leading software provider for block equity and OTC derivative traders. Prior to this Mr. Waring was CEO at InformedTrades LLC, a social network for traders, and a Managing Director at FXCM, where he ran their business development and white label partnerships divisions.