Mobile is key to traders onboarding and retention, Devexperts explains how
Devexperts has hosted a webinar on ‘hooking traders with a modern mobile trading app’ to show the updated version of its DXtrade SaaS mobile app and how it can help onboard and retain traders, and differentiate a brokerage business.
In this day and age, onboarding and retaining traders is probably the hardest challenge for a retail broker in such a competitive environment.
A successful marketing strategy in this industry no longer depends on advertisements and social media. The product must speak for itself. This requires brokers to devote their full attention to the trading platforms offered to their users.
Mobile trading apps are predicted to be the most influential in shaping the future of trading over the next 12 months, ahead of AI and machine learning, according to the 2021 fixed income, currency, and commodity (FICC) e-trading survey conducted by J.P. Morgan.
Any competent FX/CFD trading offering will always include mobile trading. It is a given. The question now is how to engage traders with the best mobile user experience.
Devexperts has hosted a webinar on ‘hooking traders with a modern mobile trading app’ to show its DXtrade SaaS mobile app and how it can help onboard and retain traders, and differentiate a brokerage business.
The session was hosted by Ben Clark, VP Business Development, who shared his screen and used the mobile app in real-time. Sergey Afanasiev, Head of Mobile Development Department, followed and answered all technical questions from clients in the Q&A.
DXtrade under the microscope: the mobile app to onboard and retain clients
A personalized approach can be key to mitigating user attrition, given that traders have different needs. DXtrade also has useful tools that get traders more attached to the trading app and make them think twice before they consider switching brokers.
DXtrade mobile apps put powerful charting at the forefront of the application with charts being optimized for smartphones, allowing traders to always stay up to date on the markets. The trading apps offer traders the option to apply over 60 indicators to the mobile charts with a range of charting types available within both iOS and Android mobile apps.
DXtrade mobile apps allow traders to easily enter the market using a range of order types. Traders can easily place market, stop, limit, and OCO orders from within the app while also having the option of attaching a Stop Loss or Take Profit to any position or pending order.
Traders can intuitively create a custom watchlist to customize their trading environment or they can easily use the search option to quickly find any available instruments for trading.
One highlight of the DXtrade Mobile app is the support for one-click trading. This means users just have to enter the trade size and click Buy/Sell to send the order for processing. No confirmation required.
The Positions details screen is fully redesigned, with Close By, Modify Order/Position, Order Details, Create Order controls opening in dedicated windows.
Ben Clark tries it out
Ben Clark started by pointing out Devexperts’ position within the trading industry. A 19-year fintech with 600+ staff that focuses on custom financial software development, namely retail and institutional trading platforms.
The Devexperts demo started with the Authentication screen, where Mr. Clark demonstrated login via his facial recognition. The host showed his face to the mobile cameraand the app opened a condensed view of the trading instruments that can be zoomed to specific assets.
Mr. Clark highlighted how simple and intuitive the mobile app is. The charting can be zoomed in and out with two fingers and can be viewed both vertically and horizontally.
Watchlist, portfolio, studies, orders (Mr. Clark is shorting the EUR/USD), a news feed, are a few of the features presented during the webinar.
Mr. Clark claimed that from some other vendors, brokers don’t have a direct link to the app store. Devexperts offers that feature.
Bespoke data protocol, 15 asset classes supported, multi-language, source code licensing, iOS and Android are few features of the “super intuitive” and stable app. It doesn’t crash, Mr. Clark said. It allows integration with third-parties such as KYC and CRMs.
Devexperts offers a white label solution so that brokers can have their own branding or attach the DXtrade Mobile to their existing backend, regardless of DXtrade Web being used or another popular trading platform.
Sergey Afanasiev wraps it up with technology: integration, simplicity, and data consumption
The Head of Mobile Development Department at Devexperts explained in the Q&A that client onboarding is part of the CRM solution which can be embedded into the app.
He explained that the DXtrade mobile app aims for the sweet spot, in between Robinhood’s simplicity and feature-heavy apps.
The data service consumption is really low. Lower than anything you see on the market. There are a few languages in the default version (English, German, Chinese, among others), but the service provides translations for the markets their clients are interested in.
The signup via mobile rather than the web is part of the firm’s offering but it is not the default solution.
In sum, DXtrade Mobile is available for iOS and Android and features a Watchlist, Charting, Order Entry, Positions, Portfolio, biometric authentication, and other widgets. The white-label offering includes a full set of OTC asset classes: Forex, CFDs on Equities, Futures, Indices, Commodities, and Cryptocurrencies.
The recording of the webinar is available on Devexperts YouTube: https://youtu.be/PZXx1OewNPQ