How will 2,000 Tradestation users get used to OANDA’s platform? FinanceFeeds speaks to OANDA’s CMO Drew Izzo
Last week it was announced that IBFX, the US subsidiary of Japanese electronic trading giant Monex Group, Inc. (TYO:8698) was in the process of exiting the US market, taking with it the proprietary platform that its traders are used to, Tradestation. In terms of ergonomics, Tradestation, which is headquartered in Fort Lauderdale, Florida, is regarded by its […]
Last week it was announced that IBFX, the US subsidiary of Japanese electronic trading giant Monex Group, Inc. (TYO:8698) was in the process of exiting the US market, taking with it the proprietary platform that its traders are used to, Tradestation.
In terms of ergonomics, Tradestation, which is headquartered in Fort Lauderdale, Florida, is regarded by its users as a very high quality platform, hence its loyal following among stateside customers.
OANDA Corporation’s acquistion of approximately 2,000 IBFX accounts will mean acquainting the customers with OANDA Corporation’s proprietary trading platform, as IBFX waved goodbye to MetaTrader 4 in September 2014 in favor of ensuring all of its US clients used Tradestation, selling its entire MetaTrader 4 client base in the US and Australia to FXCM.
One of the major advantages of having a proprietary platform is that the development cost can be viewed as a vital investment in terms of retaining discerning clients because such customers that are attracted to a proprietary platform have preferences for its functionality, however by removing the option of using the Tradestation platform and transferring all clients to the OANDA fxTrade platform en masse, new functionality will have to be learned.
MetaTrader 4 brokers, whilst always concerned that clients can switch brokerages to another MetaTrader 4 brokerage easily because the platforms are identical, are not faced with a potential exodus should an acquisition of client base or company occur.
Technology-led OANDA Corporation is a champion of the proprietary platform cause, and in order to assess the methods by which the company will ensure a smooth transition from Tradestation to OANDA’s platform, Drew Izzo, CMO at OANDA Corporation today spoke to FinanceFeeds CEO Andrew Saks-McLeod with regard to the migration.
Mr. Izzo explained “TradeStation Forex accountholders were accustomed to top technology and a broker that puts them first, which is precisely what they are finding as they start on the OANDA platform.”
“As part of making the transition smooth for these traders, on March 5 OANDA began offering TradeStation Forex accountholders who transfer to the OANDA platform complimentary access to the TradeStation Forex platform. They can use the TradeStation Forex platform for their research and analysis with trade orders being executed using one of OANDA’s platforms” – Drew Izzo, CMO, OANDA Corporation.
“Additionally, OANDA will offer select elite traders who transfer their accounts free introductory access to OANDA advanced charting services. These traders are already seeing that TradeStation Group chose OANDA as a partner in this deal due to the commitment OANDA has to customer service and the legacy of offering a platform with cutting edge technology” concluded Mr. Izzo.