Cyprus-based online brokerage IronFX has reported a strong uptick in retail FX business with a 300% increase in forex accounts and the hiring of some 200 new additional staff, according to a press release.
The company announced the recruitment of 200 employees worldwide within the last four months. Nearly half of the fresh recruits will take their seats in the R&D center, which is all set to be launched in Mumbai. The company declared that some of the new candidates would join their designation at the headquarters in Limassol.
Regarding operational performance, the company reported that from March to June 2020 IronFX saw a massive increase in new trading accounts created mainly during the coronavirus pandemic. With larger forex trading volumes, a growing affiliate program, and transactions surging every day, the Cyprus-based financial brokerage company decided to speed up August-September’s recruitment process this year.
Vice President of Research and Development at IronFX, Nicolaos Christoforou, commented: “Our new employees will soon join the Mumbai office and be part of the Research and Development team to advance trading technologies for the company”. He further added, “The team in the R&D center will maintain direct communication with our departments in the Headquarters and other offices worldwide to improve the user experience for all our trading platforms and instruments”.
Talking about the recent upsurge in forex accounts in the company’s portfolio, Christoforou said, “The sudden growth in FX accounts urged the need to expand our team. With a larger team, we will thrive and do our best to process withdrawal requests faster and with greater accuracy for our traders”.
The new employees in the R&D team in Mumbai will explore new possibilities in developing modernized software for trading systems, IT resources, regulating the company’s affiliate partnerships, and speed up the streamlined withdrawal requests. Meanwhile, the decision to expand the HQ workforce came as an urgent decision mainly forced by the abrupt boom in trading volumes over the past few months.