Have you ever tried purchasing a domain name for a new service? It can be quite challenging, I can tell you from personal experience – it takes quite a lot of time to find a URL which would work for your business/brand, which is not already taken, and which doesn't cost you $10,000 or sigificantly more.
When it comes to domains for popular brands, things get even uglier – especially when we're speaking about short and easy to remember domains – like XM.com
. Such domain names cost a fortune, and getting them usually require tough negotiations with the domain owner (as it would appear, all two-letter domains are already owned by someone and there's none freely available for sale).
But why did I mention XM.com? Because that's the new internet home of the popular forex broker XEMarkets
, previously known as Trading Point. The new address is already functional and the broker's old site, xemarkets.com, redirects to XM.com. The amount, for which the broker got its new URL remains undisclosed but I'm guessing whoever owned it before is now a rich man (the only information that the broker gives about the pricing is that XM.com is one of the world's most valuable 676 two-letter domain names available worldwide, along with those acquired by Facebook, Financial Times, Goldman Sachs, Morgan Stanley, Merrill Lynch, and General Electrics for example.
"The foreign exchange market, to which we provide direct access to our clients has practically no boundaries – nor does XM.COM", said Constantinos Cleanthous, CEO of XEMarkets, at a special press conference called to announce the news. "Currently, we serve clients from over 170 countries worldwide, and we envisage that XM.COM is a brand name that will as easily become a household name as the online trading products that it features. With the acquisition of the XM.COM domain, Trading Point will definitely reinforce its brand value on a global scale".
The broker calls its new URL “rare and memorable”, and claims its a remarkable example of the company's forward thinking, and perhaps it is from a brand development point of view. As an end customer, I find a two-letter domain to be handy in the first place (and, of course, super easy to remember).
XEMarkets' announcement about its new domain name comes just a few days after another major broker, IG Markets
, informed its clients that it is consolidating its services under a new www address – IG.com. Is that a trend we're spotting here of using two-letter domain names? Probably not but we'll be keeping out ears to the ground (or rather, to our computer screens) to see which will be next broker to jump on that train.
XM.COM is a registered brand name of Trading Point of Financial Instruments Ltd, a European regulated financial institution licensed by CySEC. Trading Point of Financial Instruments Ltd operates online services for trading on forex, precious metals, equity indices, and energies in compliance with the Markets in Financial Instruments Directive (MiFID). Trading Point is EEA authorized and registered with the FCA UK (previously FSA UK), BaFin (Germany), AFM (Netherlands), CNMV (Spain), FI (Sweden), and FIN (Finland).