Promoting equality in crypto and finance — Interview with OANDA
As the world celebrates International Women’s Day, it is important to highlight the achievements and contributions of women in various industries, including finance. In this interview, Jessica Beckstead, Managing Director, North America, and Managing Director, USA, share their experiences and insights on gender equality in the sector.
Her advice to women starting out in finance and her efforts to promote more equality and acceptance across the financial sector are particularly relevant on this day when the world celebrates women’s social, economic, cultural and political achievements, while acknowledging the work that still needs to be done for equality.
Q: What made you want to go into the financial industry?
It all started when I was in college studying international politics and economics. I started day trading. I found it very exciting, so I decided to go into finance and trading, but the stock market didn’t really appeal to me – I wanted a more global view. In 2004 I joined FXCM as a sales trader and worked my way up the ranks, eventually becoming CEO and Managing Director of FXCM Australia before joining OANDA last September. My first role when I started as a salesperson was to cover Asian markets, so my working hours were from 2pm to 2am, which wasn’t a great way to meet people in a new city, but we all have to start somewhere. It was amazing for me to be able to follow a passion and combine it with what I learned in college.
Q: What advice would you give to women who want to work in crypto/finance?
Find a female mentor who is already in the room who can guide and guide you through some of the obstacles you will face and give you a sense of what you are facing. There are so many organizations now dedicated to women in technology and finance, so that would be my advice to anyone starting out. You see that women leaders want to foster these relationships and help pay it forward. It is something I make sure to prioritize as part of my role at OANDA.
Q: What are the three best lessons you’ve learned throughout your career?
As I have moved up to leadership roles:
- Always explain the “Why”. Why do we do certain things as a company? Why does this matter? Not just giving orders.
- To be transparent. If you try to sugarcoat things or don’t give the whole story, in my experience, it backfires. So, explaining why you get paid what you get paid, why the results are the way they are, etc.
- Balance the bigger picture with the weeds. This has been crucial as I have moved into several leading roles. Always having that 30,000-foot view is absolutely critical, but that has to be balanced with not being afraid to get into the weeds and understand the nitty-gritty. Understanding exactly what you’re asking your staff to do and what that looks like on a day-to-day basis is invaluable, in my opinion.
Q: What are the most challenging aspects of being a CEO in finance?
The Forex and crypto segments of the financial industry are particularly fast. The Forex market alone has an average daily turnover of 7.5 trillion dollars. Very often you need to be able to absorb information, analyze it and make decisions (preferably the right decisions) very quickly.
The industry has changed enormously since I joined in 2004, and regulation has been a big part of that change. It has certainly helped bring credibility to the industry, but staying on top of the changes and balancing implementation with educating customers on how to prepare for these changes is definitely a challenge.
Q: A recent OANDA survey showed that more female traders plan to invest in crypto this year than male traders. Why do you think that is?
There have been many studies on why there are fewer female traders than male traders, and much of the research points to the fact that women tend to be more risk averse. If they had $10,000, statistically speaking, they are more likely to put it in a savings account than exchange it. Although, if we look at trading success rates, female traders tend to be more disciplined, which can lead to better results.
It’s important for us in this industry to make sure we highlight the ways risk can be managed – adding stops and limits to trades, making sure we minimize the use of leverage and providing more education in general to increase female participation.
Q: Who are the female role models who inspired you when you took your first steps into finance?
I always looked up to Sallie Krawcheck. I admired the way she worked her way up in a period when there were very few women in positions like hers, and how she persevered through the adversity she faced.
Q: What are your goals as CEO of OANDA? What are you doing to promote more equality and acceptance across the financial sector?
Our motto is “Smarter Trade” and it really expresses how we approach things at OANDA. Our aim is to offer a first class product to our customers and to continuously improve it. Some of the improvements we will be rolling out this year include improved mapping, the launch of a loyalty program to reward our customers and something I am very excited about – more in-person events where we will have the opportunity to provide additional education to our clients and users as well some time to get to know them.
Although it is clear that there are challenges to address when it comes to gender equality within the financial industry, it is also encouraging to see the progress that has been made. As more women enter the industry and become role models for others, the future is bright for female entrepreneurs and leaders in the crypto industry.
Find out more about OANDA on the company’s official website.
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