FNG Exclusive Interview… 2024 marks the 25th anniversary of multi-regulated Retail FX and CFDs broker Deriv. We thought that it would be a good time to catch up with Deriv Co-CEO Rakshit Choudhary on the past 25 years, what’s ahead, where the company is growing, challenges to the online trading industry, and a whole lot more.
FNG: Hi Rakshit, and thanks for joining us today. We know that Deriv has been around for 25 years now, but for those in our audience who aren’t as familiar with you, please tell us a little more about Deriv and its history.
Rakshit: Thanks for having me! Yes, this year, Deriv celebrates its 25th birthday, from 1999 to 2024. It’s a special time for us to reflect on our journey, made possible with the support of passionate Derivians, our clients, and affiliate partners.
When we started in the 90s, the digital landscape was very different. The internet was just becoming mainstream, smartphones weren’t yet a part of our daily lives, and AI and machine learning were mostly academic concepts. Fast-forward to today, and these innovations are fundamental to how we live and work.
We’ve had a remarkable journey of growth and expansion, becoming one of the world’s leading online trading platforms. Our business has grown from a single office with fewer than 50 people to over 1,400 professionals across 22 locations in 17 countries and still counting. We now serve over 2.5 million customers worldwide, which is a testament to our reliability and effectiveness in the financial trading arena.
Deriv has continuously evolved and adapted to the changing market landscape. We’ve expanded our product portfolio to include a wide range of assets such as forex, stocks, commodities, and cryptocurrencies. Additionally, we’ve developed multiple trading platforms to cater to diverse trading preferences and styles.
Over these 25 years, we’ve led, innovated, and achieved success while also giving back through CSR initiatives where we live and thrive. We couldn’t have done it without our employees. Their trust, support, and dedication have been vital in driving our vision and aspirations. Each of them has played a crucial role in scripting our success story. As a result, we’ve become a multi-award-winning business and are certified as a great place to work in 10 of our offices worldwide.
FNG: Where are you seeing the most opportunities for growth now?
Rakshit: We see immense growth opportunities in several key areas. Our global expansion is unlocking new markets and attracting diverse user bases, focusing on areas with a growing demand for accessible and reliable online trading solutions.
Technological innovation is central to our strategy, enhancing our platforms and improving user experiences. Expanding our product offerings to cater to traders across experience levels and our commitment to localisation is driving this growth even further.
We’re improving our mobile offering to provide the best experience for our customers and make trading more accessible. In the future, we’ll continue to enhance our online trading apps and explore new product and payment service innovations. To support this vision, we’re constantly seeking ways to use new technology to boost our existing products and bring new features to market quickly.
Overall, we’re excited about these growth opportunities and are committed to pushing boundaries and setting new industry standards.
FNG: The FX and CFDs trading industry has seen a lot of change over the past couple of years in the post-COVID era – record trading volumes, record new client signups, increased popularity of funded trader “prop” firms… How is Deriv positioned to deal with all these changes?
Rakshit: True, the post-COVID era has brought remarkable growth and change to the FX and CFDs trading industry. At Deriv, we’ve experienced firsthand the influx of new clients eager to participate in FX and CFDs trading, which has led us to enhance our platform capabilities and client support services.
We realised early on that the growing interest in financial markets could be cyclical and therefore, we have approached this trend with caution. We’ve been dedicated to helping clients understand and navigate the complexities of trading. That’s why we offer ample educational resources and promote responsible trading practices, enabling our clients to make informed decisions.
Another intriguing development is the rise of funded trader prop firms. These firms democratise access to capital, allowing talented traders to participate without risking their personal funds. However, this model requires strict risk management and transparent practices to protect both the firm’s capital and market integrity. While offering great potential, it is crucial for these firms to operate within ethical and accountable frameworks to ensure long-term sustainability and trust in the financial markets.
FNG: What do you see as the biggest challenges that brokers (and traders) will face in the coming months and years?
Rakshit: Some of the biggest challenges for brokers and traders include navigating regulatory changes, adapting to rapid technological advancements, and dealing with market volatility. As global regulators impose stricter compliance requirements, brokers must stay agile and ensure robust risk management.
Additionally, market volatility, driven by geopolitical events and economic shifts, will require sophisticated strategies to safeguard and grow investments.
FNG: What else can we expect to hear from Deriv moving forward?
Rakshit: Deriv will continue to be a leader in innovation and accessibility in the online trading industry. We’re committed to expanding our global reach, developing innovative products and tools, and empowering traders of all levels with the resources they need to succeed.
Our global partnership team is always on the move, meeting affiliates worldwide. We’re focused on building trust with our partners, spreading the word about Deriv, and continuously improving our customer service, website, and mobile performance to drive business growth.
We’re also committed to improving our quality of service and spreads and introducing new product types. Additionally, we’ll keep expanding our educational offerings to help traders navigate the complexities of the financial markets.
Security remains a top priority for us. We’re emphasising both security and disaster recovery to ensure our customers have a safe place to trade.
We’re focused on guiding Deriv to confidently take on another successful 25 years, like our recent transition to a co-leadership model. This change promotes agility in our operations and decisions, allowing diverse perspectives and collective responsibility to drive us into the next phase.
2024 marks our 25th anniversary, and we’re incredibly excited about the opportunities ahead. We remain committed to shaping the future of online trading by making it more accessible, secure, and innovative for everyone.
The answers contained in this interview are for educational purposes only and are not intended as financial or investment advice. The article is considered accurate and correct at the date of publication by the sources. Changes in circumstances after the time of publication may impact the accuracy of the information.
