Forex not Borex

Those well acquainted with the forex industry will have heard the term Borex before.  

Borex. Cannot be found on the countless forex glossary pages that pollute the web and whose sole purpose is to ram any given website with keywords rather than to adequately educate and inform clientele.

Borex in British.

(?b?-r?ks, ?b?-r?ɡz)

Uncountable noun. 

1. Abbreviation for “Boring Forex”
2. Descriptive word for demotivating, uninspiring work environments in financial services

Or if you’ve not heard that term, perhaps you’ve actively participated in a conversation like this at an industry networking event: 

Person 1: Where do you work?

Person 2: I’ve been working in FX company X for X years

Person 1: I’m in forex too. *Yawn*

Working in forex over the years has come to be connected with ritual, rite and rope, rather than with innovation and creativity. With the clamping down of financial regulators in the sector – as quite rightly, they should – it has become inevitable that innovation has been somewhat dampened.  What do I mean by this? It’s a marketer’s job to promote exciting messaging that is most likely to convert a viewer into a potential client. A three-line risk warning (on a banner not bigger than the size of your thumb), clearly stipulating that 110% of people have lost their investment trading with your brokerage, therefore isn’t the most attractive message.

Attractive, no.  Necessary, yes.

Also, it may or may not have been the case that forex companies emulate each other in order not to have to reinvent the wheel. Copying the campaign of a competitor because you know it works, for instance, is not a good way to foster good energy, goodwill and originality.

In sum, forex companies don’t necessarily have the best reputation for innovation. And while I may have embellished some facts into fantasy above, the point remains that the concept of Borex is alive and kicking.

I’ve had the pleasure of working in more than one forex company, and each one of these companies made valiant efforts to lift the morale of its staff in the hope that in turn, productivity would increase. One such company offered unlimited free drinks to its staff, which for a diet-coke enthusiast (addict) like myself, was heaven on earth. Another company arranged regular team-building events and days out. All great attempts at giving staff that little reminder that they are valued as humans who all need a little pick me up, from time to time. And let’s not be too harsh here – many a company will not or cannot afford to offer small luxuries to their staff corps. So, even small gestures such as a diet coke (example taken at complete random), goes a long way.

Despite my obvious biases, it would be remiss of me not to pull out TIOmarkets specifically as an innovator in forex. Through my example of TIOmarkets, I want to show that not all forex companies fit the rule. All those who work in forex, do not work in borex.    

As a new company, TIOmarkets isn’t weighed down by the burden of age and allows small innovations to permeate the work environment, thereby improving morale and productivity. Ad hoc meetings on picnic benches, regular office barbecues, and an open-door policy for all, no matter where you appear in the company hierarchy, is rule of thumb. There is no greater way to show someone they are valued than by asking their views and actually supporting them to act upon their answer. 

Having the start-up mentality also goes a long way towards helping staff feel that they have a stake in the success of the company. The staff here take pride in the progress that the company is making week-on-week, and feel like they are a significant part of the recipe for success. There is no greater satisfaction than in watching the company develop and seeing the fruits of your labour manifest, day in day out. This in itself breeds motivation and the desire to innovate.  

So, it’s forex, not borex for me. And if you want to invest, partner, or work with a forex, not borex firm, I suggest you visit our website. https://tiomarkets.com