Industry Voices is a Fremora Analytics Hub series where we sit down with people who have shaped the FX and CFD industry from the inside — brokers, dealing desk veterans, and business leaders — to get perspective you won't find in a strategy note. It's part of why Fremora exists in the first place: we believe traders make better decisions when they understand the industry around them, not just the charts in front of them.
Sophie Squillacioti has just been named CEO Director at Brex Capital, where she will lead the firm's global operations, international partnership growth, and next stage of corporate expansion. It's the latest step in a career spanning more than two decades in the FX and CFD industry, with senior leadership roles at MultiBank Group, Equiti Group, INFINOX Global, BDSwiss, BlackBull Markets, GAIN Capital, and City Index.
Few people have seen as many sides of this business as she has — sales floors, dealing desks, regional expansion strategy, and the client relationships that either sustain a brokerage or quietly sink it. We sat down with her to talk about what actually builds trust between brokers and clients, why so many IBs don't last, and the hard truths the industry rarely says out loud.
How did you first get into the trading and brokerage industry?
"I first got into the industry in 2003. I applied for an entry-level sales role at a small brokerage firm based in Boston, and they were looking for someone who speaks Chinese to help expand their brand in the Chinese market. I speak Chinese fluently; I got the job, and the rest is history. I ended up spending 18 years living in China, and I'm now based in Dubai — all the while in FX."
What do most retail traders misunderstand about brokers?
Squillacioti points to a basic misunderstanding of what a brokerage actually is. "It's a business, and the broker, for the most part, is taking all the risk. It can be quite a complex business to run. I often feel that the client does not really understand the intricacies behind trading the product — they enter this market with little research on how to trade and the risks involved, and often know very little about the company they're trading with."
What makes a broker-client relationship work in the long run?
Her answer is short and direct: "Trust, service, transparency, fairness on both sides, and education of the client by the broker. Trust goes both ways — trust in the broker, but also trust of the client too, is very key."
Why do so many IBs struggle or fail to last?
"Lack of knowledge of what they are selling, and dare I say it — greed. Chasing commissions and rebates with little regard for the client. On the other side, lack of transparency from the broker. Not all brokers are good, and equally, not all IBs are good either."
From the broker side, what actually builds trust with clients?
She lists it out plainly: "A fair trading environment, education on what you as the client are getting involved in, well-trained and efficient sales and support staff, a competent dealing desk, good risk management, and a solid compliance and KYC system in place. Genuine clients appreciate all these points."
Are there sales or marketing approaches you think don't work?
"Bonuses never really attract quality business. A high rebate, low spread model often results in problems," she says, without much hesitation.
How important is regulation and compliance in building a sustainable brokerage?
She sees it as a foundation, not a finish line. "Regulation and compliance are important foundations for building trust and long-term sustainability. They provide clients with greater confidence and help ensure strong standards for risk management, KYC, and client protection. Ultimately, a license alone is not enough — responsible business practices, transparency, and effective compliance are what build lasting trust."
What advice would you give someone building a long-term career in this industry?
"Educate yourself on all aspects of the business — sales, IT, risk, dealing, marketing. Know all there is to know about the industry, and build solid, genuine connections both with clients and with your peers. This industry takes time to attract a quality, sustainable client base, and you cannot do that if you fundamentally don't know what you're doing."
What's one hard truth about this industry that people rarely talk about?
This is where she gets the most candid. "Failure. The road to FX is not paved with gold. Many brokers fail. Many underestimate their costs, their capital requirements, the market, and the region they're entering — they believe all markets are the same and operate the same way; that what works in Asia must work in Europe. That could not be more wrong. Every market is unique, and if you cannot accept this, you will fail."
She adds that this applies just as much to the people on the sales side. "Many brokers believe a sales team is all it takes to be successful — that's certainly not the case. Equally, BDMs and sales teams underestimate the skill needed to really succeed and how long it takes to build a solid book of business. Go into this fully aware that you need to learn a lot. Even when you've been doing it a long time, you're still learning new things."
If you could change one thing about the industry today, what would it be?
Her closing answer ties the whole conversation together: "Better education. Educate the brokers on what they're entering, the client on what they're doing, the teams on how to do it well. Education is key — if this is done better, there will be a lot fewer failures in the industry."
The takeaway
Squillacioti's answers circle back to one theme again and again: education closes the gap that greed and shortcuts try to exploit. As she steps into her new role leading Brex Capital's global expansion, it's a principle worth remembering — for brokers, for IBs, and for every trader entering the market without fully understanding what they've signed up for.
Editor's Note — Fremora Analytics Hub
Sophie's point about education closing the gap between clients and the risks they're taking is exactly the thinking Fremora was built around. Our approach has always been education over speculation, discipline over overtrading — helping traders actually understand the market and the products they're using, not just chase signals. If that resonates, our education hub and VIP research channel are built around that same philosophy.
This article is for informational and educational purposes only and does not constitute financial or investment advice. Trading involves risk of loss — always do your own research before making any decisions.
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