If sourcing and working with IBs was easier, and all referrals were completely handled by the trading platform…

Technological advancement is most certainly very high on the agenda here at the iFXEXPO International in Limassol Cyprus, the world’s largest FX industry conference hosted by Conversion Pros.

This morning, FinanceFeeds took a close look at how platform technology can be used not only to improve the trading environment and provide better connectivity to live markets, but also to streamline the marketing processes that brokerages have to use, especially with regard to partners and introducing brokers.

Speaking to senior executives at Spotware Systems today, almost three months after the launch of the cTrader IB Suite, FinanceFeeds has now learned that the company has developed a new site which is the next evolution of the cTrader IB Suite which empowers introducing brokers whilst at the same time generating a database of introducing brokers that can be passed to brokers which use the cTrader platform.

James Glyde, Business Development Manager at Spotware Systems explained “We recently released the cTrader IB Suite, which is a native, in-built introducing broker application, which provides IBs with all of the tools required to manage their clients, and be completely autonomous.”

“As a result of this website having been established, we are able to hand IBs to our clients, reducing the need for brokerages to commit constant resources to sourcing introducing brokers themselves” – James Glyde, Business Development Manager, Spotware Systems

Mr. Glyde explained that the website complements the IB Suite, and is aimed at the actual introducing brokers themselves, and promotes the IB Suite directly to them.

“At the end of the home page, we have a contact form within which IBs can tick a box which says ‘Introduce me to partners’ which means that the broker then has a lead and can contact the introducing broker.

FinaceFeeds took a close look at the site, which explains the core benefits for introducing brokers, centering on the strucutre which allows brokers to work with a standardized interface across all of the firm’s broker partners, instead of having to work with several interfaces with a varying degree of information.

There is an open referral link, which allows an introducing broker to create a unique cTrader ID which generates a referral link which works across all brokers that he works with meaning that it makes it easier to partner with a new broker because the referral link already exists from that point onwards, meaning that administration departments within brokerages do not have to concern themselves with setting up referral links and ensuring that each referral link works for each introducing broker in order that the referral commission is paid correctly.

“A unified referral link makes the acquisition of the introducing broker easier because he is not tied to promoting a single brokerage brand. An introducing broker can promote the trading platform and leave the client with the decision of which firm to open the account with and the IB will still be able to earn due revenues” explained Mr. Glyde.

Concluding, he explained “We are able to do this because we are the technology provider and host the entire infrastructure so therefore we are able to utilize it, therefore it is fully automated, with no external applications or tehcnology required as everything is handled directly on the trading server.”