OverviewFx wants to change the mindset of traders in the Middle East
London-headquartered OverviewFX is educating people about trading and also helps them improve their trading skills.
When 15-year-old Ruggero Catalano Rossi Danielli came across an Instagram post on trading in 2016, he thought he had finally found a purpose in life.
“My class in high school was filled with highly skilled students. Someone was an Under-21 Olympic gold medallist and another was a young CEO. And here, I was trying to figure out a path to follow in life. That’s when I came across this Instagram post about the profits of trading. I got excited and jumped right into it and I lost both my mind and money,” Ruggero, now 22, recalls.
The initial days of hardships and losses in trading inspired the Italian to build OverviewFX along with his friend Marcello Chiesa. Launched in February 2021, the platform educates people about trading and helps them improve their trading skills. It also provides free consultation to users followed by modules on the basics of forex trading, supply and demand, technical analysis, weekly market forecasts, and more.
In just two years, the platform has helped more than a hundred traders across the world to improve their trading skills, says Ruggero.
The London-headquartered firm has a team of 20 people and has operations across the world.
Eyeing the Middle East market
In November, organised a week-long educational trading event in Dubai and Abu Dhabi to educate beginners and experts about the importance of trading. The event was held in partnership with Overview Funding Program, a subsidiary of OverviewFX.
“We traded live in front of the audience for five days and showed amazing profits. The event was not only about teaching people how to trade but also a way to know and connect with more people. We are trying to build a community of traders who can share their knowledge and skills,” says Ruggero.
While the event was a grand success, it also made the Overview FX team realise the potential of the Middle East market. The team is now monitoring the region for the next six months before launching in the region.
However, Ruggero feels the biggest challenge in the region is changing people’s mindset about trading.
“Many companies in the region are just selling dreams in the name of trading. We want to bring in a change and make people understand that trading is very different from what they see on social media,” he explains.
“When people enter trading for the first time, they think they can earn a lot of money in a short period. But when you start trading with your real money and live accounts, you face your biggest fears. You are scared of losing money and being judged by others, and it is not easy. This field needs a lot of patience and determination,” Ruggero adds.
He feels people need to analyse how much time and effort they can put into trading before trying to figure out the right strategy. The initial years of losses can be stressful, but over time, trading helps people hone their personalities.
Business model
OverviewFX follows two business models—it has an educational platform and a proprietary trading firm.
The educational platform includes daily deal analysis, mental coaching, and private lessons. While the team charges around $48 to $59 (40 to 49 pounds) for daily analysis, the private classes are priced at around $300 (250 pounds).
The mental coaching programme, which helps traders manage their mental health and improve their trading and lifestyle, is also priced at around $300 (250 pounds). The team tailors a package of these services depending on the client's needs.
The proprietary trading firm of OverviewFX is called the Overview Funding Program. It is a pool of expert traders across the world who have the skills but not enough funds to trade. The OverviewFX team provides them with risk-free funds of up to $6.5 million (5 million pounds) in exchange for their skills. The team gets a share of the profits made by the partner trader. To join the pool, traders make an account by paying somewhere between 50 to 900 pounds. This is a one-time payment for a lifetime account.
“The price of the account depends on the kind of trading account they want and the currency they choose. The breakeven is at around 1.5%. By the end of the month, if they make more than 1.5% of the accounts, then they are making profits over what they paid initially,” Ruggero explains.
The team did not disclose the percentage of the profit it gets as a payout and the revenue share.
OverviewFX competes with the likes of Sydney-headquartered Vantage, Israel-based Etoro and Trading212 which is based out of England and Wales.
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Future plans
As per Business Markets Insights, the Middle East and Africa social trading platform market are expected to reach $222.68 million by 2028 at a compound annual growth rate of 5.9% between 2021 and 2028. In 2021, the market was valued at $148.88 million.
OverviewFX is planning its expansion in the Gulf and the US. While the team has not shared the expansion plans in detail, the next six months will be crucial for them as they will monitor the Gulf market. The team wants to bring in new traders entering the trading markets of these countries within their community of traders. It also plans to focus on expanding the reach of OFP further.
In the Gulf, the team is looking to educate people about crypto trading, which is gaining popularity in the region, says Ruggero. The firm wants to help people understand and learn about the risks and volatility involved in the trading market.
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Edited by Megha Reddy