We talked to Stuart Young about how Online Brokers Australia is Australia’s leading comparison site dedicated to Australian regulated CFD, Forex, and online stock brokers this is what he had to say.
First of all, how are you and your family doing in these COVID-19 times?
Stuart Young: My family and I are safe and well, thanks for asking. I hope you and your readers are also going well during this challenging year. Here in Australia, we have been incredibly fortunate to have had relatively small case numbers and disruptions compared to other parts of the world. While we have had lock-downs and unfortunately significant downturns for many businesses, I feel incredibly grateful for the position Australia is in overall.
Tell us about you, your career, how you founded Online Brokers Australia?
Stuart Young: I’ve been involved in IT and financial markets for as long as I can remember. It’s my passion and has evolved to become my main focus in business. When I first started to invest in the financial markets, I opened an account with the most well-known broker at the time. They were a good broker but as I gained more experience, realized that there were additional features I wanted, and the commission I was paying at the time was more expensive than many others.
As I searched for a new broker for my trading and investing, I realized the hard part was narrowing down the overwhelming list of available brokers, to a quality broker right for me and met all my needs. If you have ever felt confused wondering what information to look for, or where to find it on a broker’s web site, then this is how I felt and why I started Online Brokers Australia, intending to simplify the process.
How does Online Brokers Australia innovate?
Stuart Young: Rather than providing a large and overwhelming directory of brokers in one place, which can still be challenging to choose from, Online Brokers Australia only list the online brokers in each category that meets our initial stringent requirements test and have a clear point of difference to the other listings. Detailed reviews and ratings are provided for each broker. Comparison tables are provided to easily compare critical features that are not always easy to find on the broker’s web sites. We even visit many brokers in person, which is unique in the broker review and comparison industry.
This year’s key aspect of our innovation is the expansion of our service to include a Cryptocurrency specific site. Essentially Online Brokers Australia focuses on Forex, CFD, and Stockbrokers, while we have launched CryptoAnswers.com to concentrate on Cryptocurrency technology and exchanges specifically. This directly results from seeing the innovation and use-cases for Cryptocurrency and Blockchain technology expanding to mainstream applications.
Given the expansion and interest in this space, from both individuals, companies and governments (in the form of Central bank digital currency) it made sense to launch a dedicated Cryptocurrency and Blockchain site. Our mission with CryptoAnswers is to educate anyone interested in Blockchain and Cryptocurrency technology, no matter whether they are an absolute beginner or a seasoned veteran in the crypto market.
How the coronavirus pandemic affects your business, and how are you coping?
Stuart Young: One of the critical aspects COVID-19 has impacted us is not meeting as many companies in person as we usually would, to touch base with them or to do a review. I’m a big believer in meeting the brokers that we list in person to get a deeper feel for the business, their culture, and offerings.
COVID-19 has naturally impacted this side of the business; however, we have always operated in a predominately online industry, so there have not been many other changes required.
Did you have to make difficult choices, and what are the lessons learned?
Stuart Young: We have been fortunate in the sense of not having to make any difficult choices with staffing or how we run the company. As we are not a “brick and mortar” business, we were already operating online, and fortunately, we were not in a sector that has been severely impacted by the COVID-19 outbreak.
I do, however, feel for those who are severely impacted. I have friends and associates running businesses who have been adversely affected and can see their determination to get through this and innovate to survive.
How do you deal with stress and anxiety?
Stuart Young: Like many people running their own company, there are inevitable ups and downs, and this year with COVID-19 has certainly tested many, for a variety of reasons. I am generally a positive person and look to make things work no matter what hurdles we encounter along the way.
I am a big believer in planning, structure, and analytics, which helps me break things down into “bite-size” pieces while moving towards the big picture goals. I find great relaxation with my family, around water or listening to music.
Who are your competitors? And how do you plan to stay in the game?
Stuart Young: In our niche, there are many competitors! However, I have always felt strongly about focusing on what makes our businesses different, and our readers’ unique benefits. We have our long-term strategy defined and feel we offer a unique proposition compared to our competitors.
Your final thoughts?
Stuart Young: My favorite quote is “The definition of insanity is doing the same thing over and over again and expecting a different result”. We all make mistakes; however learning from them, and changing for the better is critical. If we honestly evaluate ourselves and apply this principle consistently, then the sky is the limit.
I wish your readers every success in their ventures and stay fit and healthy while pushing towards their goals.