Foreign Exchange Trader Spotlight: Garo Mavyan

December 5, 2023

FX Trader Spotlight: Meet Garo Mavyan

We continue our series of Trader Profiles this month. Our team of experienced and knowledgeable traders enjoys helping clients manage currency trades, buy and sell precious metals, and efficiently manage international payments. This month we profile Garo Mavyan, Forex and Precious Metal Trader, who has worked at VBCE for over eight years. We sat down with Garo and explored his background, what he is passionate about, and what he thinks VBCE does best. Enjoy the spotlight!

What prepared you for a profession in currency exchange?

I attended the University of British Columbia (UBC) in Vancouver and obtained a Bachelor of Arts in Political Science. I focused specifically on international political economy, which touches on public policy at all levels of government and global investment, trade, and monetary relations. Much of what I learned during my time at UBC applies perfectly to this role, where both politics and economics affect foreign currency and precious metals exchange rates and values.

What do you enjoy most about your job?

In addition to having a keen interest in foreign exchange and precious metals, I also enjoy assisting my clients with their transactions to make things as efficient and easy as possible. I consider myself a 'people-person,’ so I also enjoy maintaining relationships with my existing clients and getting to know new clients from all backgrounds and businesses.

What is your go-to FX news source in the industry?

There are a lot of great sources out there to consult to get a good understanding of the news in the marketplace; one website I use quite frequently is ForexLive, which provides FX news in a timely and concise manner. It also has other great tools like an economic calendar that lists what major data releases, interest rate decisions, central bank speeches, etc., will be coming out that will affect foreign currency and precious metals rates.

What does a busy day look like for you?

My morning starts with reviewing that day's economic data releases and informing my clients how the market has moved. Then, I move right on to answering client requests by entering trades, preparing market orders, inputting forward contracts, and processing domestic and international wire payments. I also meet with clients who have scheduled appointments with me throughout the day at our downtown Vancouver office where I am based. Near the end of the day, I will typically spend time onboarding new clients to set them up to use VBCE. A quick coffee pickup at Starbucks at some point during the day is also necessary!

What currencies do you keep your eye on the most? Why?

Most of my clients buy and sell US Dollars, which is the currency I watch closely. I also deal with clients that trade other major currencies like Euros, British Pounds, Australian Dollars, Mexican Pesos, Japanese Yen, and Hong Kong Dollars. These currencies are popular to trade year-round as they are most in demand to buy and sell worldwide. Some minor currencies I trade for clients less frequently include Swiss Francs, New Zealand Dollars, Singapore Dollars, Swedish Krona, and Thai Baht.

What precious metals do you keep your eye on the most? Why?

Though VBCE buys and sells gold, silver, platinum, and palladium, my portfolio of precious metal clients tends to deal primarily with gold, so I keep a keen eye on that specific metal. For example, I have clients in the jewellery industry who purchase gold from VBCE to create products for their showrooms.

Share with us what your typical clients look like and how you help them with their foreign exchange needs.

For my corporate clients, they span across industries, including mining, wholesale distribution, consulting, jewellery and fashion, with many in the technology sector.

I have clients in video game design and publishing, cloud computing, and visual effects design. Most of these companies earn foreign income in US Dollars, which is common in this sector. These clients typically trade larger volumes (e.g., $50K-$100K per trade) and are looking to maximize their earnings with the best exchange rates possible. Since VBCE's exchange rates are based on volume, I typically advise these clients to pool their funds over a month or two and exchange at once, therefore receiving the closest possible exchange to the market rate. The savings with this method add more money to the client's coffers, thus providing more capital for them to reinvest into their business.

I work closely with employees of larger technology companies like Amazon and Google who are paid in USD but live in Canada and need to purchase Canadian Dollars for living expenses. These clients trade consistently month-to-month as their salaries come in, but many also earn bi-annual US Dollar bonuses, which can be hefty. For such bonuses, these clients typically like to wait and see how high the rate may go before exchanging, and so they rely on me to keep them informed and aware of potential market movements that may favour them.

I also work closely with Canadian snowbirds who have residency in the US and abroad who need to pay for home maintenance and living expenses while out of the country. I also service high net-worth individuals who typically purchase larger amounts for their extended travel plans, properties overseas and international investments.

I strive to provide prompt and friendly service for my corporate and individual clients to ensure that all their transactions are processed as smoothly as possible. Many transactions are time-sensitive, so it is of the utmost importance that I process my clients' exchanges as swiftly as possible. Although no one can know where the rates will go, I also make myself available to consult with clients about what is happening in the marketplace to help them make informed decisions about the best time to pull the trigger on their exchange.

What do you feel VBCE does well?

VBCE's combination of expertise, reliability and transparency in the exchange process is our greatest asset. We have built a stellar reputation throughout Canada and beyond, and our clients recognize this by choosing to continue their business relationships with us for many years. Of course, the savings we can provide clients on their transactions—which is often, on average 3-4% compared to rates at the big commercial banks—is another reason VBCE is one of Canada's top foreign exchange and precious metals service providers.

What would you like potential clients of VBCE to know about the business?

VBCE has a dedicated team of foreign exchange and precious metals traders with a wide breadth of experience in this sector. That experience is readily available to every client of ours to help them navigate the sometimes-bewildering world of foreign exchange and precious metals. The confidence we can provide for our clients makes them reassured that their needs are taken care of professionally and reliably.

VBCE offers many different products and services that our clients use, and without a doubt, we can find the best solutions that any prospective client of VBCE can see real benefits from.

At VBCE, we are here to help.

We want to thank Garo for sharing his insights and experiences with us. Traders play a vital role in VBCE clients' success; it is great to highlight the breadth and depth of their knowledge.

If you would like to contact Garo about your Currency Exchange needs, email us at info@vbce.ca.