Forex company IronFX is creating a virtual accelerator program to support FinTech ventures aimed at minimising the trading knowledge gap.
The virtual accelerator program will specifically focus on FinTech enterprises providing training and knowledge solutions to forex traders. It will be open to pre-seed, seed, and round A startups worldwide, giving remote guidance and services to support ventures in development and go-to-market.
The program will comprise of an incubator (dedicated to early-stage startups) and an accelerator (designed for more mature FinTech companies). It will focus on key growth issues such as R&D, business development, marketing, and sales, and will connect founders with mentors and leading entrepreneurs. Ventures applying to the programs will get an opportunity to take part in a 3-month journey and enjoy essential support and resources to establish their business and grow internationally. The company reports advanced negotiations with a first venture are already in place and are expected to be completed soon. The technology will be implemented into IronFX’s platforms as a proof of concept.
The launch is a part of an ongoing effort on IronFX’s part to locate and obtain innovative tech with significant market potential, including a soon-to-be-opened R&D centre in Mumbai. Their strategy is two-fold: Firstly, the company will combine new solutions within its offering for beta testing. Then, the same technologies will be used to develop products for leading financial service providers worldwide. With the new accelerator, IronFX is issuing a call to arms – encouraging entrepreneurs and innovators to create unique, state-of-the-art FinTech solutions that will help people around the world improve their financial status in the following years.
IronFX, one of the largest Forex service providers around the world, announced the accelerator launch six months into the COVID-19 pandemic. Lockdown circumstances around the world drive innovators to action and unique solutions and ideas are popping up everywhere. IronFX takes advantage of that movement to create state-of-the-art training and knowledge solutions that will teach traders all about what is day trading and make forex trading safer and easier. While Forex companies are often branded as a scam, IronFX is proving it is worthy of trust by actively working to ensure traders are as informed as possible.
“We tried to recognise the barriers people face when they want to start trading,” says Spyros Teocallis, Chief Customer Officer at IronFX. “People want to know exactly what is day trading before they start trading. We get that – people are trading their money here, and we want them to be as safe as possible. We know there is a forex trading stigma in society. IronFX is doing its best to prove it is not a scam and giving people as much information as possible to earn traders’ trust”.
What is a FinTech accelerator?
According to info from FundersClub, at a high level, startup/FinTech accelerators and incubators are organizations that seek to help startups attain success. Startup accelerators tend to focus on providing startups with mentorship, advice, and resources to help the startups succeed, including a Demo Day, a day to focus the attention of the startup investor community on the startups through hosting a series of investments pitches from the startups to startup investors.
Accelerators tend to not offer dedicated office space to startups (and may encourage startups to find their own dedicated space), but may have a physical location for shared resources and accelerator events such as invited guest speaker talks and advising office hours. Incubators tend to offer dedicated office and development space to the startups for a set period of time.
Startup/FinTech accelerators and incubators can get involved at all stages of a startup’s development, from idea stage to revenue-generating, late stage. However, most tend to focus on relatively early stage startups, as this is when companies can typically most benefit from outside help.
Startups are usually admitted in batches, with many incubators and accelerators offering 1-3 batches per year. Some focus on a specific industry, market, technology, stage, or other thesis, whereas others are more generalists. Most seek to run an application and screening process.
However, while a handful of accelerators and incubators have been very successful in helping startups attain success, being admitted to a startup accelerator or incubator is not a guarantee for success to a startup founder, and not a guarantee of a sound investment for a startup investment.
IronFX is the award-winning Global Leader in Online Trading, providing 10 trading platforms and over 200 tradable instruments in forex, spot metals, futures, shares, spot indices, and commodities.
Founded in 2010 and based in Limassol, Cyprus, after obtaining authorization by the CySEC. In 2013, IronFX opened an office in Australia and became regulated by the ASIC, while it also received authorization of the FCA in the UK. In early 2014, IronFX opened an office in London and was soon granted with the variation of permission license and extended the scope of the existing license in order to upgrade the services provided to the traders under the FCA authorization
According to the company, the platform “is trusted by 1,200,000 traders worldwide, serving retail and institutional customers from over 180 countries in Europe, Asia, the Middle East, Africa, and Latin America while providing support in over 30 different languages.”