Exclusive investigation: cTrader and TopFX goes live for Multi-Asset Class CFDs integrated into the Spotware suite of products

The evolution of the means by which broker solutions are provided has become ever more sophisticated during the last few months, and today’s components which go toward making up the entire end to end trading environment do not resemble those of even two years ago.

Here today in Limassol, Cyprus, FinanceFeeds met with two prominent companies which have embarked on further joint cooperation in order to bring trading technology and prime brokerage solutions to a new audience, aiming the solution firmly at the CFD providers.

Electronic trading platform provider Spotware Systems, whose cTrader, cMirror and cAlgo platforms have gained further ground since the general direction toward multi-asset and CFD trading has been adopted by the retail FX industry, and institutional prime brokerage TopFX today met exclusively with FinanceFeeds CEO Andrew Saks-McLeod in order to detail the new opportunity.

Before taking a close look at the offering, James Glyde, Business Development Manager at Spotware Systems was very keen to clear up an industry myth which is often leveled at the company

“We feel that there is a common misconception that we are owned or influenced by one of the larger brokers in Limassol who adopted the cTrader platform early on. This could not be further from the truth, since we are an independent company providing cTrader to a number of brokers throughout the world” said Mr. Glyde.

Mr. Glyde continued “This is why the current integration of technologies between Spotware Systems and TopFX has been developed over a long period of time and now we are confident to  elaborate on exactly what we have developed in conjunction with TopFX’s offering where the main focus is growing cTrader’s usage as a Multi-Asset Class trading platform, with not just one, but with other leading providers in the near future as they introduce similar offerings.”

Joined by Paul Orford, VP Business Development at TopFX, who now works closely with Spotware Systems in order to promote the new CFD liquidity solution, all was explained in detail.

Mr. Orford told FinanceFeeds “We are teaming up with Spotware Systems in order to offer a CFD liquidity feed initially for cTrader platform users, along with what we believe we have a pioneering product, our cTrader Startup Special Offer. With this a client can take the platform and LP at a staggeringly low cost and receive all services provided by the two companies through a single relationship with TopFX. This was a logical step to compliment our new CFD offering and make it as accessible as possible.”

“cTrader requires no bridge, instead it connects to liquidity feeds via a FIX API and therefore offering a joint venture makes matters easy because there is no third party software vendor to deal with. Any client that uses a Spotware product is the perfect client for us, as we can integrate incredibly fast. We have been receiving more requests for the cTrader Suite by our broker clients, so we expanded on this by developing an integrated solution before we did so for any other platform” said Mr. Orford.

Mr. Orford explained that the new solution is not like any other white label package.

“I don’t like to call it a white label because in the traditional sense it is not. The structure is the same as the method by which cTrader is supplied to all other brokers not associated with TopFX. So the package that the client receives will be the same as the one supplied to many of the largest brokers in the world. However, the major positive in this, is that the minimum monthly volume fee is 50% less if a broker takes cTrader from TopFX as well as other exciting incentives.” – Paul Orford, TopFX

Mr. Glyde commented on Spotware’s offering to put Mr. Orfords comment into perspective “Our minimum monthly fee covers the expenses of delivering the software integrated with multiple price feeds which we do not limit nor charge for reconfiguration, this is why TopFX undercut our fee when brokers opt for TopFX cTrader Startup Special Offer, because Spotware’s covers unlimited LP integrations. This fee also includes the license fee, deployment, hosting, content delivery and worldwide proxy cloud infrastructure. ” said Mr. Glyde.

TopFX’s extensive Equities CFD offering is ready for the cTrader platform.

Mr. Orford explained that TopFX’s intensive equities CFD offering is currently only available to brokers offering the cTrader platform and expanded on the reasoning behind this.

Mr. Orford elaborated “While we are currently offering in the region of 300 Equities CFDs we have plans to introduce as many as 4000 in the coming months and there was no purpose in prioritising a package this vast for a platform which doesn’t have the capacity for this volume of symbols. I personally believe cTrader is the best platform equipped to deliver a flawless trading experience without over burdening traders.

With regard to the terms of TopFX liquidity, Mr. Orford explained “We have always had the business model of not asking for minimum lock in periods, as we believe that everything should be based on the service that you offer. Even so with the cTrader Startup Special Offer, if they feel TopFX did not meet their expectations they could then just continue with the Spotware suite of products, then the standard fee schedule would apply with other price feeds being able to be added.”

“A broker which takes this package has all of their own infrastructure, branded GUIs, hosted and maintained by Spotware, an independent technology vendor. They are in control of their own systems, settings, order flow, have a dedicated environment with multiple APIs and their own reporting database.” – James Glyde, Spotware Systems

A common concern with regard to taking full packages from solutions vendors is the inability to manage order flow at broker level. Mr. Orford confirmed “Brokers can manage their own risk, and they can leverage up to 1:1000. Brokers can control whatever aspects they wish, as they know their brokerage operations. They also have their own dedicated infrastructure.”

Mr. Glyde also was keen to mention the method by which Spotware sends systems updates to its platforms. “Updates that we would give are essential updates, adding new features and never for additional cost. The new features we add are driven by the feedback we have received from brokers and traders.” “We deploy them on behalf of the brokers which we host the servers of in LD5 and also provide the option for brokers to be hosted in NY4 and HK1.”

“We will begin by making the new CFD offering the target of all cTrader clients, as we can deliver this rapidly, moreover, to test this there is no minimum deposit. Most start with $20,000 but there is no stipulation. This way, brokers can test the execution, and we can establish a long and fruitful relationship” said Mr. Orford.

Mr. Glyde continued “The key reason TopFX is releasing this on cTrader first is that the platform is geared toward CFD trading and is easy to navigate around with thousands of symbols, I believe you will see many more similar stories throughout 2016 of cTrader integrating with a number Multi-Asset Class liquidity providers to expand the choice which our broker clients have.”

Featured Photograph: Paul Orford, VP Business Development at TopFX, Andrew Saks-McLeod, CEO, FinanceFeeds, James Glyde, Business Development Manager, Spotware Systems. Copyright Andrew Saks-McLeod