Integration, Confirmation and Education: Critical factors of a trading platform
As a new FX brokerage, you have the option of either purchasing a trading platform, leasing one, or attaching your brokerage’s name to a white label FX platform provider. Regardless of which route you choose to follow, your success lies in big part on the features this trading platform offers and its ability to keep traders engaged, says Leverate’s Adinah Brown
Moving volumes in excess of $5 trillion every single day, starting a Forex trading brokerage can prove to be an outstandingly profitable venture, but before you begin advertising your services to potential traders, you need solid technology to support your front-end platform.
The front-end platform is essentially what will allow traders to place orders, check on the status of their open positions, access market news, analyze financial charts and keep on top of their financial portfolio.
As a new FX brokerage, you have the option of either purchasing a trading platform, leasing one, or attaching your brokerage’s name to a white label FX platform provider. Regardless of which route you choose to follow, your success lies in big part on the features this trading platform offers and its ability to keep traders engaged
What features should a platform provide?
A bit of a buzzword in today’s business world, integration is key for businesses because it enables the easy flow of information and it’s important for users because it allows them to do more things within the same interface. Integration is basically the ability a system has to allow several BI systems to communicate with one another.
For a trading platform, integration is critical because it enables users to carry out every interaction with the brokerage without having to abandon the platform. Anything from login areas, chats, notifications, interaction with customer support, knowledge zones, news, and other third party apps should be seamlessly integrated within the trading platform, so that users can fulfill all of their trading needs without ever having to click out.
Trading Forex requires traders to take risks in an ever changing market and in order to handle this uncertainty successfully, traders are provided with confirmation. A double check if you will, it provides traders with reassurance that positions that they have executed, either to buy or sell, have actualized.
A trading platform that offers multiple confirmations from various modes of analysis can help traders take on risks more confidently. For example, a confirmation that other traders are taking similar positions, that the history of the position has a strong level of support and that it is consistent with economic news etc.
Educational content invariably increases confidence in traders and a confident trader is much more likely to trade and often trade larger amounts. Make sure your trading platform has the ability to distribute user-friendly content in a way that is easy to consume. Videos, blog posts, webinars, doesn’t matter the format, educating your clients is a surefire to success.